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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?
Yes, here in Denver sales of luxury properties have increased. Partly because the economic rebound and part because of increased lending of jumbo loans.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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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.
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.
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.
Location: Danbury CT covering all of Fairfield County
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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.
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.
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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