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Luxury Homes Still Not Selling



For those in the market for a luxury dream home in Marin, options are plenty at the moment. There are currently 315 homes, on the market, in the US, selling for more than twenty million. Since the economic crisis began, sales of these posh mansions have nearly dried up. High priced real estate areas like Belvedere and Mill Valley have seen a slow down in the number of units being sold, while the bargain priced areas are still selling high numbers.

Realtors who deal in these high-dollar homes are hopeful that the lull in luxury home sales is close to an end. In July, a 10 bedroom, 21,000 square foot home sold for $43 million. Madonna paid $32 million for a Manhattan townhouse earlier this year.

As the number of mansions on the market grows, so too are the prices of these dream homes. The most expensive residential property on the market in July was a 57,000 square foot home once owned by producer Aaron Spelling at $151,000,000. In contrast, the most expensive home in 2005 was $76 million, which would have placed it at the bottom of the top ten for this year.

The majority of high-dollar homes are located in beach areas along the beautiful coastlines of various states. Among these mansions on the beach, the most expensive is Sandcastle, a $60 million estate in Bridgehampton completed in the spring. The home is still owned by the builder, and he is currently renting the property for around $210,000 per week. Amenities include a 2 lane bowling alley, a racket ball court, breathtaking ocean views, an a heated outdoor pool.

A real estate appraiser in the Hamptons, one of the priciest regions in the country, said that second quarter sales in the region were nearly 45% lower than last year, and the median sales price for the area is down more than 15%.

The owners of these luxury properties can generally afford to wait until the right buyer comes around. The prices they list the homes at are often unrealistic, but usually attract media attention and serve as a beginning point for negotiations. Experts say that the prices of luxury homes have not dipped as much as other homes across the market.


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