Price chops in the luxury home market
Although housing prices started to slip at the lower end first, fueled by the mortgage crisis and exotic loan resets, the drop has worked its way to the top of the price spectrum. Some luxury homes are now priced at less than 50% what they originally were listed at two years ago.
A Times article published in Saturday's Business section looks at why some luxury home owners have been reluctant to price for today's market. Among the reasons in Southern California -- beyond the normal aversion to loss -- is the belief that a star will see their house and be willing to pay any price.
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-- Lauren Beale