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: ‘We’re definitely in a housing recession’: Ultra-rich property market has slowed, says real-estate mogul and TV star – Vested Daily

: ‘We’re definitely in a housing recession’: Ultra-rich property market has slowed, says real-estate mogul and TV star

April 12, 2023

The slowdown in the housing market hasn’t spared the super-rich. From the ritzy suburbs of Beverly Hills to the glitzy Manhattan skyline, luxury real-estate has felt the heat from the broader sector’s weakness.

Particularly with mortgage interest rates double where they were last year and the flow of new listings slowing, ultra-luxury real-estate has taken a hit, Mauricio Umansky, a Los Angeles-based real-estate entrepreneur and TV reality-show personality, told MarketWatch.

“The…

This post was originally published on Market Watch