Even the American luxury real estate market has suffered from the economic slump. The past wisdom that those who can afford a +$50 million are insulated from the economic ups and downs has to be revisited as several luxury homes have been knocking down their asking price and some even withdrawing from the market until it picks up again.
Some homes have even seen as $50 million drop in price. Dunnellen Hall, a 21,897 sq ft mansion on 40 arces in the playground of the rich known as Greenwich, Connecticut; has knocked down its price from $125 million to $75 million:
So if you were thinking about moving to Greenwich, if you like that sort of place, now is the time!
Or if you prefer the outdoors, 3,100 acres of it to be exact, then BootJack Ranch might be the one. From $88 million to $68M:
The real estate in Manhattan, which used to full with insecure investment bankers looking to outdo their friends in luxury, has nearly fallen as investment banks had foregone bonuses, laid off people and some even gone bankrupt [BearSterns and Lehman Brothers].
There are some homes that have maintained their asking price [which for some is akin to a small country’s GDP]. The $125 million Fleur de Lys in Beverly Hills, currently the most expensive listed home for sale, has not gone down $1. And one can understand why: