Get your tiny violin: Rich running out of mansions to buy

[liberal N proud]

While housing inventory is falling throughout the country, it's falling especially fast in some of the country's richest ZIP codes. A study from Altos Research, the Mountain View, Calif., real estate research firm, found that inventory in the nation's 90 wealthiest ZIP codes fell 15 percent over the past year, slightly faster than the broader market.


In those areas, inventory is down more than 50 percent. In a swanky part of Carmel, Calif., inventory fell 76 percent in the last year. There were only four homes left on the market priced at $1 million or more as of the end of May, according to Altos.

In Palm Beach, Fla., the number of $1 million-plus homes has plunged by 70 percent, falling from 89 to 26. And in the Old Greenwich, Conn. ZIP code, there are only 10 homes left priced at $1 million or more, down 58 percent, according to Altos.
http://www.today.com/money/rich-are-running-out-mansions-buy-6C10312259

[Politicalboi]

1. Damn

And I need 2 of them. How will I be able to throw parties if my home is a "left over" that nobody wanted.
What will they say??????

[hatrack]

2. Oh no!

They'll have to use . . . more of their money!

[reformist2]

3. Sounds like billionaire hedge funds are snapping up the homes of mere millionaires.

[liberal N proud]

5. It's the food chain of the rich.

The billionaires eat the millionaires

The millionaires eat the middle class

[bullwinkle428]

4. Um, shouldn't the "JOB CREATORS" be creating a bunch of jobs for

home builders, if there aren't enough mansions to go around for their 0.1 % kiesters?

[MrSlayer]

6. Build some more.

And charge them out the ass. That's job creation.

[Brigid]

7. You win.