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Here is Georgia's highest priced home -$45 M - this is a new article released today:
Georgia’s priciest home hits the market « Pruitt Pulse (http://pruittpulse.com/2008/03/19/georgias-priciest-home-hits-the-market/ - broken link)
Makes the supposition that $750,000 > is defined as "luxury" here in CLT seem way off base, doesn't it?
Hard to fathom an estate (other than a complete resort/hotel) that costs $45 M.
ani - The most expensive house in NJ was the $59 million Fricke Estate in Alpine. It's a nice 30,000 sq footer on 16 acres north of the George Washington Bridge with a great view of Mahattan and the lower Hudson Valley. Before that, there was a house in Morris County that belonged to an Arab Sheik on 300 acres. It had 39 bedrooms - you never know when friends and family are going to show up on your doorstep and you don't want to be caught unprepared. I just wondered if there was a county that had these mega-mansions. Oh Well, given the relatively inexpensive land costs here, you could surprise the "little woman" with here very own county for a Christmas present! Then, she could have the fun of designing a house!
Last edited by TheEmissary; 03-19-2008 at 04:36 PM..
I've seen many great neighborhoods mentioned in this thread. I want to include mine. We live in Emerald Lake and are very happy with our community. We have just 260 homes surrounding one of the best public golf courses in the area. We have a very active community. We are a strong mix of families and empty nesters. Our HOA won an award for being the best in the State in 2007. Most homes in our neighborhood are still below 500K, but that won't last. The Bridges Mall has broken ground and will be open Fall of 2009. If you haven't heard, The Bridges Mall will be high end and unlike any mall anywhere in our area. It expected to be a huge draw. PF Chang's, The Cheesecake Factory and there are rumors that an Internationally recognized themed restuarant will be part of the mall. Emerald Lake is less then 2 miles from the mall.
Our community has been affected by the real estate slow down in that properties are sitting longer then normal, but I know some of the people that are selling and they know it's worth waiting out. They aren't budging off their price. A couple are even thinking about going FSBO until the mall starts driving the prices up.
If you are looking in UC, please take a look in our neighborhood.
I've seen many great neighborhoods mentioned in this thread. I want to include mine. We live in Emerald Lake and are very happy with our community. We have just 260 homes surrounding one of the best public golf courses in the area. We have a very active community. We are a strong mix of families and empty nesters. Our HOA won an award for being the best in the State in 2007. Most homes in our neighborhood are still below 500K, but that won't last. The Bridges Mall has broken ground and will be open Fall of 2009. If you haven't heard, The Bridges Mall will be high end and unlike any mall anywhere in our area. It expected to be a huge draw. PF Chang's, The Cheesecake Factory and there are rumors that an Internationally recognized themed restuarant will be part of the mall. Emerald Lake is less then 2 miles from the mall.
Our community has been affected by the real estate slow down in that properties are sitting longer then normal, but I know some of the people that are selling and they know it's worth waiting out. They aren't budging off their price. A couple are even thinking about going FSBO until the mall starts driving the prices up.
If you are looking in UC, please take a look in our neighborhood.
Take care!
Great info and nice to receive insight from a resident.
That is amazing about the Mall. You are saying you think it would be as high end as SouthPark Mall?
Could you give more info or post a link where we can find out more about such things as your HOA fees, club membership fees, etc.?
Thank you for weighing in on the "luxury market." I suspect you are right; golf clubs and resorts traditionally hold their value, unless they are mis-managed.
So to answer the OP's question . . . is the luxury market dead? His definition of luxury is over $750,000. ????
I personally think it is dying, but I am no financial analyst nor am I a mortgage broker or realtor.
The upper end market is not dying, it's just slow right now. Union COunty is one of the fastest growing counties in the country, and for good reason. If everyone thinks the Charlotte RE market is bad, be thankful you don't live in Miami, or Pheonix, or San Diego, etc, etc, etc, etc, etc, etc, etc, etc, etc.
We're fine.....just be patient. Our numbers are holding steady, albeit we have a ton of inventory on the market. But that's the same with any business....supply vs. demand. The demand remains, but the supply is plentiful. Get rid of the supply, and prices will clime. The mortgage industry is taking action and having some great results.....it's time the builders use a little common sense, work together and thin the heard of existing homes - for everyones benefit.
The upper end market is not dying, it's just slow right now. Union COunty is one of the fastest growing counties in the country, and for good reason. If everyone thinks the Charlotte RE market is bad, be thankful you don't live in Miami, or Pheonix, or San Diego, etc, etc, etc, etc, etc, etc, etc, etc, etc.
We're fine.....just be patient. Our numbers are holding steady, albeit we have a ton of inventory on the market. But that's the same with any business....supply vs. demand. The demand remains, but the supply is plentiful. Get rid of the supply, and prices will clime. The mortgage industry is taking action and having some great results.....it's time the builders use a little common sense, work together and thin the heard of existing homes - for everyones benefit.
Just curious - who will be buying down the inventory when (admittedly in your own post) it's so bad everywhere else?
I'd be really interested to hear what the mortgage industry has done to get "some great results" - the banking industry just took a huge bath (even hitting the investment banks now - look at Bear Stearns). The only thing the mortgage industry seemed to do was make it harder to qualify for a mortgage... oh and continue to lose money on short sales and foreclosures.
and Builders working together? The day that happens will be the same day that all the Realtors work together - I think you're forgetting that these people are in the business to make money for themselves.
Just curious - who will be buying down the inventory when (admittedly in your own post) it's so bad everywhere else?
I'd be really interested to hear what the mortgage industry has done to get "some great results" - the banking industry just took a huge bath (even hitting the investment banks now - look at Bear Stearns). The only thing the mortgage industry seemed to do was make it harder to qualify for a mortgage... oh and continue to lose money on short sales and foreclosures.
and Builders working together? The day that happens will be the same day that all the Realtors work together - I think you're forgetting that these people are in the business to make money for themselves.
Right Again Mikey - I go on the NJ forum alot and those 2000 sq ft $650,000 houses aren't selling like Whoppers with Cheese at lunchtime. There goes the South Charlotte and Union County markets to a large extent. The bomb went off last year, Charlotte is just starting to feel the effects of the blast wave!
The upper end market is not dying, it's just slow right now. Union COunty is one of the fastest growing counties in the country, and for good reason. If everyone thinks the Charlotte RE market is bad, be thankful you don't live in Miami, or Pheonix, or San Diego, etc, etc, etc, etc, etc, etc, etc, etc, etc.
We're fine.....just be patient. Our numbers are holding steady, albeit we have a ton of inventory on the market. But that's the same with any business....supply vs. demand. The demand remains, but the supply is plentiful. Get rid of the supply, and prices will clime. The mortgage industry is taking action and having some great results.....it's time the builders use a little common sense, work together and thin the heard of existing homes - for everyones benefit.
I've heard of the benefits of positive thinking, but the mortgage business doesn't seem to be focusing on upper end (or luxury) houses right now. The fed gave money to fannie mae and freddie mac a couple of days ago, but that money will have little or no impact on the 750+ market. Also, builders working together won't happen because that means they would essentially have to stop building and when builders don't build they don't eat. From where I sit it seems that we will have problems for the foreseeable future. I'm betting that these builders will turn there attention to houses in the price range where fannie and freddie will guarantee the mortgages, i.e. under 500.
ani - The most expensive house in NJ was the $59 million Fricke Estate in Alpine. It's a nice 30,000 sq footer on 16 acres north of the George Washington Bridge with a great view of Mahattan and the lower Hudson Valley. Before that, there was a house in Morris County that belonged to an Arab Sheik on 300 acres. It had 39 bedrooms - you never know when friends and family are going to show up on your doorstep and you don't want to be caught unprepared. I just wondered if there was a county that had these mega-mansions. Oh Well, given the relatively inexpensive land costs here, you could surprise the "little woman" with here very own county for a Christmas present! Then, she could have the fun of designing a house!
Emissary,
I think this is the estate that was sold a couple of years ago. They are now building I think about 15 houses on the property. Pass by it every time I go over the GWB. Just noticed today they have the first house framed. A $59 million tear down. Gotta love it.
Don't most people want to move into their homes during July/August? I'm sure builders don't have time to build new homes in time for school this year, maybe they did in January and February. And as most of them were not accepting contingents for new builds I think the resale inventory will start to disappear.
Emissary,
I think this is the estate that was sold a couple of years ago. They are now building I think about 15 houses on the property. Pass by it every time I go over the GWB. Just noticed today they have the first house framed. A $59 million tear down. Gotta love it.
Barb - It's still for sale! I think the development you're referring to is part of the original land holdings that were sold off. I have to correct myself - it's on 18.65 acres. As soon as I win that big Power Ball Lottery, I might have a new vacation home!
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Then, she could have the fun of designing a house!
Look in Emerald Lake in UC
