Is there really a glut of $100 million home  listings? Robert Frank’s New York Times article today about the ‘worrisome pile-up of $100 million homes’ – a story that covers the plight of about 27 homes listed globally above $100 million (there are roughly a total of 40-50 including those unofficially listed) – is a headline-grabber! Twenty seven homes represents a pile-up….really? This is worrisome? With well over a million homes listed for sale, it ceases to amaze me how this is even a story when it represents less than 0.005% of the real estate market.

Aside from its sensationalist value, this doesn’t even reflect the health of the super-luxury market where the average price-point is significantly lower than $100 million.

Surely the average, semi-educated amongst us is clearly aware that most properties priced at one hundred million and more are listed at these inflated prices purely for the attention of the media? Worse, they get it. Yes its true, some of these prices can actually be justified or explained, but the majority of them are vastly inflated. Most of them are a direct product of the media’s desperate attempts for a headline and ratings. The real estate industry has created this monster, but has the media fed the monster by broadcasting it?

Currently New York, one of the most expensive cities in the world, has one property officially listed above $100 million. There are others more quietly listed at this level, mostly by sellers with unrealistic expectations. Many previous $100 million dollar listings have been removed from the market or had significant price reductions…some by over 30%. Everyone knows this is a VERY slow-moving market with a VERY limited audience. Although the audience is growing, I would not exactly term this a major trend. The media’s obsession with these extremes is quite painful for most, especially those in the industry who would love to see some more substantive data shared with the planet.

Do we live in a world where sensationalist headlines win over substance? I guess so…..actually I think we are all certain this is our new ‘reality’.