The super wealthy looking for high-end luxury homes to buy are running short on their options. Research indicates a diminishing housing stock in the wealthiest zip codes in America. Carmel, California, as an example, has experienced a 76% drop in available luxury properties due to Silcone Valley Dot Com’ers and international investors.
In Palm Beach, Florida, more super rich buyers are coming in due to lowers prices and lower property taxes. Connecticut is attracting high-end real estate buyers from New York.
Many of my high-end Realtor website clients gave been telling me about the luxury housing shortage. Mansions are becoming harder to find. I guess I am confused because as I reported in a previous blog post, some of these luxury properties have been selling at huge discounts or at a loss.
Altos Research, my preferred real estate market reports vendor has shown statistics that from the 90 richest zip codes in America, inventory has fallen 15% over the past year and in the highest income zip codes, the inventory has been reduced by as much as 50%.
What is this saying? I would love to hear your responses.