Luxury property sales soften, but here’s why it’s not all bad

In the luxury real estate market this year, the headlines have been dour if not outright grim, with the message unmistakable: High end homes prices are clearly losing altitude all around the country. Last month, the National Association of Realtors reported thathomes priced above $1 million dipped four percent from the previous month. While far from being a correction, the downturn has been noticed by more than a few real estate market observers. In certain markets such as New York, Miami and San Francisco, frothy prices are beginning to give way to gravity. That said, not all real estate professionals are in a panic about the current state of the market. There’s a definitive chill in the segment of the ultra high-end market priced for homes above $10 million, yet there is still a “great deal of activity” in others, Philip White, president and CEO of Sotheby’s International Realty Affiliates, told CNBC in a recent interview.

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