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Ultra-rich Americans are selling off luxury real estate faster than they’re snapping it up, and it’s not the only change they’re making to their portfolios as recession fears linger

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  • Ultra-wealthy people in the US are selling their luxury real-estate investments faster than they are buying new ones, TD Wealth senior vice president and regional investment director James Beam told Business Insider.
  • The move comes as fears of a potential recession linger.
  • There is a surplus of mega-mansions in Los Angeles, luxury condos in Miami, and penthouses in New York City, Business Insider previously reported.
  • Foreign investors are also spending less on properties, a July 2019 report by the National Association of Realtors found.
  • Visit Business Insider’s homepage for more stories.

Recession fears are mounting, and it’s affecting what the ultra-wealthy read more >>>

Source:: BusinessInsider.Com