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The F-Word in Luxury Real Estate

Forecl-----.

Foreclosure Shock It’s a word softly whispered when luxury homeowners in luxe communities like Palm Beach (33480), Beverly Hills (90210), Greenwich (06831) and Rancho Santa Fe (92067) discuss their local real estate markets.

Real estate prices have been declining in many of these markets throughout the country, and some of the heavily mortgage homes are ending up as foreclosure sales. The most prominent foreclosure victim of late is Ed McMahon, whose $5 million Beverly Hills mansion was recently lost to foreclosure.

This morning, CNNMoney reports that three of the richest US zip codes saw nasty declines in home prices for the three-month period ending April 30, when compared with the prior three months.

The three biggest losers?

Continue reading for some interesting surprises!

San Diego Real Estate

Luxury Home News

Posted by Roberta Murphy - Carlsbad Real Estate North County San Diego Realtor on 06/10/2008 11:22 PM

Comments (21)

luxury, foreclosures, rancho santa fe, real estate, 92067, beverly hills

Originally posted at: The Real View: The F-Word in Luxury Real Estate

This post has been included in California Information San Diego County, CA Information Rancho Santa Fe, CA Information
Post is included in group: California Short Sales, REO's, and Foreclosures
Post is included in group: Short Sales
Post is included in group: Short Sale Specialists & Pre-Foreclosure Education

21 Comments on The F-Word in Luxury Real Estate

JUN

2008

Yes, many are affected, not just the middle and lower end homes now!

I guess almost everyone can be effected by this market though I am surprised that Ed McMahon lost his home to forclosure! I figured that most markets are considered "declining" by lenders as it seems that almost all of the counties that I have borrowers in at this time are on the "list" for the lenders!

Cristal:It wasn't only the low and middle-end buyers who over-extended themselves. It was something that happened at all levels of society.

Libby: I was also surprised to hear about Ed McMahon. But homes became ATM machines--even for the wealthy (and rich and famous).

The "F" word...lol. That is the best blog title I have seen in a while...The "F" word

We haven't seen foreclosures here much at all. Every time a big foreclosure story (like this one) hits the news, my calls increase from vultures looking to pick up big scores on luxury properties. No luck in my neck of the woods.

Money Source: Thanks!

JUN

2008

Love the picture of the lady...

Dallas homes for sale, Call 972-699-9111 Lynn 911 Dallas Top Real Estate Agent Team, Dallas homes for sale, Dallas home foreclosures for sale, Dallas apartments for rent, Dallas condos for rent, Dallas apartment rentals, http://www.lynn911.com , http://www.homes-for-sale-dallas.com,

Geordie: Your market is more solid than most--but vultures are everywhere....;-)

Lynn: Love the illustration!

It is just natural for people to walk away from lost causes. It it is a business after all.

No, No, Not the F word, I love the blog

Ok, you had me at the title.

Robert: You may have just described a big part of the problem....

Brett: Thank you!

Missy: Gotcha!

JUN

2008

Roberta,

Great article with a very catchy title. Left you a comment on Luxury Homes Digest as one would expect others to do as well.

JUN

2008

Gena:

Sometimes the reward is in the mischief:-)

JUL

2008

So even Wyzata was affected! That was a surprise. Palm Beach I knew about - though the top end is still selling there.

JUL

2008

Sharon: Even our Rancho Santa Fe and La Jolla real estate markets are a bit leaky. Few luxury markets are totally escaping this bloody market.

JUL

2008

Roberta - We use to refer to the "f" word as FRAUD. Now we have another'n to be concerned about - FORECLOSURE!

I love your graphic accompanying this post.

Myrl: Guess the "F" word will change every few years. First it was fraud and then came foreclosure which brought us to a fractured economy.

So what comes next?

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