A report from the Review Journal on Nevada. "Las Vegas home prices continued to tap the brakes in March but still grew more than twice as fast as the national average, a new report shows. The downshift is one sign of Las Vegas’ housing pullback. Sales totals are tumbling as well, and the once-shrunken inventory of available listings has shot back up. Realty One Group agent Jillian Batchelor said Las Vegas is still a 'strong seller’s market,' but homes aren’t trading hands as fast as they used to, and sellers are cutting their prices."

"She estimated that probably 30 percent of her clients have slashed their asking price in the past five to six months, up from maybe 10 percent of her clients a year ago. The biggest difference between now and then, Batchelor said, is that Las Vegas’ inventory of available houses has nearly doubled, while demand 'has stayed similar.'"

"A total of 7,435 single-family homes were on the market without offers at the end of April, up almost 95 percent from a year earlier, according to the Greater Las Vegas Association of Realtors. 'You can’t double inventory and keep your demand the same and expect the same level' of price growth, Batchelor said."

From KCRW in California. "The house has a name: 'Opus.' It sits in the Trousdale Estates section of Beverly Hills, on a cul-de-sac that realtors refer to as 'billionaire’s elbow.' Built from the ground up and completed about two years ago, 'Opus' looks like a sleek modernist palace with touches of Versailles."

"It’s one of several so-called 'giga-mansions' for sale in L.A. County at a discount after sitting on the market for months or even years. 'When this house was first finished,' said Nile Niami, the project’s developer, 'it was a different world in the marketplace.'"

"Originally, 'Opus' had an asking price of $100 million. That included not only the house but a gold-colored Rolls-Royce and matching Lamborghini. But now the party has ended. The property no longer includes the cars, and the price has been reduced to $59 million."

"On a recent afternoon at the house, Niami laughed when asked what the vision for it was. 'I don’t know, man,' he said."

"Despite the billions of dollars sloshing around the tippy top of the income pyramid, however, there are signs of a giga-mansion glut in Los Angeles. Of the 20 most expensive listings in Los Angeles County from this time last year, nine have sold, according to property records. The rest appear to have been taken off the market or reduced significantly in price."

"Even when these kinds of properties do sell, there’s evidence that sellers at the top of the market might be overestimating their properties’ values. Of the roughly 40 sales above $30 million in LA County since 2010, none have gone for more than list price, according to Erin Kennelly, executive director of research for the real estate firm The Agency."

"'Everything in that part of the market…is going for under ask, and a lot under ask,' said Kennelly. 'There’s a lot of things that are 20 or 30% under.'"

The New York Post. "Welcome to the Twilight Zone of real estate, where everything and nothing is for sale all at once. Even though, largely speaking, New York’s real estate market has become a democratic free-for-all thanks to listing websites like StreetEasy, Trulia and Realtor.com, the city’s toniest addresses are increasingly unadvertised and inaccessible — even to mere millionaires."

"Of the 43 New York homes that sold for more than $20 million in 2018, 21 were not formally on the market at the time of their sales, according to Compass data. There’s no way to count how many 'whisper listings,' or 'pocket listings,' exist in Manhattan at a given time."

"Not all whisper sales, however, result in tidy sums. In fact, rather than reveal their addresses, many privacy-obsessed sellers would rather take a loss. In some cases, they overpaid and don’t want their friends and colleagues to know that they lost money on the sale. It drives some brokers crazy."

"'If you talk to anybody but the top-tier brokers, they’ll tell you that they hate whisper listings,' because they take longer to sell and typically command lower prices, says Douglas Elliman broker Noble Black."