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Luxury Home Sales Are Making A Comeback

Wednesday, June 02, 2010 /

Despite the slow housing conditions, luxury home sales are making a comeback in today’s market with growing buyer confidence, improved financing conditions and more-realistic seller pricing. Lavishly priced homes within the nation's most popular neighborhoods are not only selling, but are selling faster with multiple offers. Homes priced from $2 million to $5 million totaled 2,461 during the first quarter, which is up 32% from a year before.

The Wall Street Journal reported that in some areas of the United States, home sales over $2 million in the first quarter were in fact on par with the levels of 2005, which we all know was the year we saw a peak for existing-home sales nationwide.

A great example of the growing trend of luxury home sales taking place is in San Francisco. San Francisco sold 49 homes priced from $2 million or more during the first quarter. In 2005, 47 homes were sold in the same price range. In Manhattan, there were 402 homes sold for $2 million or more compared with 311 home sales in the first quarter of 2005, according to Miller Samuel Inc. Even Las Vegas home for sale, which was one of the areas hit the hardest by the housing market, saw 21 such sales in the first quarter, which is up from 15 in the first quarter of 2005. Although it may seem that the majority of the housing market is at a standstill or a slow crawl back to normal, it is clear to say the worst is behind us in new homes for sale and resale homes. 

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