The collapse in prices has finally come to your neighborhood, too, Mr. Comfortable. Has the housing market scraped bottom? Not in some of the wealthier neighborhoods–places like New York City’s Greenwich Village, Santa Monica, Calif. and Chicago’s Lincoln Park. They held up nicely while the rest of the country slumped last year. This year such Tiffany zip codes are on track to fall 15% to 25%.Why haven’t you heard about this? Statistics lag. With relatively low unemployment, high-end addresses don’t have foreclosures to hasten capitulation…There is a still-growing supply of wildly overpriced, unsold homes–60,000 U.S. properties priced above $2 million listed on Realtor.com.
By Stephanie Fitch and Mathew Woolsey, July 13, 09 Forbes Magazine