I am blessed with a number of luxury home buyers right now.
One just purchased an elegant home on the Northeast side of Ann Arbor. One is looking right in town. And a third is looking on the Southeast Side of town down into the Saline area.
With many of these types of buyers the price is not really an issue. They have budgets that climb up to about the 1.5 million range, so price isn't the concern. Value certainly is however.
And that can produce some frustration when a home seller's asking price is based on things other than value.
Twice this year I've had sellers tell me that their home's value is based on what they have in it. (These people own million dollar homes so they aren't stupid.... well then again I guess they are.)
It is also interesting to be showing a buyer a $1.2 million then showing them a home priced at half that. Not something we experience much when we are looking at more modestly priced homes.
The final point is that there are going to be a lot of luxury homes that sit vacant this winter in the area. This is good for buyers but not real good for anybody else.
Capitalism can be cruel!
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