Luxury market in Palm Beach in Dramatic Downturn

The Palm Beach Post reports today that beyond the shuttering of luxury boutiques on Worth avenue (Dior, etc) the high-end homes in the region are plummeting in price:

".....the high end of the economy no longer lives in its own little fantasy world. A year ago, private jets were still selling, mega-yachts were moving, and home prices in the town of Palm Beach were soaring (even as prices in the county of Palm Beach were tanking).

Now, though, mansion sellers like Dru Schmitt have slashed prices. Schmitt sold his 23,000-square-foot palace in Boca Raton in January for $12.9 million, after originally listing it for $24.9 million. The deal was recorded at $10.9 million......"