If you’ve had your eye on a certain mansion in Bel Air, California, – reportedly the most expensive real estate listing in the U.S. at this time – that was originally listed at $250 million, this is your lucky day! It is now selling for a cool for $188 million – a savings of over $60 million.
According to Redfin this is becoming commonplace in the “ultra-luxury” market where 12 percent of homes listed at $10 million-plus have seen prices come down, which is actually twice the number of such properties that cut their prices in 2015 and 2016.
Why is this happening now? Experts cited an over-supply, the drying up of foreign buyers, new tax laws that hurt the wealthiest states, not to mention federal tax laws, which limit deductions of state and local taxes.