Word: markdowns
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Ranking cities by the extent of price reductions gives Detroit the title of most discounted city. The average markdown in Motown is 21% off the original listing price. That figure doesn't include foreclosed properties - and would surely be higher if it did. The next largest average markdowns can be found in Las Vegas (16%), Miami (15%), New York (13%) and Phoenix...
...rebound, but there is also some cause for cautious optimism in the Trulia analysis, which plumbed listings from brokers, agents, third-party aggregators and multiple-listing services on July 1. Some markets that were hit early and hard in the housing bust have been seeing a declining percentage of markdowns the past few months. In late April, for instance, 33% of houses in Los Angeles had been reduced in price. In early June, that figure inched down to 32%, and in the most recent analysis, it had dropped to 24%. The average markdown has become slightly less desperate as well...
...retailers must get more aggressive in order to spread the love. At Louis Martin Jewelers in New York City, for example, you can find the back room filled with sparkling rings and necklaces. "Last year, this was the high-end room," says Martin, the owner. "Now, it's the markdown room." Everything's on sale - for example, a $2,500, 18-karat-gold, diamond and amethyst ring now costs $597. "We're selling things at or even below cost," Martin says. "We have to adapt." Bradsdeals.com, an aggregator of retail deals on the Web, features a $48 bead necklace from...
...quest to beat out HD DVD as the go-to high-definition format, Sony will start selling a $599 Blu-ray player this summer, a big markdown from the $999 version currently for sale...
Scenery isn't the only concern. Noise and light pollution often enliven the debate. Kelly Alexander, who lives about 500 yds. from two turbines in northern Michigan, watched his property value drop from $102,000 in 1999 to $96,000 in 2002. The tax assessor's form attributed the markdown to "noise from two wind generating systems." Alexander says when the rotors catch the sun at particular angles, a flickering light permeates his house. Indeed, it isn't easy to sell a house that sits near a turbine. Julie and Bart Thiry of Kewaunee County, Wis., who live...