Today’s SQUARE FEET column in The New York Times chronicles the woes in luxury home sales on Long Island’s North Shore, one of the top 10 wealthiest zip codes in the country.
A Wealthy Zip Code Where Sales Are Suffering
A few highlights that may ring a bell;
Dottie Herman, president and chief executive of Prudential Douglas Elliman, said there was a backlog of homes priced at $2 million to $4 million. Some belong to people who lost money in the Ponzi scheme constructed by Bernard Madoff, Ms. Herman said, while others are either casualties of the financial crisis or simply seeking to downsize.
Jonathan J. Miller, a real estate appraiser and president of the Manhattan-based Miller Samuel Inc., is the author of the Prudential report. He said, that with inventory rising in higher-priced housing markets, sale activities were “disproportionately lower.” Even those with stellar credit ratings and deep pockets may not have $1 million to plunk down as a 50 percent down payment on a $2 million home, he pointed out.
While buyers may think that with so much inventory they can “buy things at a fire sale,” Mr. Miller said, sellers “aren’t in sync” and may not be willing to “negotiate aggressively to the amount the buyers expect.” A result is fewer deals.
Anthony Piscopio, manager of Century 21 Laffey Syosset -“A lot of the people that are selling in the higher end are downsizing because of cost,”
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While we’re not quite in the same league as Old Westbury, with 151 homes for sale priced $1.0 to $5.950 and just 15 sold since Jan 1, the Foothills ought to at least get an honorable mention.
and see thefoothillsToday.com
to search for Tucson Foothills Homes