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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:
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
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For more information, connect with Garren:
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!
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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... Noteworthy Results in Luxury properties, Golf course homes, beachfront and vacation foreclosures!
On a national level, August 2011 sales were up
According to the National Real Estate Association (NAR), existing-home sales rose 7.7 percent to a seasonally adjusted annual rate of 5.03 million in August from an upwardly revised 4.67 million in July. "The increase came even as overly tight credit, appraisal issues, and Hurricane Irene hampered markets. Some of the improvement might result from sales that were delayed in preceding months, but favorable affordability conditions and rising rents are underlying motivations," NAR Chief Economist Lawrence Yun says. Investors were more active in absorbing foreclosed properties. In additional to bargain hunting, some investors are in the market to hedge against higher inflation. Source: National Association of Realtors.
Additionally, certain areas of the country such as California, Arizona, and others are currently experiencing real estate markets that are robust and thriving, despite difficulties in some other locales. As an example, see these two reports from Phoenix and North Carolina by RealTrends:
For more information, connect with Garren:
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... Noteworthy Results in Luxury properties, Golf course homes, beachfront and vacation foreclosures!
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Naples, Bonita Springs & Estero offers exquisite waterfront, beachfront & golf course living through an incredible variety of homes & condos. The formulas to achieve your real estate desires are here!
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As a (CDPE) Certified Distress Property Expert, I can counsel homeowners in the various options to consider if they find themselves in a situation where they are having difficulty affording their mortgage payment or an adjustment in the interest rate is just around the corner and they will have difficulty paying the new ARM (adjustable rate mortgage) payment with a higher rate. The short sale of a property is a difficult decision, the consequences of which are ALWAYS better than a Foreclosure. Make sure you have all the facts by consulting an expert so you make the right decision for you and your family.
A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale and the loss associated with writing off the bad debt. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy at these banks and the Obama administration have also improved the chances of getting a short sale approved. There are other options however and you should consult knowledgeable authorities like me that can provide additional resources to determine if this is your best option.
Here's a more official definition of a short sale for those less familiar:
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