If you follow retail sales trends, the luxury retailers are fairing better than the others. The housing market is behaving the same way in the US. The luxury sector of the market is showing increased unit sales and prices; the rest of the market is either flatlining or continuing on a slow downward trend.
Zillow reports the "luxury" housing market is occupied by 1.5% of the US population. According to Zillow, prices of homes in the $1 million and up range have risen 0.7% since February 2011, while prices of homes less than $1 million have decreased 1.5%.
Zillow's economic chief economist has said, "luxury is the best performing segment of the housing market right now."
One main factor is foreign buyers are interested in these properties. Many foreigners believe the US housing market is very attractively priced. These buyers are cash buyers and enjoying the value proposition of the weakening US Dollar.
Luckily, being in the South Florida and specializing in luxury homes, I have seen an increase in activity. In Florida, international buyers account for about 33% of purchases, which is up from 10% in 2007.
I work with clients around the country and the world through the Internet and e-mail. It is remarkable how much can be accomplished over the Internet. By eliminating many properites prior to coming to Florida, it makes the time we have more productive. My out of market clients are well versed in the local market, have selected several homes to view and understand pricing. In other words, they are fully prepared to make a purchase on arrival.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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