According to this press release, there is a Real Estate Team in Vegas who handle many of the Bank Owned Homes and have found that by reducing the price by 50% from previously recorded selling prices sales are happening at a rapid pace.

This is quite extreme, but what I am seeing as a trend in the Luxury and Resort Market Place is; Price reductions of 30% to 40% off of the peak estimated, or should I say inflated, values from 2 to 3 years ago, are generating many sales in today’s Market. If you review many previous blogs, you will see that sales are definitely happening in large numbers, but in almost every instance, you will also see that the prices have been dropped from ridiculous to reasonable. That usually happens at around the 30% reduction or more.

read full press release…