In Jay Gatsby's time, the mansions along Long Island's Gold Coast were famous for their excess and price tags. Now, they're more famous for their price cuts.
Hit hard by the recession, the grand estates and megahomes lining the North Shore have seen price cuts of up to 50 percent. Inventory remains high and homes are sitting on the market for an average of six months or more, brokers say.
Big price cuts are finally drawing buyers. In the first quarter, sales volume in Suffolk County was up more than 5 percent over 2012.
Brokers say the recent burst of activity is being driven by the broader housing recovery as well as strong interest from foreign buyers, especially from China and Russia.