The 'Trickle-Up' Effect Of Home Prices
"Once upon a time, $10 million was the tippy-top of the housing market, even here, in one of the nation's most rarefied markets for real estate... Now, however, even with the market momentarily cooling, real estate agents say $10 million is your basic starter mansion. 'In the high bracket,' said Beverly Hills real estate broker Cecelia Waeschle, "$10 million is now almost the norm."
"Cheap mortgages, he said, have heightened demand for $1-million and $2-million houses, and as those owners have traded up, demand has shot up at the top of the market. In that sense, Karevoll said, 'everybody's floating on the same rising tide.' "
Thanks to Chris Steins