I am no longer getting email updates from our "luxury leader" on price reductions. I used to get several emails a day, which I never really understood. It resulted in them showcasing in a shocking way, how wrong they were about their original listing price, and how much they have now lowered the price of their listings.
At one point, I calculated they had reduced prices by $10 million dollars in a week, and that was just for the property emails I had received. One particular property which sticks in my memory was on Siesta Key that underwent a $1 million price reduction, which still is not sold.
Can you, or anyone in this market, afford to make a $1 million mistake? "Biggest" isn't always best. I guess someone over there figured out these emails didn't make them look especially expert at market analysis.