These types of markets were not propped up by loose lending standards and speculative buying. So I would assume they are not going to be affected in the same way as “regular” markets that were.
With that said, there was another post a few days ago of a property that sold for 8 million in 05 and 6.5 last month in La Jolla. But I can only imagine that the rules are different because the prices were not artificialy inflated.
From what I read the extremely wealthy are doing very well these days with all the taxes breaks and such. So one could only assume that their RE markets are going up because their incomes are. That would be my guess….
