The old adage, “Pride goeth before the fall” may be playing out in front of the world where many of the nation’s wealthiest home sellers refuse to lower their asking prices:
More than four years after the housing market peaked, many of the nation’s wealthiest homeowners are slashing prices in earnest. The asking price on the late Brooke Astor’s Park Avenue duplex has plummeted to $24.9 million from $46 million. Thursday Peter Sperling, son of the University of Phoenix founder John Sperling, dropped the price on his San Francisco limestone mansion to $47 million; he had been asking $65 million since 2006.
And then there are the ultimate holdouts:
…a rarefied slice of extremely wealthy sellers who are holding the line on today’s deal-making, price-slashing mentality. Even as their properties have lingered on the market, these sellers haven’t budged on initial asking prices, some of which were set in the waning days of the housing bubble.
Suzanne Saperstein, ex-wife of Metro Networks founder David Saperstein, is still asking $125 million for “Fleur de Lys,” a 41,000-square-foot, French chateau-inspired mansion near Beverly Hills with gold-embossed leather wall coverings and a ballroom. The listing has been on the market since at least April 2007, a month when the Dow passed 13,000. Mr. Saperstein has an equestrian estate that’s been asking $75 million since at least August 2007.
Please read the entire article.
Forget straw, sticks, and bricks. It seems these [rich] little piggies built their homes with paper [money].
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