Higher end home buyers are starting to move.

Over the last few months I've notice an increase in my higher end buyers. To my surprise I thought it would of been because of the low interest rates but thats not the case most of them are cash buyers. Nice!
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November 22 2011 - Las Vegas
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Greg in California $1,000,000+ sales increased 21% over 2009. Cash sales accounted for 29%, the highest since 1994's 32% figure.

I'm doing my best to inform luxury property buyers that jumbo loans are not that hard to get, with rates in the 3% range on ARMs and 4% to 5% range for fixed rates. There is no need to liquidate substantial assets for their purchase.

Happy funding, Rudi
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November 22 2011
Profile picture for Craig1976
The high end in Texas has been morbid since early summer.  The debt crisis and everything that followed did not help, but I suspect our weather and taxes played a part too.  We don't have state income taxes but we pay 2.5 to 3% on property, so every $100k extra you spend on a home adds $2.5 to 3k a year to your cost of living.  The brutal summer meant lots of air con and water. I suspect the average McMansion was running $2k a month in water & electric, minimum.  Many recent transplants to Texas found this out the hard way, after they bought a big home because it was the same price as their little bungalow in California. 
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November 23 2011
 
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