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SALT LAKE CITY -- Home sales in Utah are up 4 percent from 2008 overall, but one part of the market is still in a free fall.
You know those million-dollar homes being purchased left and right a few years ago? How far down are those prices now?
Stonebrook Real Estate Associate Broker Don Hampton said, "I would say [by] a third at the minimum and certainly half. I've seen some go as much as a half off."
Hampton says the high-end home market is still suffering, and it could be a few years before it rebounds. He warns people trying to sell their expensive homes to expect prices to plunge while the home is on the market.
"I'll tell them, 'Today, this is what it shows as the value. Next month you may see another $10,000 or $20,000 or $30,000 lopped off of that," he said.
Many of the people who bought those homes are stuck in them now. "Now they can't refinance them because the market has gone down and lenders won't lend on upside-down homes," Hampton explained.
He says Traverse Mountain and Saratoga Springs were hit especially hard.
Other real estate analysts say there are approximately 50 homes still on the market in Saratoga Springs worth over $350,000.