That’s the upside to having so many fatigued sellers giving up, according to Durkin. It clears the distractions and boosts confidence for those who want to commit to a high-end purchase in town.
“When there’s too much to choose from it takes off the intensity of the buying process,” Durkin said. “It doesn’t give you any sense of urgency and it doesn’t get you off the fence.”
Brokerage Houlihan Lawrence, in its own Greenwich report, said that luxury sales did best at the top, with homes priced at $5 million and above. There were 18 such deals in the quarter, compared with 11 a year earlier. Two were for more than $10 million.
This article was provided by Bloomberg News.