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Valley luxury home sales cool: Is the metro headed for a buyer's market?

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The buying frenzy in the Valley's luxury home market appears to have ended, but the market doesn't appear to be dead. abc15

"I don't feel the market is dead in any way," said Robert Joffe, co-founder of Launch Real Estate."There's just no question it's a complete slowdown from what it was, but I feel we are in a balanced market right now, almost leaning toward a buyer's market."

Luxury home deals are still closing, he said, adding that he just entered escrow this weekend for a $3.5 million home in Arcadia, representing $875 a square foot. "It didn't even hit the market, and they had two offers on it," he said."Deals are still getting done."

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