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,