While they may garner headlines, properties at peak price points are having trouble finding buyers. More:Nine Figures and CountingCNBC reports on an increased supply of $100 million-plus “zombie” listing in the American market, which like so many undead entities, have sat festering without a sale. Real estate agents estimate there are roughly 20 of these nine-figure properties currently on the market, up anywhere from 25% to 40% from the previous year. Why won’t the priciest of properties sell? Jonathan Miller, president and CEO of appraisal firm Miller Samuel, has a theory.
"A $100 million price is just testing the market. But I don't know how much more testing they need to do," Miller said. "It's not working, this stuff isn't selling. Sellers are being extremely more aggressive and unrealistic than ever before."
A reminder that while you may test the market, the market will win. More:Beverly Hills Estate Takes a $46 Million Price Cut[CNBC]