Luxury Homes in Manhattan Are Finally Getting Cheaper

  • Homes went into contract this year after average 8% discounts
  • Deals jumped when buyers ‘saw they could get a break’

Owners of Manhattan luxury homes are waking up to a simple reality: If you want your place to sell, drop your price.

For high-end homes that found buyers in 2017, the median asking price was the lowest in at least five years, according to data from luxury brokerage Olshan Realty Inc., which measures contracts for $4 million or more. Last week, the median asking price for deals in that range was $4,997,500, the lowest since September and only the fourth week since 2013 that it dipped below $5 million.

“People are thinking harder about price cuts sooner,” said Donna Olshan, president of the brokerage. “A lot of buyers came off the sidelines when they saw they could get a break.”…

Luxury Homes in Manhattan Are Finally Getting Cheaper

Categories : Real Estate

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