Not just in California but all over the world, high end real estate has been hurting for a couple of years. If you think of the percentage of the population who can afford these prices it is easy to see why. Out of any given country's population, only 5% can afford these things. Since demographics are not on the side of luxury industries, when a crises comes that hurts everyone, then the first prices to be lowered are luxury products / services. Ina good economy the margins on these items are high anyways, even if the prices do get lowered, that just means one less ivory backscratcher the seller can buy.
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