{"id":5234,"date":"2024-04-19T15:27:43","date_gmt":"2024-04-19T15:27:43","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2024\/04\/19\/luxury-homes-for-less-the-top-11-cities-where-sellers-are-slashing-prices-on-their-posh-properties\/"},"modified":"2024-04-19T15:27:43","modified_gmt":"2024-04-19T15:27:43","slug":"luxury-homes-for-less-the-top-11-cities-where-sellers-are-slashing-prices-on-their-posh-properties","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2024\/04\/19\/luxury-homes-for-less-the-top-11-cities-where-sellers-are-slashing-prices-on-their-posh-properties\/","title":{"rendered":"Luxury Homes for Less: The Top 11 Cities Where Sellers Are Slashing Prices on Their Posh Properties"},"content":{"rendered":"

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Getty Images<\/p>\n

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Sellers of high-end homes are increasingly resorting to price cuts to lure buyers to their lavish properties<\/a>, which most folks can only dream of owning.<\/p>\n

About 10.7% of homes on the market priced between $2 million and $5 million underwent price reductions in March, according to a Realtor.com\u00ae<\/a> analysis. But high-end home sellers are slashing prices at much greater numbers in certain parts of the country. We identified the luxury real estate markets that had the highest percentage of price cuts.<\/p>\n

\u201cThe top luxury markets seeing price reductions are primarily in the South,\u201d says\u00a0Hannah Jones<\/strong>, senior economic research analyst at Realtor.com. \u201cBefore the run-up in prices during the [COVID-19] pandemic, you could get a lot more for your money in these markets. Buyers are looking for that again. And buyers at this price point have a lot more options, so they can afford to be pickier.\u201d<\/p>\n

Six of the top 11 markets were in Florida. Price reductions in the state were up 74.7% year over year in March, according to Realtor.com data.<\/p>\n

Five of these Florida markets were on the storm-prone Gulf of Mexico<\/a>.<\/p>\n

\u201cA lot of these properties in Florida are at a high risk from climate-related events, such as hurricanes,\u201d says Jones.<\/p>\n

Those climate risks<\/a> are resulting in higher insurance costs, which might make it harder for homeowners to sell properties in the state. Insurance premiums in the state were up 43.2% from 2018 through 2023, according to a S&P Global Market Intelligence analysis<\/a>.<\/p>\n

\u201cThe insurance is what\u2019s killing us right now,\u201d says Lakeland, FL<\/a>, real estate agent Michelle Schaal<\/strong>, of Keller Williams Smart 1 Realty. \u201cThere\u2019s a lot of insurance companies that are pulling out of Florida right now. [And] insurance on that large of a property is going to be costly.\u201d<\/p>\n

The Central Florida metropolitan area of Lakeland had the highest percentage of price reductions on homes priced between $2 million and $5 million in March. Schaal\u2019s own insurance policy in the Lakeland suburb of Bartow<\/a> has more than doubled in just two years.<\/p>\n

Plus, there aren\u2019t as many buyers who can afford homes priced over $2 million. So these properties tend to sit on the market for longer. Sellers might resort to price cuts to make their residences more appealing and speed up sales.<\/p>\n

\u201cThere are sellers who are realistic,\u201d says Schaal. \u201cAnd then there are those who overprice their homes. \u2026 These homes may sit for a while, and they may have to lower that price point.\u201d<\/p>\n

To figure out which housing markets had the highest percentage of luxury home price reductions, we looked at Realtor.com data for homes priced between $2 million and $5 million in March.<\/p>\n

So where can buyers get a deal on luxury homes?<\/p>\n

1. Lakeland, FL<\/a><\/h2>\n

<\/a>This six-bedroom, five-bathroom home in Lakeland, FL, is on the market for $2.7 million after undergoing a $100,000 price cut.<\/p>\n

Realtor.com<\/p>\n

Percentage of $2M-to-$5M homes that underwent a price reduction in March: 36.4%<\/strong><\/p>\n

2. Sherman, TX<\/a><\/h2>\n

Percentage of luxury homes with a price reduction: 25%<\/strong><\/p>\n

3. Punta Gorda, FL<\/a><\/h2>\n

<\/a>This luxury home in Punta Gorda, FL, is for sale for $2.25 million.<\/p>\n

Realtor.com<\/p>\n

Percentage of luxury homes with a price reduction: 24.4%<\/strong><\/p>\n

4. Naples, FL<\/a><\/h2>\n

Percentage of luxury homes with a price reduction: 24.3%<\/strong><\/p>\n

5. Phoenix<\/a><\/h2>\n

<\/a>This five-bedroom home underwent a $251,000 price reduction, bringing it down to $3,999,000.<\/p>\n

Realtor.com<\/p>\n

Percentage of luxury homes with a price reduction: 22.3%<\/strong><\/p>\n

6. North Port, FL<\/a><\/h2>\n

Percentage of luxury homes with a price reduction: 22.1%<\/strong><\/p>\n

7. Tampa, FL<\/a><\/h2>\n

<\/a>The owner of this Tampa, FL, home cut the price by nearly $300,000.<\/p>\n

Realtor.com<\/p>\n

Percentage of luxury homes with a price reduction: 20.2%<\/strong><\/p>\n

8. Key West, FL<\/a><\/h2>\n

Percentage of luxury homes with a price reduction: 20% (tie)<\/strong><\/p>\n

9. Missoula, MT<\/a><\/h2>\n

<\/a>The price of this luxury home in Missoula, MT, has been reduced twice.<\/p>\n

Realtor.com<\/p>\n

Percentage of luxury homes with a price reduction: 20% (tie)<\/strong><\/p>\n

10. Memphis, TN<\/a><\/h2>\n

Percentage of luxury homes with a price reduction: 19%<\/strong><\/p>\n

11. Austin, TX<\/a><\/h2>\n

<\/a>The builders cut $500,000 off the price of this newly constructed home in Austin, TX.<\/p>\n

Realtor.cm<\/p>\n

Percentage of luxury homes with a price reduction: 18.8%<\/strong><\/p>\n

The post Luxury Homes for Less: The Top 11 Cities Where Sellers Are Slashing Prices on Their Posh Properties<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Getty Images Sellers of high-end homes are increasingly resorting to price cuts to lure buyers to their lavish properties, which most folks can only dream of owning. About 10.7% of homes on the market priced between $2 million and $5 million underwent price reductions in March, according to a Realtor.com\u00ae analysis. But high-end home sellers…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":5235,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/5234","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=5234"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/5234\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/5235"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=5234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=5234"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=5234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}