Mega-mansions on sale for mega-cheap

  • (MoneyWatch) While the housing recovery has started to push prices upward and buyers are snapping up some homes days after they hit the market, some mega-mansions are not as desirable.

    Huge mansions are still daunting to buyers who are thinking more practically about what kind of homes they can afford than their pre-recession predecessors. Without soft demand for such niche properties, owners are still slashing prices.

    "The price tag for palatial living might surprise you," said Alison Schwartz, spokesperson at Realtor.com. "Even with national list prices on the rise, home buyers are still looking for the best deal. As a result, we're seeing more luxurious homes' list prices drop by almost half in some cases."

    The first home in our list did just more than that, dropping its listing price by more than 60 percent over two years.

  • Ilyce Glink On Twitter»

    Ilyce R. Glink is an award-winning, nationally-syndicated columnist, best-selling book author and founder of Best Money Moves, an employee benefit program that helps reduce financial stress. She also owns ThinkGlink.com, where readers can find real estate and personal finance resources.