Wealthy Americans upgrade to pricier primary homes

Real Estate Agent with BIG International Realty

NEW YORK - July 13, 2011 - Amid still-depressed housing numbers that dominate headlines, a new survey by the independent New York City-based Luxury Institute and the Institute for Luxury Home Marketing finds that high net-worth U.S. homeowners are taking advantage of the downturn and trading up into higher-priced primary residences.

Lured by lower prices, one in four U.S. consumers with an annual income of $150,000 or more have bought a residential property since 2008 at a median purchase price of $509,000 - an increase of 3.2 percent from the 2005 to 2007 period.

Most new residences (83 percent) are single-family homes and two-thirds of those are in suburban settings. Seventeen percent plan to purchase additional property this year, while 23 percent of those younger than 50 plan to buy in 2011.

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If you are looking to buy, sell or rent properties in Aventura, Sunny Isles Beach, Hallandale Beach, Hollywood Beach, South Beach, Miami Beach, Fort Lauderdale call Fidan Noriega @ 305-336-5423, email mfidan@hotmail.com



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