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Sales of waterfront and luxury real estate in the Greater Seattle market have been fairly strong in the past year, as compared to the general market. Coming off a dismal 2009 of luxury real estate sales, we saw huge gains in total sales all over the Puget Sound region. Sellers have adjusted their pricing to today's market and prospective waterfront/luxury home buyers have responded in droves.
It seems that much of the same has happened across the country, according to a CNN Money report. Their analysis is that when the stock market makes gains, wealthier buyers will spend money on real estate, even in a bad economy. I'd say that's a bit simplistic, but it certainly does have an effect.
More likely, though, these are folks who considered buying a high-end home three to four years ago. Prices on some waterfront homes have gotten lower than we've seen since 2005, and buyers are betting the bottom is in sight.
CNN Money report:
The rich have returned to the real estate market and are taking advantage of big bargains in luxury homes. Sales of million-dollar homes and condos increased last year in all 20 major metro areas — with some cities seeing an 18.6 percent increase in high-end home sales, according to DataQuick Information Systems. The increase follows four consecutive years of declines in million-dollar homes.
The market that fared the best in high-dollar real estate: San Jose, Calif., which boasted a 27.4 percent increase in sales last year in million-dollar homes. Honolulu also saw a big spike in million-dollar sales — a 26 percent increase — as well as New York, where million-dollar home sales rose nearly 25 percent.
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The market that fared the best in high-dollar real estate: San Jose, Calif., which boasted a 27.4 percent increase in sales last year in million-dollar homes. Honolulu also saw a big spike in million-dollar sales — a 26 percent increase — as well as New York, where million-dollar home sales rose nearly 25 percent."Sellers are usually not betting on the market. They're usually selling to move away, or to buy another home. The sell-and-buy transaction isn't really a hedge against any market direction unless you're significantly changing price ranges.
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