In places like Greenwich, CT, New York City, Vancouver and around the world, it looks like there's a high-end housing bust taking place. It's partly a demographic issue, where older people are downsizing want to cash in on their expensive housing. The hoped for resale market is younger generations and they're just not stepping up to the plate. This underscores the danger or easy credit. It's great when you're acquiring luxury properties, but not so much when you go to sell. Expect such declines to increase in the future.