'Vanity pricing' puts spotlight on priciest listings

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Yes, it’s located on a 50-acre lot in a locale that’s highly desirable to 1 percenters: Greenwich, Conn. And while some might worry that a 13,519-square-foot, 12-bedroom, 9-bath home might come across as slightly ostentatious, the fact that it was built in 1898 could appeal to the nouveau riche. But is any single-family home worth $190 million?

“The thing about ‘vanity pricing’ is … it does provide exposure,” observes the Los Angeles Times’ Lauren Beale. “There’s nothing quite like planting a for-sale sign at the top of the price spectrum to draw notice.”

Beale notes that many homes that are priced in the stratosphere are marketed as pocket listings, never appearing in a multiple listing service. The Greenwich mansion above that may illustrate an example of ‘vanity pricing’ is listed in the MLS — with the highest asking price of any home on realtor.com.

Beale recalls a home in Beverly Hills that was marketed a few years ago at $165 million, but did not sell. Source: latimes.com.