Up until lately we haven't heard too much either way about the impact of the housing market on luxury properties. It appeared these listings were among the least affected by the economic situation. Now the facts are out, and it seems no one is immune from this recession. The downturn of sales on luxury properties is being felt on a global level.
For a while it seemed that luxury homes were immune to the effects of the declining housing market, but as of late, they too are showing signs of feeling the pinch.
The luxury real estate market can be a tricky one as they are much more difficult to place a value upon. Often high-end homes are unique and with a lack of comparable properties to help gauge prices, it is difficult to assess a true market value.
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