In the last few weeks I have gotten multiple calls from people with upside down luxury properties.
As of a few months ago, people were arguing the luxury market was immune.
If you are dealing with a high end property, make sure you work with an attorney who understands how these deals work.
At the luxury end, home prices are falling - Los Angeles Times: "At the luxury end, home prices are falling
Genaro Molina / Los Angeles Times
Real estate agent Michael Libow is handling the listing of this mansion in the Beverly Hills 90210 ZIP Code. The asking price, which was $12 million more than a year ago, was cut in March to just below $10 million -- 'a psychological break point,' Libow says.
The region's most exclusive neighborhoods suffered big drops in April, data show. Median sale prices fell 13% in Beverly Hills, 34% in one area of Newport Beach.
By Peter Y. Hong, Los Angeles Times Staff Writer
May 20, 2008
The rich may indeed be like the rest of us. Prices of their homes are now falling too.
Gated mansions and hillside estates have held their own through most of the real estate slump, but data released Monday showed big drops in the region's most exclusive neighborhoods.
April sales Southern California pricesSenators reach deal on foreclosure legislation
SUBSCRIBE to World: Mideast, The Times' free daily e-mail newsletter on the Middle East.