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"he US real estate market has turned for the top end has peaked. Luxury homes for the top 5% are now off by 2%. In my personal search in Florida, I looked around for the past year. Some of the high-end homes they showed me on the beach were still on the market. One that I looked at which just came on the market at $4.5 million has cost $7.5 million to build. It was a divorce. This end of the market the agent told me had been selling in cash deals, rarely a mortgage.CNBC has reported that*Redfin real estate company tracking the top 5% of *the more than 600 U.S. markets fell an average 2.2% in the third quarter compared to the same period last year. When the rich stop buying, the rest follows."
"he US real estate market has turned for the top end has peaked. Luxury homes for the top 5% are now off by 2%. In my personal search in Florida, I looked around for the past year. Some of the high-end homes they showed me on the beach were still on the market. One that I looked at which just came on the market at $4.5 million has cost $7.5 million to build. It was a divorce. This end of the market the agent told me had been selling in cash deals, rarely a mortgage.CNBC has reported that*Redfin real estate company tracking the top 5% of *the more than 600 U.S. markets fell an average 2.2% in the third quarter compared to the same period last year. When the rich stop buying, the rest follows."
[text] The US Real Estate Market has Peaked | Armstrong Economics
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