The Luxury Institute “WealthSurvey” conducted a study and found that most wealthy Americans plan to stay away from real estate purchases in 2008.
Source: Market Wire
More than one-fifth (22 percent) of wealthy buyers will spend $1 million or more on their next purchase, 11 percent will spend more than $2 million. However, the most active segment of the market should be homes between $250,000 and $499,999. Younger wealthy men are especially likely to be in the market.
Real estate accounts for 35 percent of the total assets, on average, of wealthy individuals — greater than the combined value of stocks, mutual funds and hedge funds. Fifty-one percent of wealthy homeowners own at least two properties; almost two thirds (63 percent) of individuals earning more than $300,000 and 74 percent of penta-millionaires, own more than one property.
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http://www.marketwire.com/mw/release.do?id=845118