30 Jul '16, 10pm

#Seller's #market for #luxury #homes: let the negotiations begin

#Seller's #market for #luxury #homes: let the negotiations begin

It’s essential for real estate agents to understand the current marketplace so they can get the best deal for their clients. And after years of watching the market favor sellers, many agents say they’ve seen a recent shift that has affected luxury property sales across the globe: We’ve entered a buyer’s market. Jed Garfield, president of Leslie J. Garfield & Co., a New York–based brokerage that focuses on town houses, said he saw signs of this trend in late 2015, when properties that were listed at a fair market price didn’t sell. But recently, the impact has been dramatic. For example, a town house on East 70th Street between Park and Lexington avenues that was bought for $31 million in 2013, re-listed for $32.5 million a year and a half ago—and then dropped down to $22 million three months ago. Don’t miss: Brooklyn homes are selling faster than Manhattan’s Plus: Higher v...

Full article: http://www.marketwatch.com/story/top-end-real-estate-is-a...

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