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    Mansion Shortage Hitting the Country

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    Geo Beats

    by Geo Beats

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    People looking to buy mansions are facing dwindling options. Apparently, in the United States’ wealthiest zip codes availability has plummeted by 50 percent and more in certain areas.

    People looking to buy mansions are facing dwindling options.

    Apparently, in the United States’ wealthiest zip codes availability has plummeted by 50 percent and more in certain areas.

    Carmel, California has 76 percent fewer available million dollar plus listings than a year ago. Reports say the city is down to about 4.

    Palm Beach, Florida is similarly running dry in the lavish homes arena. That area’s stock is down by 70 percent.

    One Florida real estate insider says the unprecedented sudden demand is coming mostly from overseas clients. American buyers tend to be people from states like California looking to escape the states high taxes.

    The US buyers in Carmel and nearby Pebble Beach are reportedly those who’ve struck it rich in the Silicon Valley.

    Connecticut is seeing some action, too. A Greenwich realtor said that a million dollar plus property he listed only stayed on the market for two days.

    Here’s even more good luxury real estate news. The biggest house in America - Versailles in Orlando, Florida - has resumed construction.

    The building of the 90 thousand square food abode was halted when its owners took a recession hit.