Palm Beach Realtor: "ultra-high-end" home sales "very good, records set all over the place"

[Amerigo Vespucci]

NEW YORK (CNNMoney.com) -- Across the country, real estate agents and home sellers in wealthy neighborhoods who grew accustomed to seven-figure bidding wars during the boom are feeling the sting of the housing crunch.

In Palm Beach, Fla. (zip code 33480), median home prices fell 38% during that period, according to the real estate Web site Trulia. Prices in Greenwich, Conn. (06831), dropped 15%, while homes in Wayzata, Minn. (55391), are selling for 28% less.

Prices in other wealthy towns also declined: Gladwyne, Penn. (19035), was down 6%, and Beverly Hills (90210), Lincoln, Mass. (01773), and Ladue, Mo. (63124), each slid 2%.

Perhaps the hardest hit of the 10 wealthy zips in our sample is Palm Beach, Fla. Corcoran Group agent Paulette Koch says inventory is building up in the "low end" of the local market there - the $2 million to $6 million range. "The volume of sales has declined," she said, "and the selling season this year started very late and slowly." The ultra-high-end has, however, been very good. "There have been records set all over the place," she said.

http://money.cnn.com/2008/06/10/real_estate/housing_crisis_hits_high_end/index.htm?cnn=yes

[flvegan]

1. A home set a record here recently, $10+ million.

Highest price paid for a single family home in Tampa.

I'm so...happy :eyes: for them.

[liberal N proud]

2. The ultra rich have all our money

They can spend it because we can't.

[undeterred]

3. This is the GW Bush Legacy.

[Fuzz]

4. So glad those tax cuts went into effect.

They have helped those who the administration intended, haven't they?