In an analysis of Multiple Listing Service data on the 10 most expensive homes sold in 2017 in 40 U.S. market, real estate firm Concierge Auctions determined that the nation’s most expensive homes depreciate by the tens of thousands for each day they are on the market.
“The data shows that a property either sells very quickly out of the gate for a high percentage of its asking price, or it lingers on the market and sells at a much later date for a much lesser percentage of the original listing price,” says Laura Brady, president of Concierge Auctions.
Holmby/Bel-Air, California’s ten most expensive home sales top the list for daily depreciation at $44,088 per day. Nearby Brentwood, Calif. came in second with a $24,958 drop each day, followed by Palm Beach, Fla. at $22,358 per day.
Vero Beach, Fla.’s ten most expensive home sales had the largest gap between their original listing prices and their sales prices at 62%. Greenwich, Conn. came in second at 65%, and Atlanta’s priciest homes sold for 66% of their initial price.
San Francisco and Palo Alto’s most expensive home sales topped the list at 95% and 94% of their initial asking prices, respectively. Concierge Auctions attributes this trend to the markets’ brisk sales pace.Read More