As Ken Rosen, head of the university's center for real estate and urban economics research, emphasizes, real estate in such elite resort areas as the Hamptons, Lake Tahoe, and Aspen will inevitably be negatively affected by the crisis. According to him, the decline in home prices in these resort zones has already begun, but this fact has not yet been reflected in the analytical data of market participants.
The Hamptons are located on the Atlantic coast of Long Island (southeastern part of New York). Local beaches are very popular with New Yorkers, many of whom rent homes here for the summer. Part of this coastal resort is built up with expensive mansions.
Lake Tahoe is the largest alpine lake in North America and one of the main tourist centers for the states of California and Nevada. The area is known for its ski resorts and summer recreation. The city of Aspen, located in Colorado, is a major ski resort and tourist center. Many celebrities and wealthy people own real estate here.
As Lenta.ru reports, earlier The Wall Street Journal wrote that a record price decline has occurred due to the crisis in the elite suburban real estate market in the United States. Due to the almost complete lack of demand in the market, sellers are unable to attract buyers even with a 50% discount. Denver Business Journal, in turn, wrote that selling luxury homes via online auctions has become popular again in the United States. Realtors explain the auctions by saying that they have exhausted all marketing moves to sell these homes.