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Originally Posted by bolidismo  |
I have been browsing that site for eight, nine-years. It organizes listings, but I think all properties link to the website of the property brokerage that has the listing. I was hoping that you knew which brokerage that picture came from.
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Originally Posted by bolidismo Sure, luxury car sales might be strong right now but that could change. Some people lost everything during the Asian economic crisis in 1997; property billionaires saw their fortunes wiped away -- a new Rolls-Royce is hardly going to be much comfort in that situation. |
I think there is much more pain in property that analysts and the markets have not yet acknowledged. The Case-Shiller Index that has tracked U.S. property prices since '87 came out today. Prices fell 11.4% year-over-year.
Still, analysts are only forecasting a 15-20% drop in property prices. That would be a mild drop, considering the run-up from 2000 to 2005.
As you pointed out during the Asian Crisis, Rob, many property fortunes were wiped out because property prices plunged 50% and erased virtually all the price gains since the end of the first Gulf War. I don't see many forecasting that level of price drop for the U.S. and U.K.