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Million Dollar Home Price Reductions

Million Dollar Price Reductions

America's real estate market has had a rough ride over the past two years, with home valuations dropping and foreclosure rates on the rise, but how big can these drops really be?Recently, Trulia.com released their "October Price Reduction Report," which highlights some of their high-end listings that have dropped significantly in price, in excess of $1 million. The report also found that 25.6% of all homes on the market as of Oct 1 have experienced at least one price cut, with the total amount o
Photo and Info: Trulia.com

America's real estate market has had a rough ride over the past two years, with home valuations dropping and foreclosure rates on the rise, but how big can these drops really be?

Recently, Trulia.com released their "October Price Reduction Report," which highlights some of their high-end listings that have dropped significantly in price, in excess of $1 million. The report also found that 25.6% of all homes on the market as of Oct 1 have experienced at least one price cut, with the total amount of prices slashed reaching a shocking $28.4 billion. Of the houses with price reductions, the luxury market represents only 2% of the listings on Trulia, but represents 25% of the value in total home price reductions.

So, what are some of the country's biggest real estate markdowns? Click ahead to see 10 examples of million dollar price reductions!

By Paul Toscano
Posted Oct 8 2009

San Diego, California

Price Reduction: $1,000,000Current Price: $2,995,000Original Price: $3,995,0002 Bedrooms3.5 Bathrooms3,270 sq ft
Source: Trulia.com

Price Reduction: $1,000,000
Current Price: $2,995,000
Original Price: $3,995,000

House Stats
2 Bedrooms
3.5 Bathrooms
3,270 sq ft

Click Here For More on This Home

Phoenix, Arizona

Price Reduction: $1,100,000Current Price: $8,900,000Original Price: $10,000,0007 Bedrooms8 Bathrooms11,039 sq ft
Source: Trulia.com

Price Reduction: $1,100,000
Current Price: $8,900,000
Original Price: $10,000,000

House Stats
7 Bedrooms
8 Bathrooms
11,039 sq ft

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Phoenix, Arizona

Price Reduction: $1,505,000Current Price: $10,995,000Original Price: $12,500,0009 Bedrooms11.5 Bathrooms17,799 sq ft
Source: Trulia.com

Price Reduction: $1,505,000
Current Price: $10,995,000
Original Price: $12,500,000

House Stats
9 Bedrooms
11.5 Bathrooms
17,799 sq ft

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Las Vegas, Nevada

Price Reduction: $2,000,000Current Price:  $7,999,000Original Price: $9,999,0005 Bedrooms4 Bathrooms9,578 sq ft
Source: Trulia.com

Price Reduction: $2,000,000
Current Price:  $7,999,000
Original Price: $9,999,000

House Stats
5 Bedrooms
4 Bathrooms
9,578 sq ft

Click Here For More on This Home

Austin, Texas

Price Reduction: $2,000,000Current Price:$7,900,000Original Price: $9,900,0005 Bedrooms5 Bathrooms, 2 Half11,114 sq ft
Source: Trulia.com

Price Reduction: $2,000,000
Current Price:$7,900,000
Original Price: $9,900,000

House Stats
5 Bedrooms
5 Bathrooms, 2 Half
11,114 sq ft

Click Here For More on This Home

Las Vegas, Nevada

Price Reduction: $2,000,000Current Price:  $7,999,000Original Price: $9,999,0005 Bedrooms4 Bathrooms9,578 sq ft
Source: Trulia.com

Price Reduction: $2,000,000
Current Price:  $7,999,000
Original Price: $9,999,000

House Stats
5 Bedrooms
4 Bathrooms
9,578 sq ft

Click Here For More on This Home

Atlanta, Georgia

Price Reduction: $2,400,000Current Price: $5,485,000Original Price: $7,885,0007 Bedrooms10 Bathrooms, 2 Half
Source: Trulia.com

Price Reduction: $2,400,000
Current Price: $5,485,000
Original Price: $7,885,000

House Stats
7 Bedrooms
10 Bathrooms, 2 Half

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Beverly Hills, California

Price Reduction: $2,950,000Current Price: $21,000,000Original Price: $23,950,0006 Bedrooms11 Bathrooms
Source: Trulia.com

Price Reduction: $2,950,000
Current Price: $21,000,000
Original Price: $23,950,000

House Stats
6 Bedrooms
11 Bathrooms

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Chicago, Illinois

Price Reduction: $4,000,000Current Price: $28,000,000Original Price: $32,000,0006 Bedrooms6 Bathrooms27,000 sq ft
Source: Trulia.com

Price Reduction: $4,000,000
Current Price: $28,000,000
Original Price: $32,000,000

House Stats
6 Bedrooms
6 Bathrooms
27,000 sq ft

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New York, New York

Price Reduction: $5,400,000Current Price:  $29,500,000Original Price: $34,900,0004 Bedrooms5.5 Bathrooms10,000+ sq ft
Source: Trulia.com

Price Reduction: $5,400,000
Current Price:  $29,500,000
Original Price: $34,900,000

House Stats
4 Bedrooms
5.5 Bathrooms
10,000+ sq ft

Click Here For More on This Home