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Old 12-13-2013, 11:21 AM
 
Location: Prescott, AZ
174 posts, read 395,270 times
Reputation: 106

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Trent in Prescott, AZ

I am just curious if you have seen anything in this price range start to rebound/move? Are homes in the high price range beginning to move in your market place? I know the lower price point here is very active with multiple offers full price etc. going fast, but I am curious if you have seem any activity in the high price points of your market?
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Old 12-13-2013, 11:36 AM
 
Location: Just south of Denver since 1989
11,818 posts, read 34,314,072 times
Reputation: 8940
Yes, here in Denver sales of luxury properties have increased. Partly because the economic rebound and part because of increased lending of jumbo loans.
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Old 12-13-2013, 07:57 PM
 
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,226 posts, read 80,405,058 times
Reputation: 57133
Here in the Seattle area they have continued to sell quickly, but they those at 2 million or more have been taking longer unless they have waterfront or great views.
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Old 12-13-2013, 09:17 PM
 
Location: NY/LA
4,646 posts, read 4,516,138 times
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2013 has been a pretty good year in Manhattan Beach, CA. Plenty of houses going with multiple bids, plenty of houses selling above asking.
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Old 12-13-2013, 10:04 PM
 
Location: Needham, MA
8,527 posts, read 13,931,119 times
Reputation: 7908
Here in the suburbs of Boston the $1M+ price points have been fairly healthy this year. I'm not seeing tons of multiple offer situations at this price level but I have seen a few. The good news is these listings don't tend to linger.
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Old 12-15-2013, 11:40 AM
 
Location: Barrington
63,919 posts, read 46,514,480 times
Reputation: 20674
I am 45 NW of Chicago. The unsold inventory of >$1MM properties continues to far exceed the demand.
The $400-700K market has been recovering, just fine.
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Old 12-15-2013, 12:47 PM
 
Location: Danbury CT covering all of Fairfield County
2,623 posts, read 7,397,988 times
Reputation: 1371
The only homes over $1 million in my immediate market area are waterfronts. I'm 60 miles northeast of NYC. There is a shortage of good condition starter homes that aren't short sales for single family homes between $200,000 and $300,000.
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Old 12-16-2013, 11:49 AM
 
Location: Southern California
4,453 posts, read 6,772,752 times
Reputation: 2238
Homes that were priced right never stopped moving. Houses that were pulled off the market a couple of years ago asking 2M have recently be sold for 1.5 to 1.8. They were listed too high to begin with. There is a new ugly spec home listed for $1M that hasn't sold for months a house a block away listed and sold for 1M in 2 days. The ugly spec home would sell for 800 and needs 50k in work.

I'm in a suburb of LA

Rate on Jumbo ARM are still ridiculously low and people at that price range aren't scared of ARMs. I think it has to do with the high income tax rate. If an ARM goes from 3% to 8% and you are in the 50% bracket it is like you are borrowing at 1.5 to 4%, and 4% is not that bad. If you are in the 20% bracket and your rate goes from from 3%-8%, your interest jumps from 2.4% to 6.4%. I'm taking about resulting interest due to tax deductions. There's a new way to look at ARM, be caution about getting them if you are in a low tax rate.
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Old 12-17-2013, 08:38 AM
 
1,835 posts, read 3,248,547 times
Reputation: 3788
Here in Houston the 1MM homes wont last a day if its in the right place. We have a very tight market in the $1M-2M range...a little bit softer in the 2+M range.
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