One of the best ways to judge the strength of the luxury housing market is to simply count the number of serious buyers at a weekend open house event.
Recently, I held an open house at my new listing at 4325 Westway in Highland Park, Texas. This tasteful Fooshee & Cheek designed 1950 Colonial Revival home offers a spectacular opportunity to purchase an immaculate, designer-owned residence in the prestigious Highland Park Independent School District at the very competitive price of $1,199,000. Judging by the attendance at Sunday’s open house, a house with this much bang for the buck won’t last long in today’s luxury market. In a two-hour stretch, approximately 35 people toured the residence. Many of these folks were not simply “kicking tires,” they were seriously in search of a new home.
In addition to luxury home shoppers being drawn to competitively priced homes, a trend I am increasingly seeing (and this open house strongly reinforced) is their desire for a downstairs master suite. Often these same buyers are also looking for a downstairs guest suite for their aging parents.
Another trend I am seeing quite often is buyers looking to simplify their lives by downsizing from a larger home to a smaller home that is completely move-in ready.
Lastly, entertaining at home remains a very strong draw for luxury home buyers. Well-appointed kitchens and an outdoor entertainment area -- preferably one that is surrounded by a pool -- are major factors in just how many luxury home shoppers will visit an open house. These same attributes are also often the determining factors in just how fast a well-priced home such as 4325 Westway in Highland Park will sell.
To learn more about this exceptional buying opportunity, visit my Web site at www.DPMfineHomes.com