Encouraging real estate news seems to be few and far between these days. Foreclosures are still a concern and while the rapid descent has hit the skids, home prices still appear to be heading to new lows, for better or worse. Not everybody sees the whole housing issue as a problem though, especially those people who happen to live in homes that make up the luxury market, among them Fisher Island.
There's a certain perk that comes with Fisher Island real estate and the fact that it happens to be one of the most luxurious and high priced markets in the country, namely the largely stable supply and demand, a common trait shared by other high priced areas in the country like the Hamptons and Palm Beach.
Time has shown these markets are perpetually in demand during market highs and lows. Consider the following:
International bigwigs usually have incredibly deep pockets and since they live in a foreign country, they tend to be individuals who are for the most part unaffected by the economy or whether housing market prices rise or fall. Essentially, luxury real estate caters to the affluent that will buy or invest regardless of market conditions and statistics show that these wealthy individuals continue to overlook whatever supposed hardships real estate is enduring and usually plunk down millions for a Fisher Island property.
Sales of new Fisher Island homes costing $30 million dollars or more rose just over thirty percent last year and have continued to increase, evidence that luxury residential real estate is doing just fine. What does this mean for buyers? Despite what some may tell you, the luxury real estate market, Fisher Island included, remains a safe and worthwhile investment for local buyers, international ones or anyone who can afford to pay the princely sum attached to one of its gorgeous high end properties.
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