While out for a walk yesterday I noted a realtor hanging "Reduced" signs on a nearby McMansion. Talked to him for a few minutes and found out the new price is $450K, the original asking price last Spring was $539K.
Very suprised at the large drop in price, but it is still high for the area, most homes go for 200-300K. Most likely built in the wrong neighborhood, the previous owner was the developer of the neighborhood and reserved a lot for his dream home. Unfortunately both spouses past away last winter within a month.
Recalled reading an article in the past week regarding the drop in premium buyers willing to pay for McMansions in recent years. One of many articles found through Google:
McMansions Define Ugly in a New Way: They’re a Bad Investment - Bloomberg
Very suprised at the large drop in price, but it is still high for the area, most homes go for 200-300K. Most likely built in the wrong neighborhood, the previous owner was the developer of the neighborhood and reserved a lot for his dream home. Unfortunately both spouses past away last winter within a month.
Recalled reading an article in the past week regarding the drop in premium buyers willing to pay for McMansions in recent years. One of many articles found through Google:
McMansions Define Ugly in a New Way: They’re a Bad Investment - Bloomberg