Luxury Home Market Coming to Life

By
Real Estate Agent with John R. Wood REALTORS

Luxury Home Market Coming to Life

Nationwide, the one segment that has shown signs of strength in 2011 is the luxury home market.  Even though some of the other price ranges are challenged by issues such as buyer mortgage qualification and lack of employment opportunities, the higher end market has to a great extent avoided those issues.

"Luxury is the best performing segment of the housing market right now," says Stan Humphries, chief economist of Zillow.

Prices of $1 million-plus properties have risen 0.7 percent since February, nationwide, according to Zillow.

A rebound in Wall Street has helped fuel a thirst again for mansions in the Hamptons and on Long Island, as well as luxury co-ops in New York City, where closings are returning to 2007 levels. Also, a tech boom is driving sales in the luxury market in Silicon Valley, where twice as many homes have sold for $5 million or more this year than the year prior.

International buyers are a big part of the rebound in the luxury market, housing experts say. Foreign buyers purchased $82 billion worth of U.S. residential real estate last year--an increase from $66 billion in 2009. In Florida, foreign buyers now make up a third of all home purchases, up from 10 percent in 2007.

Southwest Florida is further into the recovery than some other parts of the country, with good activity in all price ranges and most geographic areas.  The luxury market has, like other areas of the country, been quite active.  According to Phil Wood, CEO of John R. Wood Realtors, "We were particularly impressed with the strength of the high end local markets during the normally slow summer and early fall seasons."

The Wood firm is heavily involved in the million and over market, having sold thousands of homes in that price range.  Global marketing programs and the hundreds of web sites run by the company have been especially effective in helping reach potential upper end buyers.  Current area listings in that price category range from one million to approximately $28 million.

Source: Realtor.org

 

 

For more information, connect with Garren:

Follow Garren Grup on Twitter @BuyUpNaples Befriend Garren Grup on Facebook Garren's E-mail Form Garren's Profile on ActiveRain Real Estate Add Garren Grup as a Connection on LinkedIN Connect with Garren Grup on Plaxo

Please Feel Free to Call, Email or Connect with Garren for additional market information
or Search for Homes & Condo properties at http://www.Garren4Homes.com

Buyers, Check out the newest Home Search website
I have launched with a larger picture format to help you
Find and View ALL Homes in Naples, Bonita Springs, Estero & Fort Myers Beach Areas

Click to see a Map of Pelican Bay Properties For Sale

 ***Profiles of New Construction Developments & Homes in the Naples & Bonita Springs Area Here

Garren Grup is a Real Estate Consultant, REALTOR®, ABR, GRI, CDPE, SFR, CREN. Noteworthy Results in Luxury properties, Golf course homes, beachfront and vacation foreclosures!

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
Florida
Groups:
All Things Florida
Lets Do Business, Florida!
Florida Real Estate Investors
Anything Southwest Florida Area
Bonita Springs, Naples & Estero Life
Tags:
trulia
zillow
naples
realtororg
bonita springs
foreign buyers
luxury home market
florida townhomes
international homes

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
1,019,871
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

Glad to hear that.  You can't go wrong with a house on the water.  There just aren't much empty lots going to the ocean anymore.  Our high end market in Orlando is still decent but prices are way way down from what they were.

Dec 08, 2011 01:42 AM #1
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
155,077

Garren Grup

REALTOR, ABR, CNE,CDPE, GRI, Naples & Bonita Springs, FL
Ask me a question
*
*
*
*
Spam prevention

Additional Information