Penthouses.com: The Weblog

The housing market might be down, but that isn’t stopping movie stars, hedge fund managers, and corporate titans from paying mammoth prices for the most lavish real estate on the planet.

“For the ultraluxury market to take a hit, there would have to be serious financial woes that went a lot deeper than what we’re seeing now,” said Rick Goodwin, publisher of Unique Homes, a magazine and Web site about luxury properties. “If they’ve got the money, it’s not going to be a hardship to fork over cash for a $10 million house.”

The ubër-wealthy are also less concerned about interest-rate fluctuations and other mortgage issues; about a third of buyers of $1 million-plus homes pay cash, Moore-Moore said.

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