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credit: davey-boyPast wisdom has informed us that even in housing slumps luxury will withstand the pressures and continue to thrive. This conventional notion is not only being tested but its being cast aside as luxury home, condo, and apartment owners are seeing the value of their homes drop and watching them sit on the market for months, even years, without a legitimate bite.

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From the penthouse all the way down to the bottom, rumor has it that the condo market has officially bottomed out. Now, granted most of these rumors are coming from individuals who have a particular stake in the economic recovery of the condo and housing market, but the general consensus is that somewhere in 2008 the condo market will scrape the bottom of the barrel and then begin its upward slide again.

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