Is it just me.... by Jason Frey
Is it just me or are we starting to see some significant activity in the luxury real estate market again? The number of qualified buyers that are considering purchasing properties in excess of $1 million has seemed to rise sharply over the last 6 weeks here in SW Montana.
It would seem that the perfect storm of low prices, low but increasing interest rates, a looming inflationary period in our national economy (read this as an increase in pricing) and the shift in the national psyche' from "the bottom could be tomorrow" to "I think the bottom was yesterday" coupled with the fact that a significant amount of money has been made in the stock market since the days of it closing in the 7,800's has spurred the buying public into action.
Our resort market in Big Sky has seen three closings in excess of $3 million close in the last two weeks, only one such transaction occurred in all of 2010. The Bozeman market has also seen a number of closings in excess of $1 million since the beginning of the year and Paradise Valley is showing signs of a very solid spring/summer as well.
The overall consensus is that many segments of the market that have been slow to down-right dormant are starting to see signs of activity.
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