Million Dollar Homes Selling For Massive Discounts | Real Estate Buying Opportunity

CNNMoney.com has featured and article showing that Million Dollar Homes across the country are selling at massive discounts.

Several examples are given highlighting the deep discounts made to sell these luxury homes:

Palm Springs, California - A remodeled 5-Bed 5-Bath Mediterranean is being marketed at a 28% compared to prices seen a few years ago;

Las Vegas, Nevada - A repossessed 5-Bed home has been marked down a whopping 64% from it's previous Selling Price;

Scottsdale, Arizona - A 4400 sq ft Tuscan home has been marked down by 31%;

Norwalk, Connecticut - A custom-built 400- sq ft Colonial-style home has been reduced by 39%.

While these prices are unfavorable to Sellers, this environment must surely represent a unique buying opportunity for Buyers.

I certainly acknowledge that no-one can tell when the market will eventually improve (and I'm not convinced we've even seen the bottom as yet), I believe that Buyers that are interested in owning their home for the medium to longer term should take advantage of these great buying opportunities.