Tuesday, Jun. 30, 2009

Florida: Where Price Cuts No Longer Matter

West Palm Beach — 200 Murray Road
Original price: $3.4 million
Current listing: $1.9 million

It's not often that a brand-new house stays on the market for two years. This $3.4 million home has depreciated a whopping 44%, down to $1.9 million, over that time period. Real estate agent Steve Davis says that with an increase in short sales, dream homes like this one just won't sell, even with four bedrooms and 6½ baths. The home also has a pool, two fireplaces, a media room and an additional room on the living level that could be converted into a fifth bedroom. (Don't forget the summer kitchen, in addition to the regular huge kitchen.) "They're bargains," Davis says. "They're just great opportunities for buyers right now."