The END of Multi Million Dollar Mansions

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The luxury real estate market is widely watched on television shows such as Million Dollar Listing and Selling Sunset where these realtors will sell these luxury mansions in Beverly Hills, Bel Air, Malibu and the Hollywood Hills and make huge commission checks from the sales and the home sellers always seemed to be very interesting and flashy. Millions tuned into Selling Sunset and Million Dollar Listing and enjoyed that experience as a viewer however now we are seeing the sellers going from interesting and flashy to scared and nervous.

We are seeing luxury real estate developers such as Nile Niami and Alex Khadavi both facing financial trouble and filing for bankruptcy protections. We are seeing luxury mansions for the first time in a while facing price reductions and usually that is the first step in the direction of a foreclosure, bank sale or the seller walking away from their home.

I believe as we step into more economic uncertainty we will begin to see more sellers have to walk away from their properties. We will also see millionaires and billionaires decide to wait and instead rent or hold back from upsizing into a luxury mansion because mortgage rates are picking up greatly and the costs to service these mortgages are not going to make much sense for these wealthy and instead the wealthy will look for other opportunities and I believe that opportunity will be in middle class American housing.

We are going to see the tide change in real estate and it will not be good for most of us.