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 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.
Related Stories
4 Steps to Prep Your Business for Contraction
How a remodeling company plans ahead for the worst of times (and the best of times)
Creating a Company Fire Drill: How to Prepare for the Worst
A disastrous fire could have been a lot worse if the business wasn’t prepared for the unexpected
The Fundamentals of Growing Profitably
On this episode of Women at WIRC podcast, Nip Tuck Remodeling Owner April Bettinger shares how she plans for her company's profitable growth
3 Things to Add to Your Construction Contract—From a Lawyer
Did you know you can add these three elements to your contracts?
Study Finds Remodelers’ Net Profits Declined
How far did net profits decline and what's influencing the drop?
The Home Depot Bets on Pros Amid Predictions of Flat Sales Growth
For the first time since 2019, The Home Depot’s revenue fell short of Wall Street’s predictions amid a general softening in the home improvement market
Indicators of a Softening Market and How to Prepare
Market conditions could be changing, but don't panic. Richardson shares ways to stay on top of market conditions and how to prepare for any potential softening down the road.
Grow Your Business Through Collaboration with Remodeling Peers
Remodeling Mastery Forums offers a unique business opportuniy for remodelers