Million-Dollar Reductions

Million-Dollar Reductions

If a big discount is one sign of a good deal, then New York City is a bargain-hunter's paradise, for luxury apartments anyway. Take, for example, the late Brooke Astor's duplex apartment on the Upper East Side of Manhattan: It entered the market in 2008 under Corcoran at $46 million and was later relisted by Stribling & Associates at $24.9 million—a 45.9 percent discount worth $21.1 million. That is enough to buy 23 mid-range apartments in Manhattan, based on the median sale price of $899,000, as reported by appraiser Miller Samuel.

The prices of some luxury condos in Miami, Las Vegas, Los Angeles, and even Rhode Island are also being slashed by millions. Still, a lower asking price does not always make a unit a steal. Some properties were priced too high and are still undergoing a pricing correction, according to Miami-based broker Bryan Sereny. Many buyers are waiting on the sidelines, he says, and true bargains will sell immediately.

Businessweek.com spoke to brokers and worked with real estate websites Trulia.com, Zillow.com, and Streeteasy.com to identify the biggest price cuts for luxury condos and co-ops asking more than $5 million. Businessweek.com compared the current price to the earliest recorded asking price on the websites. The price history is not always transparent: In some cases, the listings only note the most recent cut since it was taken over by the current brokerage. Also, some listings do not show a price reduction unless it was changed recently. We spotted 20 properties in the U.S with price reductions ranging from $3.9 million to $21.1 million.

Click here to see 20 of the most discounted luxury condos and co-ops.