Forecl—–

It’s a word softly whispered when luxury homeowners in luxe communities like Palm Beach (33480), Beverly Hills (90210), Greenwich (06831) and Rancho Santa Fe (92067) discuss their local real estate markets.

Real estate prices have been declining in many of these markets throughout the country, and some of the heavily mortgage homes are ending up as foreclosure sales. The most prominent foreclosure victim of late is Ed McMahon, whose $5 million Beverly Hills mansion was recently lost to foreclosure.

This morning, CNNMoney reports that three of the richest US zip codes saw nasty declines in home prices for the three-month period ending April 30, when compared with the prior three months. The three biggest losers?

1. Palm Beach, Fla saw a 38 percent decline in median home prices during that period, while

2. Wayzata, Minn (55391) slid 28 percent, and

3. Greenwich, Conn. dropped 15 percent.

Much of the price decline can be attributed to inflated mortgage fallout, but another transition is also contributing to the declines: Downsizing. Many of the large luxury residence owners are baby boomers who are seeking to downsize into a more convenient and connected urban lifestyle–and are doing so in growing numbers.

Not all luxury zip codes and communities are in the tank, though, according to the CNN article. For the 12 month period ending March 31, prices actually rose 18 percent in the upscale Kenilworth (60043) communiity, just outside Chicago. Other ritzy gainers included Medina, WA (home to Bill Gates just outside Seattle) with a 9 percent increase, and a 5 percent climb for Atherton, one of Silicon Valley’s suburban crown jewels.

The post The F-Word in Luxury Real Estate appeared first on Luxury Home Digest.

Its always interesting to know how metropolitan communities stack up when it comes to median household income, and San Diego is no exception.

There were a few surprises.

I had no idea Carlsbad would outrank Encinitas, or that Poway would beat out Coronado. San Diego is full of surprises.

When to comes to compiling such reports (and a host of others), there is no finer source than the San Diego Business Journal. Their data is fresh, well-researched and provides some interesting reading.

This latest report regarding median household income within San Diego Countys incorporated cities is no exception.

Note: Rancho Santa Fe and La Jolla were not included, as Rancho Santa Fe is not an incorporated city and La Jolla is part of the City of San Diego.

The post Show Me the Money: San Diego appeared first on Luxury Home Digest.