The amount of luxury homes in foreclosure is still rising sharply, and many of these are substantial developments, let alone the private foreclosures. The recent spate of foreclosures in the lower and middle segments of the real estate market is spreading inexorably through the high end now. These are a few recent ones, showing the depth of the problem, and the fact that this is a world-wide issue. It is difficult to predict the bottom of the problem, but one thing is clear – the luxury sector is by no means immune.
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Hawaii luxury condos hit by recession and swine flu
The Hawaii luxury condo market is taking a beating along with the rest of the luxury real estate markets, with rising foreclosures, but this is causing issues for those in good financial standing as well as those foreclosed upon. The amount of foreclosures is meaning that, in some cases, as many as 20% of the units in some developments are delinquent in paying maintenance fees to the homeowner’s association or condo boards.
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