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Maybe a better way to quantify "luxury" would be as a multiplier of the average home price. If the average price in bumblewood, Iowa is $125K, $750K looks like a huge jump. But if the average price is $300K is doesn't look as dramatic of a jump.
Did they really build 750k houses in Bumblewood, Iowa?!
Quote:
Originally Posted by Rakin
It must be tough being the expert on every neighborhood in every city like you are, that would over load the computer.
I'd trust the locals to educate me on their market.
OK, I'm sorry... if homes are selling for 750k now that sold for 900k in 2006, that works for me. I just felt like that was weird considering what I was reading. What's your absorption rate for 750k+?
Which kind of goes against what you were saying about 750K houses not be luxury anywhere. in Bumblewood, Iowa luxury houses may be even cheaper.
You just made me google Bumblewood, IA.
I'd think there were a considerable amount of metros sporting 750k+ stock. Certainly in areas covered by most of the agents posting here. But I submit to really going off on a tangent with the number based off the charts. Luxury as a term is in the eye of the beholder.
I guess it's in every individuals perspective but $900k would buy me a pretty nice home. We downsized and sold our Luxury home in Oct of 08 for that price right before the market started to sag.
We have some San Diego friends who come out yearly, she's an agent and told us many times that house would have run into the multi-millions.
Many times we get in these East / West Coast couples and have to work hard in getting them to not overspend in an area.
just pulled this off of CD for Mikey's Union Co. NC :
Estimated median house or condo value in 2008: $207,100 (it was $123,300 in 2000)
Union County: $207,100
North Carolina: $154,500
Lower value quartile - upper value quartile: $139,400 - $332,100
Median monthly housing costs for homes and condos with a mortgage: $1,406
Median monthly housing costs for units without a mortgage: $364
With an '08 median price of $207k, my perception is that $900k would buy a luxury home.
$900k buys a seriously nice home in my area. Median home price is around $185,000 in my area. Anything around $500-$600 is considered "higher end homes" in my area. Luxury homes are above that. We have like a 5-6 year inventory of luxury homes in my area and that is a totally dead sector and will be for a long time in my area.
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Last edited by whathousingrecovery?; 08-27-2010 at 02:59 PM..
just pulled this off of CD for Mikey's Union Co. NC :
Estimated median house or condo value in 2008: $207,100 (it was $123,300 in 2000)
Union County: $207,100
North Carolina: $154,500
Lower value quartile - upper value quartile: $139,400 - $332,100
Median monthly housing costs for homes and condos with a mortgage: $1,406
Median monthly housing costs for units without a mortgage: $364
With an '08 median price of $207k, my perception is that $900k would buy a luxury home.
Union county is pretty unique for NC. Its where all those people who sold their homes in NY/MA/CA/etc and bought one here for cash. Where all the "new" money is (as opposed to the "old" money being in South Park). Yes, I'm generalizing.
That area is flooded with development after development. The kinds of developments that say "From the 800ks" (Marvin Creek, for instance). We're working in one down there right now where the lots go for $230k. That's more than my house, and I got 3300sqft on an acre! Mindboggling!
Its just a shocker, having been here all my life, houses up my way can cost less than 100k (without being in the bottoms). We don't understand what so many people do for a living that allows such a price for a house
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