Manhattan luxury-home sellers are getting the message: cut the price

New York

OWNERS of Manhattan luxury homes are waking up to a simple reality: if you want your place to sell, drop your price.

For high-end homes that found buyers in 2017, the median asking price was the lowest in at least five years, according to data from luxury brokerage Olshan Realty Inc, which measures contracts for US$4 million or more. Last week, the median asking price for deals in that range was US$4,997,500, the lowest since September and only the fourth week since 2013 that it dipped below US$5 million.