Bartering at the top of the market
In the midst of a slowdown in luxury sales, the owners of some multimillion dollar estates are reduced to haggling
October 19, 2016 08:45AMBy C. J. Hughes
This year’s top deal was the $47 million sale of a contemporary mansion at 775 Mashta Drive on Key Biscayne
From the October issue: Even trophy oceanfront mansions haven’t escaped the long shadows cast by the clouds hanging over the Sunshine State’s luxury residential market.
Over the last year, many of the most expensive homes sold in South Florida closed only after long stints on the market and price cuts. When queried about this, brokers pointed to the difficulty in setting prices for often one-of-a-kind estates. Yet it’s tough to deny that luxury listings of all stripes — condos and gated estates — are lingering on the market longer than they did a few years ago. [more]
Source: The Real Deal