There’s never a shortage of news about record-breaking sale prices for luxury homes, but it could be a warning sign when the news turns to these ultra-high end homes slashing prices because they’re not selling.
Do the big league buyers know something the average homebuyer doesn’t?
Apparently, they know when prices are being inflated.
Sellers of some of the city’s most expensive properties are dramatically slashing prices, even as developers keep trying to push the boundaries of the luxury market with pie-in-the-sky price tags of up to $175 million.
“Million Dollar Listing New York” star Fredrik Eklund and business partner John Gomes of Douglas Elliman are cutting the price on their ritziest listing — the stunning 7,061-square-foot penthouse at 11 N. Moore St. in Tribeca — by more than 25%. Initially, they were seeking $40 million. Now it can be yours for $29.95 million.
“We made a decision to get real and sell it,” Eklund said of his listing.
He and Gomes aren’t the only ones axing prices.
Embattled hedge-fund billionaire Steven Cohen, who heads the Wall Street firm formerly known as SAC Capital Advisors, recently reduced the listing price of his palatial One Beacon Court penthouse to $82 million from an ambitious $110 million.