By Mae Hamilton Though coronavirus chaos has hit all sectors of the economy hard, the luxury real estate market has been especially affected.
Jumbo mortgages have dried up, many would-be buyers backed out of escrow, and even Jeff Bezos — still the globe’s richest man — decided to back out of a $90 million deal to buy one of the late Paul Allen’s Beverly Hills estates.
And many for-sale properties have been price-chopped or sold with big discounts. But in an interesting twist, demand for land in rural areas has seen actually seen a sharp increase since the beginning of the pandemic, with many urban-living folks hoping to snag a second home far from the respective big cities.
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