The company's S-1 lays the groundwork for what is widely expected to be one of the largest initial public offerings of the year, second only to Uber's IPO in May. It's also...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
Trump's tweet comes a day after Apple put out a press release describing the money it spends on U.S.-based suppliers and vendors.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
President Donald Trump held a call on Wednesday with the CEOs of three major U.S. banks, according to people with knowledge of the situation.Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
Scientists say the smoke plumes, filled with megatons of tiny, harmful particles, could travel to other areas of the world and cause serious respiratory problems for people.Weather & Natural Disastersread more
Some Weight Watchers loyalists applaud Kurbo by WW. But nutritionists worry Kurbo promotes an unhealthy relationship with food during an especially impressionable time.Health and Scienceread more
Benefits from what President Trump called "the biggest reform of all time" to the tax code have dwindled to a faint breeze just 20 months after its enactment, writes John...Politicsread more
Epstein, 66, was found in his cell in Manhattan federal lockup Saturday morning and transferred to a nearby hospital, where he was subsequently pronounced dead.Politicsread more
Air travelers faced delays at U.S. airports on Friday afternoon after a computer issue snarled processing of international arrivals.Airlinesread more
Homes listed for $100 million or more are piling up fast, but sales have ground to a halt, leading some to call a top in the very top of the real estate market.
Real estate brokers and analysts said there are roughly 20 homes for sale (either officially or unofficially) for $100 million or more in the U.S. That's up from about a dozen or 15 last year.
At the same time, sales of nine-figure homes have stalled. By the summer of 2014, three homes sold for $100 million or more. But so far this year, there hasn't been a single recorded sale at those prices, brokers and analysts said.
And as the inventory of super mansions rises, so have the price cuts—with some getting slashed by tens of millions of dollars.
Jonathan Miller, president and CEO of the Miller Samuel appraisal firm, said $100 million homes are largely "vanity listings," with owners setting prices "far detached from the market norm, the market conditions or the market price."
While some sellers may slap a blockbuster price on their homes to get marketing attention, the mega-prices have so far failed to generate sales.
"A $100 million price is just testing the market. But I don't know how much more testing they need to do," Miller said. "It's not working, this stuff isn't selling. Sellers are being extremely more aggressive and unrealistic than ever before."
Officially, there are only about seven or eight homes on the market in the U.S. that are priced at nine figures. The most recent is an eight-acre waterfront compound in Kings Point on New York's Long Island.
The property has 60,000 square feet of living space, 13 bedrooms, 35 bathrooms, an indoor lazy river, a two-story built-in doll house, a hair salon, wine room, indoor racquetball court, gym, saunas and a private pier than can hold a 200-foot yacht.
Yet Dolly Lenz, of Dolly Lenz Real Estate, said there are at least 20 homes for sale at $100 million or more when you include "whisper listings," those that are secretly for sale among high-end brokers, but not officially listed for buyers.
"These owners do not want pictures of their homes out there, and you have to show financial statements to tour the property," she said. "But there are a lot more $100 million homes out there than you think."
Lenz said that the lack of nine-figure sales is more a function of the quality of the specific listings than the result of any broader weakness in the luxury market.
"A property has to be super worthy to be sold for $100 million," she said. "But it doesn't have to be super worthy to be listed for $100 million. The buyers are the ones that matter and they haven't felt that any of these properties are worth it."
That's not to say that sales of $100 million homes have ended. Lenz said several new penthouses in New York that are coming online in the next few years will likely top $100 million. And a reported sale of the penthouse at 220 Central Park South will likely top the nine-figure mark when and if it closes.
But for now, hyper-priced homes have become the zombies of the luxury housing market—immovable and unchanging monuments to the hopes of super-rich sellers. And so far, those sellers are rarely budging.
"It seems like there is no shame to wildly over-pricing a property today," Miller said.
Granted, some sellers have shaved a little off their prices. Billionaire Jeff Greene this month cut the price of his Beverly Hills estate, called Palazzo di Amore, to $149 million from $195 million. He said the price cut was accompanied by several improvements to the house.
"We are very motivated to sell," Greene said.