Sellers Have Accepted That Buyers’ Assessment Of Value Is Not Equal To Their Total Investment
A report from the Daily Voice. "The bottom line of Houlihan Lawrence’s luxury housing report on sales in Westchester and Fairfield is that it’s all about the effects pricing has been having on the bottom lines of buyers and sellers. 'Nearly all closed properties in this price range were reduced from their original price – some had up to five reductions – and sold nearly 30% to 50% less than the original list price,' said Anthony Cutugno, director of private brokerage for Rye Brook-based Houlihan Lawrence."
"He said that something similar was happening to properties priced at $5 million and up. They were being listed at prices which were unrealistically high and then wound up selling substantially below the original listing price."
"Gay Prizio, director of luxury marketing for the Houlihan Lawrence private brokerage, told the Business Journal that the softening of high-end real estate prices in New York City has had an effect. 'New York City is a very important feeder market for both Westchester and lower Fairfield County so, if there are sellers in Manhattan who are unable to sell their condos or co-ops or townhomes, they in turn cannot become buyers north of New York City,' she said. 'So, what that’s doing is shrinking the buyer pool.'"
The Darien Times in Connecticut. "In the past quarter, Darien and Rowayton saw their luxury homes’ median prices decline year over year. 'Sellers have often, in hindsight, over-invested in their homes,' the report added. 'If they purchased in the peak years or made costly improvements to their home — coupled with declining values in the recent past — they may take a loss when they sell. They have accepted that buyers’ assessment of value is not equal to their total investment. The financial loss is offset by the intangible gain of being able to move forward with future plans.'"
From Boston Magazine in Massachusetts. "Even in a summer riddled with celebrity homes hitting the market, it was the listing of the season when Bundchen and Brady’s custom-built Brookline home was put up for sale in August, with an asking price of $39.5 million for 12,000-plus square feet. But now, just two short months later, the price of the celebrity residence seems to have…deflated somewhat."
"Lucky for any superfans trying to score a piece of Patriots-related property, the five-bedroom home has just dropped to $33.9 million. Though the discount would suggest a motivated seller, Brady seems unhurried. Or at least he did back in August, when he told WEEI radio, 'You shouldn’t read into anything. It takes a long time to sell a house. I don’t know if you guys know, my house is a little bit of an expensive one, so it doesn’t fly off the shelves in a couple of weeks.'"
The Los Angeles Times in California. "No one’s busier than RuPaul. Between filming his new daytime talk show and hosting another season of 'RuPaul’s Drag Race,' the famous drag queen found time to shell out $13.7 million for a European-style home in Beverly Hills, public records show. The home hit the market for about $20 million in 2018, but a May price cut brought the tag down to $16.425 million."
From NBC Los Angeles in California. "A San Diego Navy veteran who's spent the last two decades living in his Golden Hill home will be evicted on Monday, but an unlikely friend h made during the foreclosure process is helping to make sure he lands on his feet. Robert Steeves, 80, home was foreclosed, and now he faces an unknown future."
"However, through the foreclosure process, the veteran made an unlikely friend. Realtor Josiah Kern, 28, met the veteran earlier this year to make a short sale to avoid foreclosure. 'Once it fell through, I told Robert I'm going to help him,' said Kern. Kern tried getting Steeves a loan with the Patriot Angels but was denied."