Business Week this week outlined the tremendous decreases in luxury housing that has happened in the past six months.
And they turned to me to add insight to their story:
- Christopher Hain, real estate agent for Ramsey-Shilling in Hollywood, said high-end buyers are starting to drop prices because very few big-ticket homes are selling.
- "When things don't sell, there is downward pressure on prices," Hain said. "But at least you don't have the added pressure that you have in the lower-end markets of a flood of foreclosures, which can become a double whammy…. A lot of these people can wait things out."
- Read the full story: Luxury Homes Are Lingering on the Market
Indeed, for much of 2008 as housing prices headed down, down, down, prices and sales in the nicest areas remained relatively stronger. And TerraFirmaLA chronicled this. But we also chronicled the dramatic halt in sales of Los Angeles' most expensive luxury homes that ocurred when the banking crisis deepened in late 2008:
As always, we remain on top of the larger trends in luxury housing as well as the even-more-important, neighborhood-by-neighborhood micro trends.
