Categorized | Residential

Housing Woes Affecting the Rich and Famous

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Even the rich and most famous are being adversely affected by the current struggles in the housing market. In fact, the outlook for real estate sales for the super wealthy looks dimmer than ever. While mid-range mansions are selling incredibly well in prime markets across the United States, ultra-high-end mansions are sitting on the market unable to sell at greatly discounted rates.

Many of these ultra-mansions, owned by executives, athletes, and celebrities are listed at prices discounted as much as a sixty-five percent. Even at such discounts, there has been minimal interest of the part of buyers. In some cases, the super-wealthy have resorted to auctions to sell their property, taking less than seventy percent of their original asking price.

While there are plenty of millionaires and billionaires buying houses and estates in the United States, many of them are looking for incredible discounts. As such, those homes that are not already heavily discounted are sitting on the market for months and months without a single prospective buyer.

Inventory levels for the ultra-high-end residential real estate market are at a three-year supply. Unfortunately for many sellers, there is no end in sight to the current ultra-high-end real estate struggles. That means that for sellers like Hulk Hogan, who has his home listed for roughly sixty percent of its market value, there is little hope that he will even come close to getting even his discounted asking price for his home.

Analysts consider the current conditions in the ultra-high-end residential real estate market to be at their worst ever. While there was always light at the end of the tunnel during previous rough patches, there is no clear indication as to when things will improve this time around in the ultra-luxury housing market.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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