Yesterday Reuters ran a story ("Credit crunch ripples into mega-mansion market") looking at the luxury market in Greenwich, Connecticut with some comments on trends in the luxury market in general.
A quote from Laurie closes the article and sums it up nicely:
"The luxury market tends to be a little isolated from the market swings. This time around it's a little different because the bottom half of the upper tier is softening a bit," said Laurie Moore-Moore, founder of the Institute for Luxury Home Marketing, a trade body for high-end property brokers.
The bottom tier is comprised of homes that sell for $2 million or less, she said. "As the market softens I think we are seeing that segment of the market falling out."
