Quote:
Originally Posted by milt
That sector of the market is mostly unaffected. The mc mansions may get hit harder, but it's the within-reach homes that got out of reach that triggered the problem along with the easy money. Last recession I saw no significant problems with the ultra high end market. I mean they went down, but second homes in the mountains and such got hit much harder. The worst was in Laguna Niguel which lost about 40% in the first and most severe part of the decline. That would have been from '90 to 93 with the majority of the loss in the first half of the 3 year period. Those were the latest to be built and were sold at too high a price to begin with.
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This place was on the market for a couple of years for 24 million.
I bought in Coto at an auction in 11/90 it went down another 10%, I still timed it well.