Louis Aguilar, Detroit News staff writer
Sales of $1 million-plus homes in Metro Detroit are brisk again after two years of stagnation, according to industry analyses and local real estate agents.
But it's a painful recovery: Prices have been slashed. Sales have not returned to levels seen before the housing crash and economic recession. And most luxury houses have been on the market sometimes for several years.
Examples of the discounts buyers have gotten or could receive on high-end homes in the past six months include:
A Bloomfield Hills home originally listed at $7.9 million sold for $1.7 million in January — a nearly 80 percent markdown. It was on the market for 3 1/2 years.
A Bloomfield Township house stayed on the market for 4 1/2 years before being sold in February at a 70 percent discount of $1.87 million.
In Grosse Ile, an estate formerly owned by the late auto aftermarket magnateRead More »from Metro Detroit luxury home sales rebound, but at bargain prices