Investor's Guide to Real Estate

Investor's Guide to Real Estate

On Sale: Homes Across America

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Falling Prices

High foreclosure and unemployment rates have made it unusually hard for people to sell their homes. That means sellers have to be patient as well as flexible. Can you say price cut? Some 26 percent of homes currently on the market have had at least one price cut, according to real estate search Web site Trulia.com. The median reduction was 10 percent. During this past summer, homeowners hacked a total of $28.5 billion from home prices. The slashed prices have left what many consider a wealth of

High foreclosure and unemployment rates have made it unusually hard for people to sell their homes. That means sellers have to be patient as well as flexible. Can you say price cut? Some 26 percent of homes currently on the market since Sept. 1, 2009 have had at least one price cut, according to real estate search website Trulia.com. The median reduction was 10 percent. During this past summer, homeowners hacked a total of $28.5 billion from home prices.

The slashed prices have left what many consider a wealth of bargains across the country. Take a look at these homes that have seen about a 20 percent drop in price since being listed.

Posted Oct. 8, 2009

Atlanta, Ga.

: $2.8 million (May 2009) : $1.6 million : -43 percent Owned by former Atlanta Braves pitcher Mike Hampton, the three-level home has a little bit of everything, including an exercise room, wine cellar and a putting green. »
Source: Harry Norman, Realtors

Original Listing Price: $2.8 million (May 2009)

Current Price: $1.6 million

Percent Change: -43 percent

Owned by former Atlanta Braves pitcher Mike Hampton, the three-level home has a little bit of everything, including an exercise room, wine cellar and a putting green.

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Chicago, Ill.

: $2.95 million : $1.95 million : -34 percent This renovated, five-story elevator home has seven bedrooms and covers over 5,000 square feet of space.
Source: @properties

Original Price: $2.95 million (2007)

Current Price: $1.95 million

Percent Change: -34 percent

This renovated, five-story elevator home has seven bedrooms and covers more than 5,000 square feet of space.

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Grosse Pointe Farms, Mich.

: $329,000 (Sept. 2008) : $229,000 : -30 percent Not far from Lake St. Clair, this brick colonial has a new kitchen, finished basement and a patio in the rear.

Original Price: $329,000 (Sept. 2008)

Current Price: $229,000

Percent Change: -30 percent

Not far from Lake St. Clair, this brick colonial has a new kitchen, finished basement and a patio in the rear.

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Mount Pleasant, S.C.

: $890,000 (Oct. 2007) : $675,000 : -24 percent Located within Charleston, S.C., this three-bedroom home sits on a quiet cul-de-sac.

Original Price: $890,000 (Oct. 2007)

Current Price: $675,000

Percent Change: -24 percent

Located in Charleston, S.C., this three-bedroom home sits on a quiet cul-de-sac.

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Sarasota, Fla.

: $579,000 (Oct. 2008): $499,000 : -14 percent A new stainless steel refrigerator and stove were added to the kitchen in this home, which also has views of a golf course.
Source: Michael Saunders & Company

Original Price: $579,000 (Oct. 2008)

Current Price: $499,000

Percent Change: -14 percent

A new stainless steel refrigerator and stove were added to the kitchen in this home, which also has views of a golf course.

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Beaver Creek, Colo.

: $17.9 million : $13.9 million : -22 percent This rustic looking home has many modern amenities, like an elevator, a media room and a bowling alley.
Source: Slifer Smith & Frampton Real Estate

Original Price: $17.9 million (June 2007)

Current Price: $13.9 million

Percent Change: -22 percent

This rustic-looking home has many modern amenities, like an elevator, a media room and a bowling alley.

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New York, N.Y.

: $1.9 million : $1.5 million : -23 percent In Manhattan's Chelsea neighborhood, this two-bedroom apartment has a custom kitchen, wide plank hardwood floors and two marble bathrooms.

Original Price: $1.895 million (March 2009)

Current Price: $1.5 million

Percent Change: -21 percent

In Manhattan's Chelsea neighborhood, this two-bedroom apartment has a custom kitchen, wide-plank hardwood floors and two marble bathrooms.

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Las Vegas, Nev.

: $625,000 (July 2009) : $499,000 : -20 percent This five-bedroom, five-bath, stucco house features a pool and attached hot tub.
Source: Coldwell Banker Wardley

Original Price: $625,000 (July 2009)

Current Price: $499,000

Percent Change: -20 percent

This five-bedroom, five-bath, stucco house features a pool and attached hot tub.

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