"Our projects are actually selling well right now."

Martin Kaufman talks to developer Michael Meldman who actually is bullish on luxury golf real estate these days. Of course, you need to be on a Forbes list to afford one of his places, but at least someone is doing ok!

GW: What is your assessment of the state of the luxury real estate market?

MM: It depends what type of luxury. Our projects are actually selling well right now. We’re happy. The highest-end projects we have – the Kukios (in Hawaii), the El Dorado, the Baker’s Bays (in the Bahamas), the Madisons (in La Quinta, Calif.) and the Yellowstones (in Montana), which are probably the highest price points – are actually selling at pretty good velocities. At Cabo, prices are actually going up. In other places, prices are more elastic.