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

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'Everybody's scared of the rates,' says Mauricio Umansky.

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.

“The real-estate market right now is slow. Particularly in the high end, we’re definitely in a housing recession,” Umansky, co-founder and CEO of The Agency, said. Umansky was in New York City, speaking on the sidelines of the launch of his new book on April 11, titled ‘The Dealmaker.’ In the first two months of 2023, at the high end of the market — which refers to homes priced $10 million and above — few listings sold, the report noted.

The Agency, Umansky’s firm, oversaw a few deals that were spurred into action because of the impending tax. But homes sold moving forward will now cost homeowners in terms of increased taxes. “They’re really normal people and they go through the same things that we all go through,” he added, like taking out a 30-year mortgage. “They just happen to have a magnifying glass on them.”

 

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Hottie 🔥

Mauricio is my guy

Wealthy people are certainly feeling it a lot more than peeps like me.

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