Mega-mansions on sale for mega-cheap
(MoneyWatch) While the housing recovery has started to push prices upward and buyers are snapping up some homes days after they hit the market, some mega-mansions are not as desirable.
Huge mansions are still daunting to buyers who are thinking more practically about what kind of homes they can afford than their pre-recession predecessors. Without soft demand for such niche properties, owners are still slashing prices.
"The price tag for palatial living might surprise you," said Alison Schwartz, spokesperson at Realtor.com. "Even with national list prices on the rise, home buyers are still looking for the best deal. As a result, we're seeing more luxurious homes' list prices drop by almost half in some cases."
The first home in our list did just more than that, dropping its listing price by more than 60 percent over two years.
Mega-mansions on sale for mega-cheap
Original price: $15 million in 2011
Current price: $5.5 million
Reduction: $9.5 million, or 63 percent
This sprawling estate in Holly Springs, Miss., sits on 13 acres of land about an hour southeast of Memphis, Tenn. The 6,200-square-foot home has six bedrooms, five bathrooms and a lovely pond on the property. It's also 153 years old.
Mega-mansions on sale for mega-cheap
Original price: $18.9 million in 2008
Current price: $14.9 million now
Reduction: $4 million, or 21 percent
This Bel-Air home isn't just any home, it's owned by Kelsey Grammar, who was willing to slash the price perhaps to offset the cost of the new homes in the Los Angeles area. The seven-bedroom, nine-bathroom estate has a gourmet chef's kitchen, a pool and a gym with a fireplace.
Mega-mansions on sale for mega-cheap
Original price: $14.5 million
Current price: $8.5 million
Reduction: $6 million, or 41 percent
This Gainesville, Ga., home offers 24,000-square feet of space sprawled out over 13 acres outside Atlanta. The gated property has a custom-built library, formal dining room, gourmet kitchen, pool with water slide, theater, bar, elevator and a private dock to enjoy the lake.
Mega-mansions on sale for mega-cheap
Original price: $9.5 million
Current price: $5.5 million
Reduction: $4 million, or 42 percent
This four-bedroom, five-bathroom home in Sarasota, Fl., sits right on the Gulf of Mexico, so you can watch the sun set from your spacious terraces. The home has plenty of open indoor and outdoor space, including a pool with a waterfall and 18-person spa.
Mega-mansions on sale for mega-cheap
Original price: $5 million
Current price: $3.75 million
Reduction: $1.25 million, or 25 percent
This Long Island home boasts seven bedrooms, six full bathrooms, three half-bathrooms and a three-car garage, nestled along the Atlantic Ocean.
Mega-mansions on sale for mega-cheap
Original price: $5.85 million
Current price: $5.45 million
Reduction: $400,000, or 7 percent
This Aspen home hasn't been reduced much, but with the location of this 10-acre plot, it's easy to see why. Just outside downtown Aspen, this four-bedroom, four-bathroom home has a wraparound porch to view the mountain peaks as well as two ponds, access to the river for fishing and a matching barn to keep your horses.
Mega-mansions on sale for mega-cheap
Original price: $2.295 million
Current price: $1.9 million
Reduction: $395,000, or 17 percent
This Jupiter, Fl., home is located just minutes from the Atlantic Ocean but has views of the nearby Loxahatchee River. The four-bedroom, five-bathroom home has an iPhone-compatible home system, heated pool, summer kitchen and dock.
Mega-mansions on sale for mega-cheap
Original price: $1.15 million
Current price: $899,000
Reduction: $251,000, or 22 percent
This historic mansion in Chesterland, Ohio, outside Cleveland, boasts 10 bedrooms, 10 bathrooms, a nine-car garage, two-story veranda, library and solarium spread out over 15,000 square feet.
Mega-mansions on sale for mega-cheap
Original price: $895,000
Current price: $795,000
Reduction: $100,000, or 11 percent
This eight-bedroom, nine-bathroom home located in Piqua, Ohio, is on the The National Register of Historic Places and features a pool with pool house, six-car garage, two-bedroom cottage, three-bedroom apartment, four horse stables, dog kennel, greenhouse and is situated on Echo Lake.