Multimillion-Dollar Homes On Sale For Half Price

If you’ve dreamed of owning a million-dollar home, the time is now. According to the Zillow Home Value Index (ZHVI), high-end homes in the U.S. are now listed for 27 percent less than their prices at the peak of the market in June 2006. That translates into hundreds of thousands of dollars in savings — and the possibility of buying a million-dollar home for, say, $500,000.

Los Angeles real estate agent Gary Gold of Hilton & Hyland confirms most of the homes in the million-dollar bracket are selling for a third less than the peak market price — and that many of his clients are taking advantage of the discount.

“The [luxury] market is solid; people are buying for sure,” he said. “In general there aren’t too many people that say ‘let’s wait until prices get lower.’ ”

Gold emphasized that not all real estate markets are the same. While average prices are down 30 percent across the U.S., some of the higher-end homes in New York or San Francisco are still selling at strong 2006 prices, and properties elsewhere can be found listed for even lower prices — up to 50 percent off.

“Real estate is very local and every neighborhood is different. Every situation is different. There are certain things that are selling from zero to 50 percent [off] depending on the situation,” said Gold.

Why such a significant drop in prices? According to Gold, these homes may have been overpriced when they sold in 2006, or they are now located in a real estate market that is no longer considered high-end. Below are seven homes currently found on Zillow that were once priced in the million-dollar price bracket when they sold in 2006 but are now listed at prices 48 to 52 percent less. And no — these are not distressed sales (foreclosures or short sales).

About Gary Gold

Gary Gold is a marquee name in luxury real estate and his sale of The Playboy Mansion sets a record as the first residence to sell over $100,000,000 in Los Angeles. Gary is also one of its most successful trend setting agents. He’s an internationally recognized expert known for his creative use of technology, marketing and publicity to sell some of the finest homes in the world. Gary is further distinguished by the rare ability to secure high net worth, qualified buyers from digital marketing. This success, year after year, continues to produce a steady stream of buyers from not only the Los Angeles area, but throughout North and South America, Europe, and Asia.

Gary has sold thousands of estates and luxury properties over the course of his career. High-end developers have consistently relied on Gary’s broad expertise on projects ranging from luxury condominium developments to major estates. He is a sought after speaker, panelist and educator at industry conferences. Gary has been cited as an expert for publications and broadcasts that include CNN, Fortune, Barron’s, Wall Street Journal, The Washington Post, Access Hollywood, CBS Evening News, e! Entertainment Television and The London Telegraph.

Gary Gold began his career in real estate over 25 years ago and has been a top producer with Hilton & Hyland since its inception. Hilton & Hyland is Beverly Hills preeminent luxury real estate firm, with over $2.7 billion in annual sales.