February 09, 2009

Luxury Homes Start to See Price Declines

Luxury real estate markets start to see a decline

Until recently, luxury real estate markets have managed to avoid the price declines seen across a large part of the country. This is because those who normally purchase luxury homes have been largely immune to the recession.

Things are changing, though. Luxury real estate markets from resorts in Hawaii to ski resort markets to the Hamptons are finally starting to see some stagnation -- and even price declines. Real Estate Pro Articles reports on the issues facing the Hamptons:

In the Hamptons, New York's playground for such financiers and celebrities as Edgar Bronfman, Steven Spielberg, and Blackstone Group CEO Steven Schwarzman, home sales fell 41 percent in December. The median home price slid from $800,000 to $690,000 in a matter of one year. Real estate inventory increased by 19 percent and is not moving.

This isn't just being seen in the Hamptons, though. Luxury ski resort markets in places like Vail and Sun Valley have been seeing drops in in the prices of luxury homes.

Bottom line: The economic downturn is starting to affect everyone's bottom line.


	More Information on Colorado Ski Resort Markets
	The economic downturn and ski resort real estate
	http://skiresortmarkets.com/public/item/225215

by Ski Resort Markets

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