High End Listings Get a Boost

The number of $1 million-plus properties in New York City with asking prices that were boosted over the previous 12 months rose to 436 in August from 266 during the same period in 2010,A Real Estate source reports.

Water's Edge offered by American Caribbean Real Estate $3,299,000

The number of these properties climbed to 5 percent from 2.3 percent of high-end listings in Miami-Fort Lauderdale over the same time span.

Experts say high-end sellers are feeling more confident these days due to record sales prices paid by affluent overseas buyers, but brokers say pricing at this end of the market is often subjective due to the lack of comparable sales. Moreover, the listings generally take longer to sell, and rarely does hiking the asking price boost the final sales price.

But in the Keys...
“Unless it’s a unique property, it signals to the market the seller is not serious,” says New York-based broker Donna Olshan, who adds that homes whose prices have been increased either languish on the market or see significant price reductions.

Still, some real estate pros believe the strategy can attract international buyers searching for trophy properties; and it could prompt a perception among some buyers of increased demand for the property.

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