The 2nd Half of 2013 has tell-tale signs that our National Luxury Housing Market continues to lead the residential real estate recovery. Luxury buyers are active, so why not put your dream plan into motion.
The major driving influencers in the luxury market are the wealthy international buyer looking to the U.S. as a safe stable haven to invest, wealth creation in purchasing prime real estate, currency fluxuation and a desirable lifestyle being the most powerful motivator according to the Institue for Luxury Home Marketing.
National trends also indicate the median list price is rising, last year this same time was 1.15 million as compared to this July, 1.26 million. Locally we are stabilizing and slowly trending upward. In our Denver Metro market luxury is represented as the top 10% of sales being 500,000 and above. The 1 million and above market is about 1.6% of total sales. Our local market depicts the hottest selling luxury price band is 500-799,000 in our Mountain Jefferson Central, Mountain Evergreen North and South. As always in Real Estate, Location is Key. To peak at current properties for sale click here.
Today’s affluent home buyers have a new attitude and a new set of priorities. The typical age is 45-64, looking for smaller homes with uniqueness and artisanship. Urban Center City and Rural areas are the most desired, while suburban purchases are slipping. Many say this will continue as empty nest boomers gravitate to a new lifestyle, while childless boomers find urban lofts attractive.
Buyers are sophisticated armed with all the information available on the internet and they are calculating future profitability when making their financial decisions to purchase. Then they turn to a local Realtor to confirm and validate all the data.
Luxury is a small, but desirable market niche and this is a great time to fine tune your luxury strategy if you have not already. Dreams should be realities.