What happens in California rarely, alas, stays in California

Is it too much to hope that Barbara Streisand will join them?

Mega-priced homes are falling into the Pacific.

Okay, that’s my hyperbolic streak showing, but over=priced (agents like to describe it as “aspirational pricing”

are meeting buyer resistance. Duh.

Aspirational prices for luxury homes around the country are falling back to Earth, as the seemingly unstoppable real-estate frenzy of the last 18 months begins to dissipate. Real-estate agents said buyers spooked by economic uncertainty are suddenly hesitant to overpay and some are sitting on the sidelines waiting to see how things shake out. Having lost the upper hand, some sellers eager to move properties are slashing prices and selling for deep discounts. 

A year ago, the luxury real-estate market was like “this huge party with champagne and caviar and everyone was thinking it was never going to end,” said Bess Freedman, chief executive of Brown Harris Stevens, a luxury brokerage. “Now, it’s like the lights have been turned on. It’s a different environment.”