Damion Matthews kindly forwarded us this article, and added, “even though it’s about the New York market, I tend to feel we have more in common with that than we do the rest of the Bay Area.”
We would tend to agree.
From the article:
‘I’ve been doing this 20 years… I’ve never seen anything change this fast,’ a vice chairman for the brokerage firm Prudential Douglas Elliman who works with the high-end residential market, Dolly Lenz, said.
Buyers feel far less rushed to snatch up apartments, and are taking a more cautious attitude toward buying homes of more than $10 million, Ms. Lenz said.
The high-end market is one of confidence… it’s pure, pure confidence, and the minute the confidence isn’t there, that’s when the attitude changes,” she said.
The attitude and confidence in our market has definitely changed. There is no doubt about that, but it is not dead by any stretch of the imagination, especially the multi-million dollar market.
–“High end NY real estate cools along with stocks [The New York Sun]