As it turns out, the Stone Mansion’s price cut is not unusual in the super-luxe segment of the market. Jonathan Miller, president and CEO of Miller Samuel Appraisers, has looked at asking prices and sale prices for super-luxe homes across the country. He found that the accepted offers can be 50 percent below the most recent asking price.
The former Playboy Mansion in Los Angeles, for instance, was listed for $200 million and sold for $105 million. A 13,000-square-foot home in Greenwich, Connecticut, which was first listed for $25 million sold recently for $9.65 million.
“That means the last asking price never had anything to do with market reality for the listing, period,” Miller said.
The Stone Mansion will sell of course, but perhaps not at its current asking price, and certainly nowhere near the $68 million originally hoped for. But prospective buyers can now tell themselves they’re not spending $39 million. They’re saving $29 million.