Ultra Rich, Take A Hit
Los Altos Hills Mansion cuts price $10 million and offers a $175K Bentley...
multiple high end properties slashing prices, still no takers.
Kenneth Rosen, chairman of the University of California's Fisher Center for Real Estate and Urban Economics:
"The upper end is not immune to this decline. A worsening economy means these people will have less wealth and they will spend less."
David Lichtman, chief credit officer of First Republic Bank, a unit of Merrill Lynch:
"You have smart buyers seeing a softer market, looking to negotiate a good price. Nobody wants to overpay."
James Chalke, a broker at Nelson Shelton & Associates: "A property is only worth what a buyer is prepared to pay for it."
The Nattering One muses... Mr. Chalke knows of our Naybobism:
An asset is only worth its liquidation price or what someone is willing and able to pay for it, today.
Hattip to Bloomberg.
multiple high end properties slashing prices, still no takers.
Kenneth Rosen, chairman of the University of California's Fisher Center for Real Estate and Urban Economics:
"The upper end is not immune to this decline. A worsening economy means these people will have less wealth and they will spend less."
David Lichtman, chief credit officer of First Republic Bank, a unit of Merrill Lynch:
"You have smart buyers seeing a softer market, looking to negotiate a good price. Nobody wants to overpay."
James Chalke, a broker at Nelson Shelton & Associates: "A property is only worth what a buyer is prepared to pay for it."
The Nattering One muses... Mr. Chalke knows of our Naybobism:
An asset is only worth its liquidation price or what someone is willing and able to pay for it, today.
Hattip to Bloomberg.
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