RISMEDIA, September 24, 2010—Retailers aren’t the only ones slashing prices this fall to attract shoppers. National real estate brokerage ZipRealty’s inaugural Sale Rack Report finds that many home sellers are aggressively reducing their asking prices, some by more than two thirds of the original list prices and tens of thousands of dollars in markets nationwide.
ZipRealty sorted through all the price-reduced homes on the market out of the more than 1.1 million MLS-listed homes across 35 of the nation’s largest housing markets and collected the most discounted homes (by percentage) across various price bands to compile its Sale Rack Report.
According to the report, America’s most price-reduced home by percentage is a two-bedroom, two-bathroom short sale condo in Hialeah, Fla., a city in the Miami metro, with a list price cut by more than 65%, from $173,000 to $59,900. The ZipRealty report found that eight of the ten most price-reduced homes nationally were short sales.
The Sale Rack Report also identifies the 10 homes out of the 1.1 million surveyed nationwide with the greatest price reductions in absolute dollars. The home with the largest absolute price reduction—more than $22 million—is a nine-bedroom, 13-bathroom oceanfront home located on South Beach Road in the Hobe Sound area of Port St. Lucie, Fla. This 20,931-square-foot home was originally listed at $52 million and is currently on sale for $29.9 million.
“Shopping for a home today is like heading to the outlets, walking into your favorite retailer and finding merchandise at fifty percent off,” said ZipRealty CEO Pat Lashinsky. “The historically low interest rates we’re seeing right now, coupled with significantly slashed prices, make now an opportune time for many buyers to get into the market.”
For more information, visit www.ziprealty.com.