Not anymore. The bubble has burst in a big way and now high-end properties are competing with high-end foreclosures, short sales, and properties whose owners are in distress.
Over-leveraged high-end homeowners who had pushed themselves to the limit of affordability are also finding they have to sell in time when a dollar (or a million) has been revalued.
To take a few examples in the Sunset Strip area:





Although high-end properties are notoriously difficult to price, they become doubly so during the current market because of a lack of sales comps and a dynamic market that seems to be heading in only one direction.
Sellers who don't price aggressively run a serious risk of "chasing the market down" and always remaining above the current market price, even after a price reduction.
Many well capitalized buyers will be able to weather the storm and not sell at distressed levels. Others won't be so lucky.
[See "High End Home Sellers Lower Their Sights", from Saturday's Los Angeles Times.]
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