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Ultra-luxury housing market slows, but still moving

07/11/2016

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On the heels of Brexit, the ultra-luxury housing market is in question. Mega-mansions and lush estates in Los Angeles are prone to price cuts, according to a recent story in the Los Angeles Times, but the slowdown was somewhat expected this year even before Britian’s vote. The oil turn, global economics and rising home prices in the U.S. have all added fuel to the fire. And although L.A. isn’t seeing nearly as impactful a shift as Manhattan and other condo-driven, ultra-luxury markets, the market is still slowing in the long run, according to real estate analysts. Christie’s International Real Estate’s annual study Luxury Defined examined data from 100 luxury real estate markets worldwide, finding a general slow in growth among most markets. So while the number of L.A.’s…

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