- 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.
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