There is a very interesting article in the Wall Street Journal recently. It seems that some of the wealthiest people are caught up in their emotions and will not lower the price on their mansions. For example here’s an excerpt:
“Some holdouts and their brokers defend their prices, arguing that their estates would be difficult, if not impossible, to replicate today. “I feel the property is worth every penny—and probably then some,” says Tommy Hilfiger co-founder Joel Horowitz, who has been asking $100 million for his 210-acre estate in Zephyr Cove, Nev., since July 2006, when the National Association of Realtors’ then-Chief Economist David Lereah said that housing appeared to be headed for a soft landing in most markets.
Mr. Horowitz notes that he and his wife Ann spent a year designing the home and three years building it and bought items for the home on their travels before it was even built—including lighting fixtures, fireplace mantels and 400-year-old flooring from French châteaux.”
I’ve heard that argument for not lowering the price on a home so many times. Sad to say, the market does not care how much love, care or money you have put into a home, the market still dictates what a home will sell for. Until one comes down to reality, and lowers the price to meet the market, the home just will not sell.
To read the full article in the Wall Street Journal, Click Here.
John J. O’Dell
Real Estate Broker
Call today – 530-263-1091 for you real estate and construction needs