$1M Markdowns: Disaster tourism meets luxury home price reductions?
For about a decade, The Real Estate Cafe has tracked "Million Dollar Markdowns" on luxury homes across Massachusetts, particularly Greater Boston. After the stock market stumbled on September 26, 2008, we began to convert our research into secret maps and "walking tours" that we still share selectively with clients and their financial advisors. This year, we're eager to customize our "Sweetest Deals" research for a select group of DIY luxury home buyers and / or their personal financial advisors.
Recent headlines report that housing prices have fallen back to 2003 prices. We haven't dissected the MLS data yet, but our guess, is that is not the case with luxury listings in MA, even though sales of single family homes over $1.85 million fell from 358 in 2005 to 300 in 2011 -- a 16% drop!
Sample research: Sweetest Deals of 2003
Our research a decade ago included an analysis of price reductions on luxury homes in the 25 most expensive cities and towns in Massachusetts (based on Boston Business Journal research at the time.) We'll decide which towns to blog about next based on who contacts us. In the meantime, can we offer you a sample or "taste test" of past research as a Valentine's Day present?