Real-estate agents in places like New York, Los Angeles, and the Hamptons say the frenzied deal making and record-setting have eased, thanks to a growing disconnect between what sellers want and what buyers will pay. wsj.com/articles/even-…
Luxury homes—defined as the top 5% of the market—that sold during a three-month period from Feb. 1 to April 30, 2022 dropped 18% compared with the same period in 2021, according to @Redfin.

That is the biggest decline since the pandemic started. on.wsj.com/3xNALZ7
Prices are still holding, but they are unlikely to keep reaching new heights as buyers retreat, according to Sheharyar Bokhari, a @Redfin senior economist. Further, he said, deal volume is finding a new equilibrium. on.wsj.com/3xNALZ7
Two years ago, Austin #RE agent Amy Deane was working with so many out-of-state buyers that she showed one $15 million house 5x in 30 days. Now, she might get a call every other week for showings in that range. “That big buyer pool has slowed down." on.wsj.com/3xNALZ7
“We had unsustainable, huge demand last year. Homes were just flying off the shelves.”

In April, Boston real-estate agent Michael Carucci listed a condo for $18 million. But Mr. Carucci said he’s only had a handful of showings. “I expected more." on.wsj.com/3xNALZ7
By the end of 2021, contracts on Manhattan properties at $4M+ hit levels not seen since at least 2006. But stats have been trending down since the first week of May. Of 43 contracts signed that week, none was above $10M for the first time since Sept. 2020. on.wsj.com/3xNALZ7
What's behind the slowdown? Buyers are grappling with inflation, this year’s interest-rate hike and a volatile stock market. Gas prices and the war in Ukraine are adding to feelings of economic uncertainty, effectively throwing cold water on luxury sales. wsj.com/articles/us-in…
“The narrative I’ve been talking about for a year—of sales being restrained by lack of supply—is not the story anymore,” says @jonathanmiller. Instead, price growth & higher interest rates are slowing intensity. With fewer sales, inventory is accumulating. on.wsj.com/3xNALZ7
.@RyanSerhant says that many big-money spenders have already snapped up homes and now the market is regaining balance. “I don’t think it’s normal—or healthy—for a house to sell in an hour,” he says. “It’s OK if it takes a little longer than a day.” on.wsj.com/3xNALZ7
.@Compass agent Richard Steinberg said he sees the greatest reduction in activity on properties priced between $2M and $5M, a price range in which he says buyers typically rely on mortgage financing and are dealing with increased interest rates. on.wsj.com/3xNALZ7
.@NestSeekers' Erin Sykes described these few weeks as a “reality check” for those who want 20% to 30% price appreciation on their home in a few months.

"They saw it as a game that could never be lost and we all know that real estate is not invincible." on.wsj.com/3xNALZ7

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More from @WSJRealEstate

Jun 8
The six-bedroom, roughly 6,600-square-foot L.A. home of the late actor-comedian Bob Saget is hitting the market for $7.765 million. wsj.com/articles/bob-s…
The “Full House” actor bought the home for $2.895 million in 2003 and moved in with his three daughters, and later lived there with his second wife, Kelly Rizzo, according to listing agent Adam Saget of Compass, who is also Mr. Saget’s nephew. on.wsj.com/3O1ll8D ImageImage
“It’s an emotional and personal listing that means a lot to me,” his nephew said. The 1960s home was updated in the early 2000s before Mr. Saget bought it. It has a two-story living room with skylights, an eat-in kitchen and smart home technology. on.wsj.com/3Q6N5dZ ImageImageImageImage
Read 5 tweets
Apr 26
Betty White's Carmel vacation house has sold for $$10.775 million, as the late 'Golden Girls' actress's Brentwood home hits the market for $10.575 million. on.wsj.com/37EQGi8
Betty White’s Carmel vacation house sold for well over its $7.95 million asking price. The four-bedroom, roughly 3,600-square foot home had gone on the market in March. on.wsj.com/3ENigps ImageImageImageImage
Betty White’s estate is also listing her primary home in the Brentwood area of Los Angeles. The actress and her third husband, the late Allen Ludden, purchased the house in 1968, according to property records, after marrying in 1963. on.wsj.com/3ENigps Image
Read 6 tweets
Mar 21
HBO’s “The Gilded Age,” set in 1880s Manhattan, was filmed at a number of historic mansions. But most are in Newport, R.I., or Troy, N.Y.—virtually no filming took place in Manhattan.

Why? Because NYC's Gilded Age mansions have almost completely vanished. wsj.com/articles/what-…
Starting around 1880, New Yorkers built massive, elaborate houses. On Fifth Avenue, Riverside Drive and elsewhere stood free-standing homes modeled after palaces, some with 100+ rooms. Yet within a few decades, virtually all of them had been demolished. on.wsj.com/3N7k2FE
"These amazing mansions that were built along Fifth Avenue—many of them have been destroyed,” said Helen Zoe Veit, an associate history professor at @michiganstateu who is a historical consultant for #GildedAgeHBO. on.wsj.com/3N7k2FE
Read 8 tweets
May 28, 2021
High on a hill above the trees, but within walking distance of downtown, sits a house that epitomizes the city of Austin’s radical transformation.

It appears to be a traditional craftsman, but with a very contemporary surprise in the back. wsj.com/articles/this-…
On one side, it's a traditional craftsman. On the other, it's a glass-lined contemporary with an infinity pool and skyline views.

“You wake up and you know where you are,” says Sylvia Sharplin, who renovated and built the house with her husband, Dan. on.wsj.com/3p0XGty
It took the Sharplins more than 4 years, over $7 million, and lots of tea to create their new home.

They were checking out a small, rundown duplex when Mr. Sharplin glanced up the steep hill and saw a woman outside another small, rundown house. on.wsj.com/2SBQwzY
Read 8 tweets

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