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For a while, it seemed like the luxury housing market was downright untouchable. “More properties than ever before were both sold and listed for sale at US $100 million or higher in 2014,” Christie’s International Real Estate reported. In many cases, it’s been easier to get a jumbo loan than a conventional mortgage in the postcrash real estate world. But wait … are the recent nosedives in the Chinese stock market—and the resulting roller-coaster ride experienced by U.S. stocks—finally making a dent in housing’s vaunted upper-end sector? “Wild swings in the U.S. stock market over the past few weeks have prompted many high-end home buyers across the country to rethink selling off assets to finance down payments, leading to canceled purchases, delayed closings and requests for price reductions,” the Wall Street Journal reported.
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Keith Kaplan
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