The housing market may be leveling out -- unless you happen to own a multi-million-dollar mansion.
A report released Wednesday by the online real estate data company Trulia has some heartening signs for the average real estate player. As of June 1, 2010, only 22 percent of U.S. houses experienced a price reduction as compared to 23.6 percent during the prior year, with the average discount holding around 10 percent.
"Sellers are optimistic heading into the summer season because of the strong sales figures from the spring, " said Pete Flint, co-founder and CEO of Trulia. "We are already starting to see rising inventory levels and I believe this will be the story of the summer."
But, the luxury housing market -- defined as homes listed at a minimum $2,000,000 -- is another story altogether.
The percentage of luxury homes with price reductions remains at 21 percent, and the average reduction is 14 percent. With average high-end real estate reductions at nearly one-seventh of the list price, some of the most expensive listings have experienced multi-million-dollar price cuts.
We've compiled some of the most expensive homes on Trulia for a look at some of the most severe of these million-dollar markdowns.
Some of the highlights include a $15 million dollar home in Kihei, Hawaii with an infinity pool, 6 bedrooms, 7 bathrooms and a water view. This home failed to sell at the above price and has now been listed for two million less than that.
The owners of this mansion in Malibu, California were asking $21.5 million for their 8,708 square foot home. They have since reduced the price by $3.5 million.
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