The Manhattan Luxury-Home Market Is Screaming: I'm Overpriced!

Luxury homes in Manhattan are selling at the biggest discounts on record as owners grow tired of waiting for buyers to match their price.

Homes priced at $4 million or more that went into contract in the first 12 weeks of the year had their asking prices cut by an average of 10 percent, the most in data going back to 2012, according to Olshan Realty Inc. Final sale prices, which won’t be known until the deals close, will probably reflect even greater reductions, said Donna Olshan, president of the brokerage that compiled the report.