Luxury property’s sales soften
The National Association of Realtors reported that homes priced above $1 million dipped four percent from the previous month. In certain markets such as New York, Miami and San Francisco, frothy prices are beginning to give way to gravity.
“Not all real estate professionals are in a panic about the current state of the market. There’s a definitive chill in the segment of the ultra high-end market priced for homes above $10 million, yet there is still a great deal of activity in others,” said Phillip White, President and CEO of Sotheby’s Realty.
He also said, estates and farms in the country are a little out of favor because the migration is into the city.