Many areas in the US are down. Supposedly, Manhattan, NY (where we live) is one of the exceptions. However, anecdotal reports show a slowdown in sales of the upper market.
I've been keep track of the Dutch Market since August 1999.
The last half year the sales our going up and done. And are disturbing the season influences The number of sales are not disturbingly low though (yet).
Ours is down in Suburban Philly. Our realtors beat the drum that the market is strong, and below $1m, it is okay because our population growth is positive and therefore demand is steady, but luxury properties are taking a 10% to 20% overall hit depending on the address. In four months from February to late April, we had our house on the market, and were not able to sell it for within 10% of our asking price, so we withdrew from the market. Not sure if we will try again until there are clear signs of strength. Right now, climbing interest rates and the July vacation dip mean that many listings aren't even getting showings, according to a neighbor with an F430 whose house is currently listed.
Ulster County, NY (close to Woodstock, in the Catskill mountains) is where we have our weekend cabin. Supposedly this county's real estate is still appreciating. There is just not a lot for sale. Last week a property one mile down the road sold very quick. The third people coming by agreed to pay very close to the asking price.
Many areas in the US are down. Supposedly, Manhattan, NY (where we live) is one of the exceptions. However, anecdotal reports show a slowdown in sales of the upper market.
There was a long article in the NYT regarding foreclosures in Manhattan. They do exist, but is only 1 in 50,000 (excluding the coop market). It went up in June to 90, compared to 50 in June 07. Even though it is almost double from last year, it is still 100 times better than in some bad markets in the US (1 in 500).
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