Stampede of White Elephants????

Today’s Wall Street Journal article about the “Stampede of the White Elephants” is suggesting that high-end properties are becoming harder and harder to sell. You wouldn’t know it by looking at the inventory of transactions currently in escrow in south Orange County. In Laguna Niguel, Dana Point, Laguna Beach, Newport Beach and Newport Coast alone there are right now 30 homes in escrow between $2,000,000 and $15,000,000. Yes, it is true that buyers are buying the best and most reasonably priced homes right now, but there is DEFINITELY selling going on around here!!!!