The Wall Street Journal has a story today about how some luxury home owners are having trouble moving there $2+ million homes. Buyers of high-end homes are apparently being much more cautious this year compared to last year. The WSJ gave a few examples in the article of homes that are not moving. Although none of the homes mentioned in the article were in New Jersey, or at the Shore for that matter, one of the mansions mentioned as slow to move was in Westport Connecticut. Westport luxury homes sellers probably rely on the same type if buyer that high-end eastern Monmouth County luxury rely on, namely Wall Street types.
From the article (subscription may be required.)
Snip…
["Over the past few years this market has been seeing a 10% to 15% annual appreciation, and this year we quite didn't hit that," says Ms. McGovern. Sellers who put homes up for sale earlier this year have been overly optimistic about getting their asking price. "They've had to rethink their expectations," she says.]
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