Luxury Niche Not Hit So Bad by Downturn

April 11, 2008

The housing economy may be on the skids in many markets, but don’t shed any tears for wealthy home owners. They aren’t feeling the pain nearly as much as sellers of mid-price homes.

A recent examples illustrate that point:

  • This week, an agreement of sale was signed on the oceanfront Palm Beach, Fla., estate of billionaire founder and chairman of Jones Apparel Group (JNY), Sidney Kimmel. If the deal closes, the $81.5 million sale – 24 days after the home was put on the market – will be the highest price ever paid in Palm Beach. Not bad for a declining market.

In luxury markets, “Demand is remaining strong, and even if [prices] are going down they’re not going down as much as the overall market,” says Laurie Moore-Moore, founder of the Institute for Luxury Home Marketing.
Source: BusinessWeek.com, Prashant Gopal (04/11/2008)

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