Brimming with choices, Manhattan’s luxury-home market has been flashing an overpriced sign. Properties priced at $4 million or more that went into contract in the first 12 weeks of the year had their asking prices cut by an average of 10 percent, the most in data going back to 2012. Shoppers with cash are no longer bidding up properties to record levels, and sellers who recognize the new reality are the likeliest to succeed.
Source: Bloomberg Pro Terminal
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