Sale in aisle 5: Where are the biggest price chops?
Zillow ranks cities with biggest discounts and Miami clocks in at No. 10
November 28, 2015 09:00AMBy E.B. Solomont
From the New York site: Shopping for a home this Black Friday?
Seattle-based Zillow came out with a list of the top cities where buyers can snag the best deals on a new apartment or house.
The online real estate company, owner of New York City-based StreetEasy, took into account the city’s percentage of total listings with a price chop, and also factored in how much of a discount was offered.
New York, where properties had a median discount of 4 percent, made the list of the top 10 cities with the biggest discounts. (New York City has seen its share of high-end sales that sold for under the asking price recently, at both One57 and 15 Central Park West.)
Zillow said the biggest median discounts can be found in Detroit (16.7 percent), and Cleveland (7.6 percent), followed by San Francisco (6 percent), Oakland, Calif. (5 percent) and Baltimore (5 percent). New York tied with Seattle for the No. 8 spot.
By Zillow’s calculus, the city with the largest number of total price cuts was Albuquerque, N.M., where 24 percent of listings were discounted. Omaha, Neb., followed with 23.5 percent, and then Baltimore (23.2 percent), Milwaukee, Wis. (23 percent) and Jacksonville, Fla. (21.7 percent).
Source: The Real Deal