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National News: Mega Mansions Are Seeing Price Reductions!

Although we don't have a huge amount of "mega mansions" on the Peninsula , we do have 16 homes over $10 million so I thought i'd share some info from CNBC.

In all of 2018 so far, about 12 percent of homes, nationwide that are listed for $10 million or more have posted price drops—double the percentages from 2016 and 2015, according to Redfin.

Here's a sample of three properties that sold in Pebble Beach:

  • Listed at $29,750,000 sold for $25,250,000

  • Listed at $16,995,000, sold for $14,435,135

  • Listed at $17,900,000, sold for $12,500,000

Reasons for the price adjustments according to CNBC::

  • Foreign buyers are looking elsewhere and demand is dryig up

  • Tax reforms have impacted the wealthiest states and Federal tax changes limit deductions for state and local taxes

  • Sellers realize the market peak of 2014 to 2015 isn’t coming back anytime soon,

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