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Million-dollar homes with million-dollar price cuts

Published: Friday, June 28, 2013 1:22 p.m. CDT

While it’s not uncommon for a home’s price to drop by a few grand after sitting on the market for a year or two, a 25 percent or larger cut after a couple of months is the sign of a truly motivated seller. And, in the luxury market, a price break of this size means buyers can land their dream home for millions less. Check out these pricey pads now asking $2 million to $8 million less than their original price.

Aspen, CO

Aspen, CO
1518 W Buttermilk Rd, Aspen, CO
Previous list price: $22.5 million
Price cut: -$7.5 million (33.3 percent)
Current list price: $15 million

For $15 million, a buyer’s expectations are rightfully high. And when a home is originally priced at $22.5 million just six months ago, the finest finishes and amenities are a must. Custom designed by noted builder Gregory “Skip” Gozzo, this Aspen home fits the bill with 7 bedrooms, 6 en-suite bathrooms, 2 powder rooms, 3 full kitchens, 2 libraries, a vaulted great room and a patio with a waterfall and mountain views.

Vero Beach, FL

Vero Beach, FL
2110 S A1a, Vero Beach, FL

Previous list price: $16.9 million
Price cut: -$5.905 million (34.9 percent)
Current list price: $10.995 million

With more than 120 feet of ocean frontage, this Vero Beach property has a lot to offer for $5.905 million less than what it was listed for two months ago. The 6-bedroom, 9-bath home was built in 2008 with a colonial-inspired design and contemporary finishes.

Thousand Oaks, CA

Thousand Oaks, CA
578 W Potrero Rd, Thousand Oaks, CA

Previous list price: $13.995 million
Price cut: -$3.496 million (25 percent)
Current list price: $10.499 million

This Thousand Oaks home has a motivated seller, recently slashing the price by 25 percent. The 24-acre property includes an entertainment pavilion, gardens, aviaries, stables, a private chapel and tennis courts.

Bainbridge Island, WA

Bainbridge Island, WAUndisclosed address, Bainbridge Island, WA
Previous list price: $12.8 million
Price cut: -$3 million (23.4 percent)
Current list price: $9.8 million

The designer of this Bainbridge Island glass house, Miller Hull, received the American Institute of Architects’ highest honor in 2003 for his firm’s refined, eco-friendly aesthetic. This 10,499-square-foot home and 500-square-foot art studio are no exception with 1,000-year-old recycled cedar framing a prime view of the Olympic Mountains. And now with a recent 23.4 percent price break, the home is available for less than $10 million.

Mendota Heights, MNMendota Heights, MN

614 Hidden Creek Trl, Mendota Heights, MN
Previous list price: $7.9 million
Price cut: -$2.905 million (36.8 percent)
Current list price: $4.995 million

A 15-minute drive to St. Paul, this 13,747-square-foot estate was originally listed for $7.9 million. The traditional home boasts quality craftsmanship, a sunroom, indoor basketball court and pool on 5.12 acres for less than $5 million.

Related:

Catherine Sherman, a real estate writer for Zillow Blog, covers celebrity real estate, industry trends and home improvement tips. Read more of her work here.

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