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 post in the New York 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.
- Ultra-luxury properties throughout the world saw price cuts in 2015, according to Christie's International Luxury Defined report.
- Growth in $1 million-plus home sales has slowed in Los Angeles, but remains positive. New York City and Miami saw negative growth.
- Oil prices, global economics and rising home prices in the U.S. are causing international buyers to second guess an overseas purchase.