After a tough 2009, the luxury home market is on the upswing. Sales of homes with asking prices of $2 million to $5 million in the first quarter totaled 2,461, up 32 percent from the previous year.
The increased sales appear to be driven by realistic seller pricing, increased buyer confidence, and improved financing options.
But even though the market appears to be improving, experts still have concerns. They say sales of high-end homes are affected by the movement of the stock market, and “if the markets don’t recover soon, it will scare people” and hurt demand for high-end homes, says Kenneth Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at the University of California, Berkeley.
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Source: The Wall Street Journal, Juliet Chung and James R. Hagerty (05/28/2010)
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