REALTOR® Magazine-Daily News-Even the Wealthy Are Cooling Home Buying

REALTOR® Magazine Online: The real estate professional's business support tool.

OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Search REALTORMag...

OR FOCUS YOUR SEARCH

NEWS & COMMENTARY

Inside For Brokers

Connect

Social Networking

Follow, fan, or friend us online.

Your Magazine

Magnifying your voice and celebrating your accomplishments

CURRENT ISSUE

PAST ISSUES

Daily Real Estate News | August 6, 2009 | Even the Wealthy Are Cooling Home Buying
The properties of the rich and famous have been particularly tough to sell in the last few months.

"The downturn is so severe that it's even making the well-to-do cautious. People worth $6 billion are suddenly worth $3 billion. It's a significant jolt, losing half your net worth," says Rick Goodwin, publisher of Unique Homes and Ultimate Homes magazines.

Jonathan Miller, chief executive of real estate appraisal firm Miller Samuel, blames part of the sales slowdown on pricing. "A larger question to answer is how many of those properties are priced correctly and are not just vanity prices," Miller says.

Source: Business Week, Prashant Gopal (08/05/2009)