There is a rush of luxury property sales by the wealthy, particularly as they understand that a period of recession is looming. Agents in Miami and San Francisco are beginning to lament this maelstrom with the possibility of recessionary fear on the part of good income earners. Many of these people are linked to the world of technology.
After a decade of steady growth, financial insecurity is on the horizon for the technology industry. The feeling of invincibility has emerged and is making itself felt. There are declining valuations, increasing layoffs and an air of fear in the industry. Increasingly, managers and employees are beginning to see the need to adapt to the new reality that is coming. Large North American cities have begun to suffer from this situation.
Luxury properties at risk
New York, San Francisco and Miami have begun to feel the effects of this recessionary fear. Real estate agents in these areas have observed how wealthy clients, in the technology sector, are beginning to notice the effects of the recession on their activities. Karley Chynces, a blockchain-focused real estate broker, posited that “the elephant in the room these days is that a recession is coming.”
The United States had a nationwide increase in interest rates for mortgage loans. This situation was combined with record housing costs, which seem unaffordable for many prospective buyers. McKanzie Ryan, a real estate agent in Manhattan, understands that the situation is broader than “just the interest rate because a lot of people in New York City are buying in cash.”
