How to sell overpriced homes?

Home prices in Park City have grown to be totally insane and the base unit is now expressed in millions, starting at a couple of millions for basic homes that, 10 years ago, were worth one quarter of that. 

Large homes often fall in the “over 4 million” category and residences in the 10 or 20 millions are not uncommon. Yet, these high-prices points are starting to become harder to sell as the number of buyers is not unlimited. 

As a person who follows real estate prices, at least in the vicinity of our residence, I was struck yesterday to see a home priced at only $727,000 in a subdivision where the average price is well over $5 millions. 

Smelling a huge bargain or a decimal error, I contacted Zillow, the place where I had spotted that unbelievable price. Eventually, they called me and forwarded my inquiry to a local real estate agent, from whom I learned that the relatively low price bought me one-eight of the property. 

Correct, a time-shared private residence, that could have netted $5.8 millions should all the shares sell. I politely responded “No, thank you” and that was it. Houses on a time-share basis might be the next hot thing in Park City, or perhaps not. Time will tell...