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‘There’s a Recession Coming’: The Rich Rush to Offload Luxury Properties
The rich are now paying attention to prices and their income, lament high-end agents in hotspots like Miami and San Francisco. “It’s pretty sudden,” one said.
After a decade of feeling invincible, the tech industry is suddenly facing something new: financial insecurity. Valuations are down, layoffs are up, startup funding no longer feels limitless, and an air of fear has started to permeate the sector, as bosses and workers alike adjust to a harsher version of reality.
In cities like San Francisco, New York, and Miami, luxury real estate agents are starting to notice the effects of the tech downturn on their business, they tell Motherboard, as wealthy tech clients grapple with the fact that raises, bonuses, and job offers no longer seem as inevitable as they did a few months ago.
“The elephant in the room these days is that there’s a recession coming,” said Karley Chynces, a blockchain-focused real estate agent at Sotheby’s International Realty in Miami.
Have information about how the rich are navigating the economy? We want to hear from you. From a non-work device, contact our reporter at maxwell.strachan@vice.com or via Signal at 310-614-3752 for extra security.
Nationally, rising interest rates for home loans have combined with record home costs to price out potential homebuyers. But within the pockets of the country where tech workers tend to throw money down on housing, interest rates are less of a concern than the decline of tech stocks and the constant barrage of layoff announcements, according to conversations agents have had with their clients.
“It’s wider than just interest rates because a lot of people in New York City actually purchase in cash,” said Manhattan real estate agent McKenzie Ryan.Tech
Venture Capitalists Say the Era of Recklessly Burning Cash Is Over
There are signs that the housing market may have temporarily peaked. Asking prices have slipped ever so slightly, homebuilders are starting work on fewer homes, and mortgage demand is the lowest it’s been since 2000. For now, home sales are down most among the cheapest homes, where buyers are more price-conscious and typically affected more by interest rates changes. But a spokesperson for the real estate brokerage RedFin, which analyzes housing data, said markets like San Francisco are “definitely cooling.” A recent RedFin analysis found sales of luxury homes were down almost 18 percent in the three months leading up to May, compared to a 5.4 percent drop among non-luxury homes. (RedFin defines “luxury” homes as those in the top 5 percent in price in a given area.)…..more here
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