There's been a lot of denial among luxury homeowners. In 2006, it was thought that the luxury
market wouldn't suffer the same fate as the broader market. A year later, high-end home buyers
were thought to have endless, deep pockets, further insulating the top-tier from the cratering
economy. As the nation's markets in 2008 went from bad to worse, some in the industry claimed
that the dearth of trophy properties outstripped supply.
This year, reality set in. No one is buying $100 million homes. Few are buying $30 million homes.
source : http://in.news.yahoo.com/240/20090625/1301/twl-6583688.html
market wouldn't suffer the same fate as the broader market. A year later, high-end home buyers
were thought to have endless, deep pockets, further insulating the top-tier from the cratering
economy. As the nation's markets in 2008 went from bad to worse, some in the industry claimed
that the dearth of trophy properties outstripped supply.
This year, reality set in. No one is buying $100 million homes. Few are buying $30 million homes.
source : http://in.news.yahoo.com/240/20090625/1301/twl-6583688.html
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