You guys keep thinking that the high-end is somewhat immune. Wishful thinking.
I think the low end will drop first, then stabilize. But the high-end will drop like a rock once the recession hits. $4 million or $1 million makes no difference to most people. They still can’t afford it. The newly rich who made their money in the last few years will be feeling the paint hard when the easy money is withdrawn.
It happens every time. Look at the 1990s and see what happened to Fairbanks and surroundings.
