Mega Mansions Are UNSOLD as Real Estate Goes Soft!

We’ve always noted the bottom 50% of the public having economic issues. In recessions they take the biggest hit. In prosperous times, they often see almost no benefit. The richest tier however tend to get richer and richer. We see them on TV, see the extravagance, and wonder how they will ever run out of money. Today it seems as though the luxury property market is encountering some serious problems. Let’s take a look.

L.A. Developers Have a Big Problem: Too Many New Megamansions - WSJ
https://www.wsj.com/articles/la-developers-have-a-big-problem-too-many-new-megamansions-11559230837
How One Luxury Developer Is Spicing Up L.A. Real Estate Open Houses | Hollywood Reporter
https://www.hollywoodreporter.com/news/how-one-luxury-developer-is-spicing-up-la-real-estate-open-houses-1186752
L.A. developers have a big problem: Too many new megamansions
https://www.msn.com/en-us/money/realestate/l-a-developers-have-a-big-problem-too-many-new-megamansions/ar-AACbCpv?ocid=ob-fb-enus-894&fbclid=IwAR0i9VQD3ytcEahJPm1UfkS8HgNku0wqGy0QjR_PxT0DsjTJX1YxbKmlkX0
Ivan Kaufman buys Bridgehampton’s Three Ponds Farm for around $35M
https://nypost.com/2019/05/29/ceo-buys-over-the-top-hamptons-manse-for-around-35m-more-than-half-off/
In the High-Flying Hamptons, Real Estate Is in a Rut - The New York Times
https://www.nytimes.com/2019/05/17/realestate/in-the-high-flying-hamptons-real-estate-is-in-a-rut.html
Sydney real estate: $66 million luxury penthouse on the market for 12 months | 7NEWS.com.au
https://7news.com.au/lifestyle/real-estate/sydney-real-estate-66-million-luxury-penthouse-on-the-market-for-12-months-c-138336
London Homes Sell at Ever-Growing Discounts in Market Rut - Bloomberg
https://www.bloomberg.com/news/articles/2019-05-28/london-home-sellers-offer-ever-growing-discounts-in-market-rut
High Taxes and Government Debt Have Soured Chicago’s Housing Market
https://www.city-journal.org/chicago-housing-market
Fed holds interest rates steady as economy grows at ‘solid rate’ and inflation stays low - MarketWatch
https://www.marketwatch.com/story/fed-sticks-with-patient-policy-notes-weaker-core-inflation-2019-05-01
30-Year Fixed Rate Mortgage Average in the United States | FRED | St. Louis Fed
https://fred.stlouisfed.org/series/MORTGAGE30US