The Real Deal Miami

Florida couple looks for less expensive luxury home

November 24, 2008 04:34PM

The luxury market is suffering nationwide as would-be buyers pull out
of deals due to concern over the stock market and the potential for prices to drop further. Brokers are having trouble selling
properties listed
for $5 million or more due to shoppers’ concern about the stock market.
Luxury
prices are down about 20 percent since their peak last year. One
Florida couple
decided to look in the up-to-$4 million range, rather than going up to
$6 million
as they’d originally planned, because they were having trouble selling
their
current Florida home.