A report from Forbes. "Knock forecasts savings for home buyers which in several desirable areas. Sean Black, Knock.com’s CEO talks about the research findings. 'Deals are slowing more than we thought. That's good news for buyers. It’s taken some time for sellers to come back to earth from the days of multiple offers above asking prices. Overall, we're seeing a softening in the market, with a declining rate of change in homes selling below their list prices.'"

"Topping the chart with a 5.67% predicted discount to original list price is Miami-Fort Lauderdale-West Palm Beach, Florida. Knock predicts an astounding 84.2% will sell at a discount. The Chicago MSA is number two with 77.7% selling for less than original listing price."

"Taking the number ten spot is the Las Vegas-Henderson-Paradise, Nevada MSA at 71/9% selling at a discount. Black points to markets like Las Vegas which enjoyed appreciation after taking a deep dive during the recession when condos on and off the strip where going for fifty cents on the dollar. 'We see deals in Vegas because as the economy softens tourism is the first thing to go.'"

"The best advice Block has for buyers, 'negotiate and don’t throw your best offer out first. You can also sneak in concessions and then let the sellers sweat it out.'"

From Fox Business. "Major cities across the United States saw a large number of luxury condos transform their skyline the past five years -- units that boasted glitzy waterfronts and sparkling city views, with a hefty price tag. But now, cities are seeing ghost towers. And thousands of unsold units are clogging up the real-estate market."

"'Many developers over-calculated what they could sell.' said Katrina Campins, a luxury real estate specialist in Miami. 'You're experiencing that in various different markets. One market is South Florida, where you have an oversupply.'"

"Large cities across the U.S., including Los Angeles and New York City, also saw a big boom in condo developments during the past five years, only to see many remain empty. Economists say a fourth of more than 16,000 new condos built in the Big Apple over the last six years remain unsold."

"'We don't have the demand from Latin America, which has definitely affected the market,' Campins said. 'A lot of sellers are forced to become realistic and many times they're selling it for less than what they paid for.'"

The Snoqualmie Valley Record in Washington. "Nearly 3,300 luxury apartment units are either built or in the pipeline in Seattle, but a new study argues that many of these are vacant and damaging the surrounding communities. The study examines a trend seen in other U.S. and international coastal cities, where wealthy investors buy into luxury apartments and leave them vacant while the areas surrounding them struggle with skyrocketing housing prices."

"Further, since actual occupancy isn’t tracked, it’s not known how many of these sit vacant and serve as a parking spot for global capital. But the study did look at registered voters’ addresses. In the eight buildings, only 39% of residential units had the same person registere to vote as the person on the deed. Some 30% had no registered voters at all. The most extreme example was the 99 Union, which had 81% of units where no one was registered to vote."

From Curbed New York. "Hedge funder Steven Cohen first listed his luxe One Beacon Court penthouse back in 2013 for $115 million. Now, six years later, the property still hasn’t sold despite several price cuts. Most recently, in January, the unit listed for $45 million. This week, the pad hit the market with another steep discount, asking $34 million."

From Mass Live on Massachusetts. "Suffolk Construction is suing developer Weiner Ventures to the tune of $100 million over a failed condo tower originally planned for Boston’s Back Bay above the Massachusetts Turnpike, according to multiple reports. Suffolk Construction’s John Fish claims that former business partner Stephen Weiner owes him $100 million after scuttling a $800 million-plus tower the two hoped to build in a long-dormant corner near Massachusetts Avenue and Boylston Street, the Boston Herald reports."

"The lawsuit alleges that Weiner was reluctant in committing to hundreds of millions of dollars in financing for the project, which Weiner publicly stated he’d scrapped on August 16, according to the Globe. A MassDOT spokeswomen told the Globe the state has no plans to seek another developer."

The Houston Chronicle in Texas. "Noted as one of the finest River Oaks homes built by revered Houston architect Birdsall P. Briscoe, the property at 3229 Groveland just saw a Texas-sized price cut. Situated on more than an acre of land, the stunning five-bedroom, 7,098-square foot estate was originally listed at $14.8 million in 2017 before being reduced to $12.9 million. It's now listed at $10.5 million — a bargain if you're in the market for multimillion-dollar manor."

The Wall Street Journal on California. "After nearly three years on the market, America’s most expensive home has finally sold—for 62% off. With a price tag of $250 million, 'Billionaire'—the elaborate Los Angeles spec house built by handbag entrepreneur Bruce Makowsky - was the priciest in the nation when it came on the market in 2017. After several reductions, it has found a buyer for around $94 million, according to people with knowledge of the transaction."

"Billionaire’s variable fortunes reflect the shifting Los Angeles luxury market. One of the most elaborate homes in the country, with a candy room and a crocodile skin-clad elevator, it made its debut at a time when the high-end Los Angeles market was riding high following a couple of record-breaking sales. Listings priced at $100 million or more were the order of the day."

"Nearly three years later, despite a handful of major transactions, prices are facing pressure amid an oversupply of extremely expensive homes. While the deals are evidence of demand for high-end real estate in the Los Angeles area, particularly from overseas, the sales have only made a small dent in the glut of properties on the market."

"In a 2017 interview, Makowsky justified the price tag by comparing buying a luxury home to buying a yacht: 'To me it doesn’t make sense that somebody spends $250 million on a boat where they spend eight weeks a year, but they’re living in a $30 or $40 million house,' he said."

"The home is directly adjacent to another spec mansion, which is currently on the market for $180 million."