In the luxury housing market today, it has become increasingly difficult to sell what the owner of the house might think that the house deserves-even prominent sellers were Forced the decrease in prices on megamansions.
Because the prices of homes and mortgage rates are still high, Buyers examine their purchases Now more than ever. In addition, in many luxury housing markets, additional “Palace taxes“It is dealt with, which makes the purchase costs more expensive.
So to attract potential buyers, the sellers try to tactically: offering a sleep in their palaces to help conclude the deal.
Julian JohnstonReal estate agent with Korkuran Group In Miami, he said this trend that he sees frequently in the luxury day market, where sellers and agents are forced to become more open to creative strategies such as pricing modifications and unique marketing campaigns.
“In the luxury sector, where buyers often have the means and time to wait for the right property, anything that raises new attention and distinguishes the house from its competitor can help push the market forward,” Johnston said, Johnston said. luck.
Wall Street Magazine Firstly I mentioned About this trend earlier this week, as he presented an example of a short $ 60 million, as the owner allowed the couple abroad to stay at home for two months at $ 250,000 per month before making a offer. Eric Albert, the owner of the house, said, said, Wsj Potential buyers wanted to make sure that the house was comfortable for them and to make sure it was a good size and planning for them.
“For $ 60 million, you must try it before buying it,” told Albert Wsj. “It is smart to do.”
While Johnston said luck He does not see with the majority of the lists yet, “It is definitely gaining strength in high -end markets where buyers are more selective.”
However, other real estate experts believe that this is likely to be a step of despair for the sellers – and the signal of some luxury homes is initially exaggerated.
“Sleeping at home to get to know this is one of the strangest concepts that I have ever heard.” Simon Isaac Real EstateHe said luck. “This does not mean that it will not happen. Strange things have happened.”
Frozen luxury housing market
During the past two years, there have been many prominent cases of prominent people who are forced to drop the price on their luxurious luxury homes. In April 2024, Robert Murdoch media is greatly Lifted the price From Manhattan Benthaus by 40 % to $ 38.5 million. This did not mean that it meant its inclusion is much less than what he wanted, but it also ended up losing money because it is Buy the property For $ 57.9 million in 2014.
Then this May, Jennifer Lopez and Bin Affleck Lifted the price Of 60 million dollars, Beverly Hills Migacil, with more than $ 8 million. Recently, the founder of the billionaire in Oakley Sunglasses has become the latest victim of the slow luxury housing market by reorganizing his Beverly Hills Palace for $ 65 million, down from the original price of $ 68 million from June 2024.
These few examples show that although not completely getting out of the seller’s market, the tidal turns in favor of buyers while the lists remain in the market for a longer period and the price cuts become more common, according to RealTor.com.
Anthony Luna, CEO of the Coast Consulting Coast in Los Angeles said, luck. “Buyers want a smart design, promotion and long -term value.”
Meanwhile, buyers and other sellers must also confront palace taxes in some markets. The Los Angeles Palace Tax, for example, applies an additional 4 % tax to property sales of at least $ 5 million and 5.5 % tax for property north of $ 10 million, making real estate and prices sales.
The tax, which the seller usually pays, is separate from the price of selling home and can be a “huge amount of money”, and the sale of the Sunseet star and the agent of the previously luck. She described it as a “nightmare” for sellers and agents alike.
One of the most modern examples of municipalities that think about palace taxes is Cape Code. Indeed, one of the most expensive housing market Berkshire Hathaway Home ServicesHe is about to get the most expensive for luxury home owners. Launders in Cape Code study a tax on the owners of the wealthy homes who would Assign an additional cost of 2 % On luxury home sales over $ 2 million.
Looking at these factors, luxury homeowners should be aware of ever when their property is priced.
The reason for the presence of a lot of low prices in the luxury sector is “they have been priced in the first place,” said Isac.
He said: “Every person expects what their home deserves, and real estate brokers who are on the ground who appear to people every day have a better understanding of what people want, what people appeal, and what are the things that are spent on.” “Some of the things they want to spend (on), and some things that do not.”
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