There are scores of huge homes across the Southern U.S. that are simply sitting on the market, and sellers are settling for massive price cuts in order to move on with their lives.
According to a recent article in The Wall Street Journal, many retirees built their late-in-life dream homes across the Sunbelt in the early 2000s. But now, the style is out of date – and the price out of reach – for many of today’s home shoppers.
Areas with large retiree populations are feeling the pinch quite acutely, with the WSJ pointing to North Carolina’s Buncombe County; Scottsdale, Arizona; and Kiawah Island in South Carolina as examples of markets glutted with high-end homes that aren’t moving.
In our area, Dallas Metroplex right now are 398 homes with a square footage over 7,000 on the market with an average 166 days marketing time .
Over the past 6 months have been sold only 112 homes, with a median sale price of $1,941,985. The most important fact: closing price was 86.42% from the original listing price.
For this article we considered only homes over 7,000 sf. The highest sale price (in the past 6 months) was $18.000,000. Original listing price was $27,500,000.