2011: A Luxury Real Estate Sale (Price Drops)

Original Post: http://www.move.com/trends/2011-a-luxury-real-estate-sale-price-drops/

Published By : Beth Kramer on Tuesday, Apr 5th, 2011, 1:00 pm

0405reduce1 2011: A Luxury Real Estate Sale (Price Drops)

Lower home prices have hit the 7 and 8 figure listings.  The estate and penthouse markets are not impervious to the real estate price dip. Sure, buying into one of these properties still requires lots of cash but if you’ve got bank, you can get a pretty swanky deal.

We’ve selected some plum properties from across the country, all of which have seen a downward spike on the price graph. Will that be cash or charge?

1. 7030 Tomiyasu Lane, Las Vegas: The Royal Family Landmark Polo Playground (at top), formerly belonging to the Sultan of Brunei, took two rather deep price dips totalling $20,000,001 since being placed on the market in October last year.  This private compound rivals a five star hotel with resort pool, horse stables, disco/nightclub, ballroom, and his and hers spa/salons. And like most sale pricetags, the digits include nines as in $24,999,999.

0405reduce2 2011: A Luxury Real Estate Sale (Price Drops)

2. E Mountain Road, Montecito: This ocean view manse in Montecito’s Golden Quadrangle features California amenities fit for a multimillionaire, from a meandering brook and pond with gazebo to wine room, theatre, master suite with dual bath and fireplace, and 2 bedroom guest house. Originally listed at $42.5 M, the property is currenly offered at $32.5 M.

0405reduce3 2011: A Luxury Real Estate Sale (Price Drops)

3. 10451 Reveuelta Way, Los Angeles: Not to be outdone, Chateau d’Or, as this property is known, was reduced $10 M to its current offering price of $29.995 M. We’ve featured this Versailles with a championship tennis court as a Home of the Day just before the Oscars. Bel Air awaits.

0405reduce4 2011: A Luxury Real Estate Sale (Price Drops)

4. 5628 Lyons View Pike, Knoxville, TN: Villa Colina, “Crown Jewel of Knoxville Real Estate,” has been reduced $6.5 M to its current $12.5 M price. The 32,000 square foot estate rests on 12 acres of manicured lawns and is protected by a state of the art security system. The home offers views of the Tennessee River, two heated pools, and a three-story library as well as an elevator.

0405reduce5 2011: A Luxury Real Estate Sale (Price Drops)

5. 2950 Broadway, San Francisco: An extraordinary Gold Coast Grand Tudor Revival designed by San Fran architect Fredrick H. Meyer dropped $5.6 M off its original listing price.  Currently offered at $33.9, the four story home offers dramatic bay and bridge views from every level and an outdoor pool and spa, unique for the City by the Bay.

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About Coldwell Banker Action Realty
Coldwell Banker Action Realty is a full-service real estate firm focusing on Hernando, Pasco, Hillsborough and Pinellas Counties in the Tampa Bay area. We stress professionalism, integrity, and excellence in customer service. We would be pleased to assist you with purchasing or selling a property, renting a home, or marketing and managing your investment property.

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