Recently, I was interviewed by the Chicago Tribune for a story about the fall in property values. The market that sticks out like a sore thumb, is the upper-bracket multimillion $ homes dotting the shores of lake Michigan. I have seen property values in this sector plummet by nearly half their values from the market peak. Just a few years ago these homes were selling for top Dollar, with multiple offers as the wealthy had to find places to secure their investments.
Now, with the stock market and property having gone through major corrections, most potential buyers are finding it hard to come up with the cash to invest in property. Many have their capital tied into their own property and over the last couple years, many of the properties they own have lost significant value, making it hard to trade up the property ladder.
For more on this phenomenon, here’s a link to the Chicago Tribune.
