{"id":1440,"date":"2017-02-28T00:00:00","date_gmt":"2017-02-28T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/luxury-sellers-arent-going-to-like-this\/"},"modified":"2017-02-28T00:00:00","modified_gmt":"2017-02-28T00:00:00","slug":"luxury-sellers-arent-going-to-like-this","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/luxury-sellers-arent-going-to-like-this\/","title":{"rendered":"Luxury Sellers Aren\u2019t Going to Like This"},"content":{"rendered":"

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More high-end home sellers across the country are being forced to offer<\/a> discounts as the luxury real estate<\/a> market shows signs of softening, The Wall Street Journal reports.<\/p>\n

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Read more<\/strong>: Luxury Owners Rethink How They Use Space<\/span><\/p>\n<\/blockquote>\n

“Buyers are very price sensitive,” says Donna Olshan, a real estate professional based in Manhattan. “If it’s not priced right it’s going to sit until the cows come home.”<\/p>\n

Real estate<\/a> pros and sellers in the luxury market are having to adjust their expectations. In the third quarter of 2016, the median asking price for homes in the top 5 percent of listings<\/a> reached $1.2 million, an 18 percent increase from a year ago, according to realtor<\/a>.com\u00ae market data. The actual sales prices in that luxury segment, however, only rose by 3 percent during that period.<\/p>\n

Luxury listings are lingering on the market longer than the overall market too. Luxury listings are taking a median of 131 days to sell, about 4 percent slower than a year ago, realtor.com\u00ae\u2019s data shows.<\/p>\n

“The smart sellers today are pricing for now, not 2014,” says Jeff Adler, of New York’s Douglas Elliman. “An $88 million apartment went into contract three years ago and just sold. Would they get $88 million today? Probably not.”<\/p>\n

The strength of the U.S. dollar has caused some overseas buyers to pause.\u00a0 Also, oversupply may be another problem facing the luxury market. For example, a surge in luxury condos and speculative homes over the past five years in markets like New York and Miami has sparked a slowdown. A luxury apartment in Manhattan was listed<\/a> in April for $120 million and is now being offered at $96 million, a $24 million discount. A luxury condo in midtown is seeing developer discounts now being offered at 10 percent to 15 percent on lower-level units priced between $4 million and $12 million.<\/p>\n

“We’ve priced to account for today’s market,” says developer Gary Barnett. And, “the market wants to see some discounting.”<\/p>\n

Source: \u201cLuxury Home Sellers Slash Millions off Asking Prices,\u201d The Wall Street Journal (Feb. 23, 2017) [Log-in required.]<\/em><\/p>\n<\/div>\n

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[ad_1] More high-end home sellers across the country are being forced to offer discounts as the … Luxury Sellers Aren\u2019t Going to Like This<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":1441,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[4751,1403,12908,543,10,5254,127,5763,41,818,84,2878,15282,61],"class_list":["post-1440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-amazing","tag-buy","tag-home","tag-home-buying-guide","tag-home-sell","tag-home-sellers","tag-homes","tag-luxury-real-estate","tag-property","tag-real","tag-real-estate","tag-real-estate-market","tag-ross","tag-seller"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/1-9KBHUlizk","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3407,"url":"https:\/\/amazingproperty.com.ng\/blog\/more-ultra-luxury-sellers-face-stale-listings\/","url_meta":{"origin":1440,"position":0},"title":"More Ultra-Luxury Sellers Face \u2018Stale\u2019 Listings","author":"Amazing Property","date":"April 14, 2017","format":false,"excerpt":"In the high-end market, more properties are lingering. Some sellers are having to reduce their prices in the ultra-luxury market, in the hopes of getting a quicker sale. Otherwise, those hoping to hold out for a higher price are finding they\u2019re waiting not months but years to make a sale.\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1889,"url":"https:\/\/amazingproperty.com.ng\/blog\/in-luxury-more-sellers-become-the-tenant\/","url_meta":{"origin":1440,"position":1},"title":"In Luxury, More Sellers Become the Tenant","author":"Amazing Property","date":"March 13, 2017","format":false,"excerpt":"The practice of sellers renting back their home after the sale is increasing in a number of high-end markets, The Wall Street Journal reports. As housing supplies remain tight, some sellers are finding they may need some extra time to relocate. For home buyers, the deal may be appealing because\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":33729,"url":"https:\/\/amazingproperty.com.ng\/blog\/luxury-real-estate-market-increase-in-demand\/","url_meta":{"origin":1440,"position":2},"title":"Luxury real estate increased in demand","author":"Amazing Property","date":"April 6, 2022","format":false,"excerpt":"The Nigerian luxury real estate market is getting a significant boost. The Nigerian luxury real estate market is getting a significant boost from increasing number of wealthy individuals, who are seeking to own multiple homes and new portfolios. 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