Thursday, July 12, 2007

High-end real estate market is strongest

NYTimes had an interesting piece discussing how much of the high end market remains stronger than other market segments.

"...the high end of the market is surviving the slump much better than any other segment. Even as foreclosures keep rising and overall sales continue to plummet, more expensive homes have staged a bit of a comeback in recent months. They’re spending less time languishing on the market than others, and their prices appear to be holding up better."

Not much discussion of the Chicago market...if you're not in N.Y., CA or London you don't seem to get the same attention in the Times.

The article provides some examples illustrating the different ends of the spectrum. Here’s why the market is still going strong for super-expensive homes:

**The rich aren’t affected as much by the stagnant payrolls.
**Foreign investors swoop in when the dollar is cheap.
**Low and middle income families are hurt more by higher interest rates and the meltdown of the mortgage market.

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