According to The Wall Street Journal, July sales of luxury apartments in New York City hit a 6-year low.
In NYC, penthouses have been sitting on the market for months to years. Many of those properties eventually receive drastic price cuts or get carved into two smaller apartments, Business Insider’s Katie Warren previously reported.
“Like any commodity, when the market is saturated with them, their value declines,” Jason Haber, an agent at Warburg Realty in Manhattan, told Warren. “If under every rock you found a diamond, diamonds would decline in value. That’s what is happening right now.”
Down south, luxury condos in Miami are sitting on the market a hair too long: Some are taking four to six years to sell, Jerry Iannelli reported for the Miami New Times last year.
And out west, multimillion-dollar luxury ranches have been undergoing price cuts and sitting on the market for years, Katherine Clarke reported for The Wall Street Journal. While they held a Hollywood, Wild West allure for previous generations, millennials find them too labor-intensive and expensive, she wrote.
Clarke also said that Los Angeles has a glut of empty mega-mansions. Real-estate agents and developers are employing extreme measures to get those mansions off the market, from themed parties and gimmicky amenities to $100 million price cuts.
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