Rich People Can’t Sell Their Homes Either
They may not be having problems with bankruptcy or foreclosure, but the super-rich are finding out that their fancy, expensive homes aren’t selling any better than the homes of regular folks like us who try to sell our homes. Some of them are even discounting their homes at percentages the rest of us wouldn’t ever want to consider to try to find buyers, while others are just taking those homes off the market to reduce the embarrassment factor of it all.
Take Candy Spelling’s home as an example. It’s one of the few homes where the price tag hasn’t come down, yet at $150 million for 100 rooms, which includes more than one theater room, a barber shop and beauty shop, and many other things that most homes wouldn’t have, it’s had almost no lookers, let alone anyone even thinking about purchasing it.
Forbes Magazine highlighted another home that was initially on sale for $125 million in Connecticut that’s had its price slashed to $60 million. That’s still a pretty powerful price for the rest of us, but having to take that kind of hit on one’s house is still stunning.
What’s going on? Most people that have the money already know that they don’t want to use their own money to purchase homes whose value might still fall even further than it already has. So they’re waiting to see if some of the prices of these homes bottom out. At the same time, they’ve also started watching their own money more closely, so a home like the Spelling home, which hasn’t lost any of its value, doesn’t hold the same appeal in a world economy that’s taking a beating.
So, take heart if you’re having problems selling your home; you’re not alone.