Sound the Alarm! Luxury Homes Prices Fall in SF!
Tuesday, May 20, 2008, by Jimmy Stamp
Panic in the streets! For the second consecutive quarter, luxury home prices are falling in California. Sell your jewelry and your back-up Porsche and put your kids in public school! But wait— San Francisco neighborhoods are still in demand and homes above the $4 million mark are the most active segment of the market? Yes, its true. The San Francisco luxe real estate market is faring better than its SoCal siblings, with only a .8 percent price drop compared to the 2 percent drop in LA and San Diego. When asked, realtors claim that there's really no evidence of a downturn, saying things like "the luxury market is as strong as ever !!!" and "we're still seeing multiple offers and homes going over the asking !!!" and the always-classic, "It is still a seller's market in this area !!!" So relax rich guys, and send your kids back to class. There's no need to panic...yet.
· S.F. luxury home values faring better than those in L.A., San Diego [Business Times]
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Panic in the streets! For the second consecutive quarter, luxury home prices are falling in California. Sell your jewelry and your back-up Porsche and put your kids in public school! But wait— San Francisco neighborhoods are still in demand and homes above the $4 million mark are the most active segment of the market? Yes, its true. The San Francisco luxe real estate market is faring better than its SoCal siblings, with only a .8 percent price drop compared to the 2 percent drop in LA and San Diego. When asked, realtors claim that there's really no evidence of a downturn, saying things like "the luxury market is as strong as ever !!!" and "we're still seeing multiple offers and homes going over the asking !!!" and the always-classic, "It is still a seller's market in this area !!!" So relax rich guys, and send your kids back to class. There's no need to panic...yet.
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