Would someone really pay $30 million for his Nevada ranch? David Clark wasn’t sure.
But amid the rollicking luxury market, Mr. Clark said he agreed to list his 25-acre Washoe Valley property for that amount in August 2021. A similar retreat on Lake Tahoe could fetch multiples more, he reasoned. Plus, his land came with a roughly 18,000-square-foot mansion and multiple wells, ponds and outbuildings.
Fifteen months later amid a market correction, however, Mr. Clark, who owns a financial services firm, has slashed the price several times and still has no takers. The ranch is currently asking $11.5 million—a nearly 62% reduction from the original price—and Mr. Clark said he won’t go lower.
“I think we missed the window of opportunity,” he said, saying the property is now “the steal of the century.”
Aspirational prices for luxury homes around the country are falling back to Earth, as the seemingly unstoppable real-estate frenzy of the last 18 months begins to dissipate. Real-estate agents said buyers spooked by economic uncertainty are suddenly hesitant to overpay and some are sitting on the sidelines waiting to see how things shake out. Having lost the upper hand, some sellers eager to move properties are slashing prices and selling for deep discounts.