If you are reading HouseValueDetails.com, chances are good that you may be a real estate investor or thinking about investing in real estate. This is why HouseValueDetails.com keeps close track of changes in the real estate market.
Today, HouseValueDetails.com wants to give you a heads up that luxury real estate in major cities may soon see a strong decline in value. This adjustment is expected to hit New York, Los Angeles and San Francisco particularly hard.
The reason why this is going to happen is that over the past five years, wealthy Russians have invested heavily in luxury real estate in those areas. That drove prices up fairly quickly. However, the Russian ruble has declined more than 19 percent in the past two weeks.
That means these Russian real estate owners will be looking to get their hands on hard currency. The easiest way for them to do that will be selling off their real estate holdings as quickly as possible.
This mass sell-off will cause real estate prices in those areas to plummet. Therefore, you may want to sell your holdings before the market drops too far.
On the other hand, if you have been looking for the right time to invest in luxury urban real estate, now is the time to do it when bargains are about to become available.
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