Where as 2009 was a near disasturous year for luxury properties, the first quarter has seen an increase in buyer confidence, fueled by improved financing conditions, and more realistic seller pricing. Nationwide sales for homes $2 million to $5 million are up 32% from the first quarter figures of 2009, says Core Logic. The shock of the financial panic in 2008 left many buyers to nervous to bid, and the others who did wade in had problems with financing.
Let’s hope that the recent stock market tumble doesn’t unravel the turnaround. The luxury home buyer is very sensitive to the market, which for the first quarter was making them feel wealthier. Hopefully the markets will recover soon continuing to fuel the luxury home market.
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