In my Ho-Hum, not Ho, Ho, Ho blog, I reported on the low demand in the $400,000 plus – and the over $1,000,000, price ranges. The lack of buyers is a particular problem above $2 million. Mike Orr of ASU says demand is anemic, and buyers “can take the time to be very choosy”. He predicts that much of the Phoenix metro area luxury market will probably tread water, and several areas – such as those relying on out-of-state, global or second home buyers, may decline in price. Of course this news is great for buyers of luxury homes, who should find plenty of inventory and acceptable prices.
