Is the luxury market finally feeling it? Luxury home prices in Los Angeles area declined 1.4% from the second quarter of 2007, accorder to a presser from First Republic Bank. The problem: Lots of $$$$ but not enough too pricey homes to choose from. "The market is definitely more sluggish, and there is no urgency among buyers right now," says Billy Rose of Prudential California Realty in Beverly Hills. "However, there is still a shortage of inventory. All of my clients are looking for the same thing -- properties in the $6 million to $15 million range. This doom and gloom we're hearing really isn't applicable in the higher end." And indeed, we just looked at Hilton and Hyland, a local affiliate of Christie's, which has 7 listings in that coveted $6 million-$15 million range, most homes are listed below that figure. [Image via Hilton & Hyland: it's a 7-bedroom home in Studio City listed at $12 million]
· Luxury Home Values Rose Modestly in San Francisco, Fell Slightly in Los Angeles and San Diego in Third Quarter [PR Newswire]
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