Luxury residential real estate sales may be bouncing back, but sluggish sales at the ultra high-end are making for some potentially deep discounts.The latest to join the parade: Teton Valley Ranch, a 151-acre ranch in Jackson Hole, Wyo. Originally listed for $47.4 million in the summer of 2008, the property is now scheduled for a July auction with a reserve price, or low estimate, of $15 million.The owner, a Houston investor, bought the property in 2004 intending to use it as a family retreat, says listing agent Richard Lewis of Sotheby’s International Realty, which is selling the property with Concierge Auctions. The owner and his family are instead spending most of their time at a large horse ranch outside Washington, D.C. purchased several years ago. “It makes no sense for them to have such a huge asset and never be here,” Mr. Lewis says.
By Juliet Chung, June 8 2010, WSJ

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