"Million-dollar home sales growth slows from Miami to Los Angeles" by Prashant GopalBloomberg News November 29, 2014
NEW YORK — Growth in million-dollar home sales is slowing in areas including Miami and Los Angeles as rising prices and the strengthening US dollar discourage foreign investors, who helped lead the recovery.
Luxury sales, which had been outpacing the total market, are beginning to slow in areas most dependent on investors and other cash buyers. Foreign shoppers are now facing a weakening global economy, less favorable exchange rates, and higher US home values.
‘‘Now those folks who like to buy low and sell higher, or rent higher, their demand is waning. They’ve bought their fill,’’ said Nela Richardson, chief economist at Redfin....
Say goodbye to that economic recovery (that was only for the elite who benefit both ways; they buy up on the cheap during down times and enrich themselves with stock holdings during the upswings).
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Related: $outh Beach
Lebron left that for Cleveland?
