‘Life Happens’

continued from page 49 environment is very challenging and not likely to change for the better in the near future,” observes Bob Hurwitz, founder and CEO of the Hurwitz James Company. “There are a number of well-known factors affecting the market in general, and luxury homes are not exempt. Although most of the apex property buyers are paying cash and not as affected by the increased interest rates, the overall financial uncertainty, inflation, and the unwillingness or lack of necessity for sellers to either reduce prices or even put their homes on the market at such a time are all impactful.”

“You don’t see interest rates affecting the luxury market like other segments,” shares Kathleen Bibbins, general manager for the Institute for