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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