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Builders’ Bargains

Excess inventory can mean deep discounts on new homes

This spring, hoping to reduce their inventory of unsold homes, builders began unloading properties at deep discounts. As evidence, here are three high-end homes that were sold in March for much less than their builders had hoped.

In Naperville, a 13-room house, originally priced by its builder at $2.45 million, was sold for $1.6 million. The home has five bedrooms, four-plus baths, and a three-car garage.
Discount: 35 percent

A home in Lake Forest whose oldest wing dates to 1882 had been priced at $7.5 million by the builder who was renovating and expanding it. With that work still unfinished, the property sold for $3.46 million.
Discount: 54 percent

A 15,000-square-foot house on five acres in Barrington, originally priced by its builder at $4.7 million, was sold for $1.66 million. The 21-room house has seven bedrooms and eight-plus baths.
Discount: 65 percent

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