Publication Date:
Thu, 2011-01-06 11:48
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The troubled real estate market affects homes both large and small—but when mansions need a sale price reduction, the discount can jump into the millions. Zillow.com, a real-estate listing and data website, found that some of the biggest sales in 2010 also had the biggest price cuts, the Wall Street Journal [1]reported.
California dominated the list, claiming six spots. The year’s biggest reduction was for La Belvedere, a 48,000-square-foot home in Bel Air. Originally listed at $85 million, it sold for $50 million. Home number two suffered nearly as badly—the 12,785-square-foot Malibu beachfront house was first listed at $57 million, but sold at $37 million. Four more homes on the list, located in Malibu, Pebble Beach, Santa Barbara and Bel Air, had reductions that were not quite so drastic.
The first non-California home on the list was a Delray Beach, Fla., beachfront home that listed at $24.9 million but sold at $12.65 million. Two more Florida homes made the list: a Naples home had a $2.9 million reduction, and a Highland Beach villa took a $6.25 million price cut.
The only other home to make the list hailed from New York’s Upper East Side. A 20-foot-wide mansion originally listed at $17 million sold for $13.1 million.
