Moscow, once the bastion of excessive displays of extravagance, fueled by easy credit and increasing commodity prices has come back to earth with a bang as the financial crisis hits hard.
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Luxury Yacht repos on the rise
The Luxury yacht market is suffering along with the housing market, and foreclosed yachts are piling up alongside the condos in Florida. The listing for a recent attractive property swallowed up by the crisis appeared to be a sea-front condominium: two bedroom/two bath, outdoor grill, water views, elegant and spacious. Satellite television and temperature-controlled wine cabinet included. But it was a 60-foot (18.3-meter) yacht, docked amid a crush of other luxury marine toys at a Fort Lauderdale boat yard.
More on Luxury Yacht Market Suffering with Luxury Home Markets
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Ups and downs in the luxury world. Well….. mostly downs actually. The credit crunch is taking a high toll amongst the luxury suppliers, particularly in luxury automobiles and properties.
Luxury Automobiles
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Louis Vuitton said this week that it was scrapping plans for the enormous flagship store in central Tokyo as the worldwide financial crisis dampens the luxury goods market
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The French luxury brand had planned a 12-floor, 12,000 square-metre (130,000 square-foot) store off a major street in Tokyo's glitzy Ginza district that would rival in size its main shop in Paris.
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