Wealthy Americans are selling their luxury real estate holdings faster than they're buying new ones.
Sales of luxury ranches have also slowed due to a lack of interest from millennials,The wealthy are selling real estate, but not buying it, out of a suspicion that prices will never get higher than they are right now, Seacoast Investment Services vice president and certified financial planner Dennis Nolte told Business Insider.
Nolte began to notice that some of his ultra-wealthy clients in the Orlando, Florida area were bearish on both residential and commercial real estate about a month ago. "People don't think that commercial prices are going to get any better than this," Nolte said."Longterm holders are wanting to get more liquid."
One of his clients recently sold their chain of massage parlor franchises, Nolte said. Another client of his, who runs a business helping foreign doctors relocate to and set up practices in the United States, also began to complain that even the doctors who purchased residential real estate were reluctant to do the same for their businesses.
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