A reader sent me a link to an LA Times article about the luxury home market in Bev Hills, Malibu and such. And if you lop off a zero here and there it bears a striking resemblance to the market here in the Tucson Foothills.
Same overpricing, same denial, same playing catch-up with the falling market – … sellers' thinking has been slow to adjust to the sea change in pricing since the bubble burst, same ‘my house is better than theirs’ syndrome, same taking of overpriced listings - It's one thing for an agent to take an overpriced listing when prices are rising. "It's possible the market will catch up with the price eventually," Davis said. "But the reverse is happening. To take an overpriced listing now is pointless for the agent and the homeowner."
but in la la land, they do have one reason for overpricing that we do not, the magical belief that a star will happen upon their place and be willing to pay any price.
High-end home sellers lower their sights