Cuts of 20% and higher make these mansions within reach of more buyers:
Across the country, asking prices for luxury homes (those valued at $2 million and higher) are currently down an average of 14% from their initial listing prices, much higher than the national average of 10%. Luxury homes represent less than 2% of all current listings on Trulia.com, but are responsible for 25% of the $28.4 billion in home price reductions. “While inventory levels are starting to come down, they are still on the rise in the luxury market,” says Ken Shuman, spokesman for Trulia.com. “Luxury homes–ones listed at $2 million and above–continue to bear the brunt of discounts being offered.” – from Forbes