In a recent article by MSNBC's reporter Robert Frank, he discusses changes in the luxury home market, specifically for homes exceeding a million dollars.
He states:
"The weakness at the top of the housing market marks a big shift in the housing economy. After the financial crisis, luxury housing was the strongest segment of the market due to the strong recovery of the wealthy. Now, with stock markets more volatile, demand slowing from overseas buyers and a surging supply of high-priced homes, the top of the market is now among the weakest."Many homes that are usually snapped up quickly in the some of the nicest regions of the country sit vacant and unsold, the wealthy would-be-owners becoming conservative in their purchases. As a result, many luxury homes are lowering in cost, dropping in price drastically. The price demand has shifted to lower and middle-priced ranged houses.
Because of this drop in price, this could be a good opportunity and may in fact be a good time to purchase a luxury home, as costs are at an all-time low. Search Utah luxury homes through our website! Our free Utah home search can assist you in finding that perfect luxury home.
He goes on to state:
"The highest-priced sale in the quarter (outside New York) was the $45 million sale of a 2.2-acre estate in North Laguna, California, called Twin Points. The estate features sweeping ocean views, a Polynesian-themed main residence, pool and motor court. It was originally listed for $75 million."Read the full report here.