"Despite their glittering reputations, places such as Beverly Hills and Paradise Valley, Ariz., have seen their median home prices drop hard. But don't expect an Okie-style exodus of Ferraris and Range Rovers to cheaper neighborhoods any time soon. At the very top of the housing food chain, people are still buying—and spending—like it was 2005.
For super-rich buyers, both here and abroad, the credit crunch isn't much of a concern when buying a house because they have easy access to cash and debt. And even in the country's priciest markets, there aren't many houses worth $5 million or more, so demand nearly always outstrips supply.
Which means that even though housing market in states like California and Florida have been clobbered overall, certain exclusive enclaves remain unfazed..."
We're feeling the love from Business Week today. Here's another article on the current state of the luxury market that quotes Laurie.
