The slowdown in the ultra-luxury real estate market is a product of various factors
By Kimberly Manning | inman
On the heels of Brexit, the ultra-luxury housing market is in question.
Mega-mansions and lush estates in Los Angeles are prone to price cuts, according to a recent story in the Los Angeles Times, but the slowdown was somewhat expected this year even before Britian’s vote. The oil turn, global economics and rising home prices in the U.S. have all added fuel to the fire.
And although L.A. isn’t seeing nearly as impactful a shift as Manhattan and other condo-driven, ultra-luxury markets, the market is still slowing in the long run, according to real estate analysts.
