The recession may still be with us and according to the latest Forbes 400, even the "really" rich are getting hit. This group has collectively lost $39.2 Billion this year and the entry price to this exclusive club has dropped to under $1 Billion. (excerpt from Bamboo Consulting Inc, Dec 09 "Real Estate Unleashed"*)
What this means for real estate...
I am still seeing qualified buyers for the higher end market however they are deal-hunting and are very much willing to wait. Not good news for sellers. These buyers are coming into the homes and price cutting dramatically with the justification that the home will likely decrease in value over the next six months. And they very well may - this category of sellers is seeing more desperate times. There are even short sales and foreclosures in the high end now and more to come across 2010.
*If you are interested in subscribing to this monthly newsletter, go to www.bambooconsultinginc.com
If you would like more information on buying or selling, email me.
Tracy Pina
Thursday, January 21, 2010
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