Luxury real estate stays strong
Many high-end properties have been on the market for the past years, waiting for the economy and market to recover. Bozeman is a secondary home market within the Rocky Mountain area, with towns like Aspen, Telluride, Park City, Whitefish, and Jackson Hole commanding far higher prices per square foot for comparable homes.
Is the Housing Market Recovery Splitting in Two? – National Association of Realtors
A new article at CNBC.com suggests that the real estate market is splitting in two, with the high-end segment soaring and the rest of the market continuing to struggle as it inches toward recovery mode.
“It’s become a tale of two markets,” Michael Simonsen, CEO of Altos Research, told CNBC.com. “At the high end, well-financed people have taken advantage of cheap money. And demand is up, inventory is down, and prices are responding.” (http://realtormag.realtor.org/daily-news/2012/06/06/housing-market-recovery-splitting-in-two?om_rid=AADueq&om_mid=_BPz4WLB8jXmqjd)
Tale of two markets: No downturn in megahome sales – The Bottom Line, MSNBC.com
The real-estate market is splitting in two, with wealthy buyers driving stronger growth at the top while the rest of the market continues to struggle.
From $16 million log mansions in Aspen to $90 million glass-walled penthouses in Manhattan, high-end real estate is defying the broader real-estate slump and weak financial markets. In local real-estate markets with a median home price of $1 million or more, prices are up more than 10 percent year over year, and inventory is down 10 percent, according to Altos Research, the real-estate analytics firms.
Hyper-wealthy markets are doing even better. In markets with a median home price of $10 million or more, prices are up 13 percent or more. The absorption rate — the rate at which inventory is drawn down — has sped up by 11 percent this year, according to Altos. (http://bottomline.msnbc.msn.com/_news/2012/06/05/11993853-tale-of-two-markets-no-downturn-in-megahome-sales?lite)
With mortgage rates still low, now is a perfect time to call us to discuss that investment property or luxury dream home you’ve had your eye on.