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- Even celebrities and ultrawealthy homeowners can face challenges selling their homes.
- Take socialite Sonja Morgan — the starting bid for her NYC home is a fraction of its purchase price.
- She's one of many homeowners resorting to auctioning or renting out pricy homes to offload them.
The world of luxury real estate might seem like a place where deals are plentiful, transactions are swift, and satisfaction is guaranteed.
But that isn't always true, especially in New York City, where a slowdown in demand has made selling multimillion-dollar condos and townhouses more challenging, StreetEasy Senior Economist Kenny Lee told Business Insider.