• Client Sign-in   New Account
    •    Luxury Real Estate News

    Your Real Estate Expert for Beverly Hills, Bel Air, Malibu & Los Angeles, California

    Back to Main Blog Listing...

    2009 3rd Quarter Luxury Market report

    October 16, 2009

    Beverly Hills, Bel Air, Malibu & Los Angeles Luxury Real Estate Market Report for October 2009.

    Everyone asks me “So how is the market?” The answer is “it depends, are you a Buyer or a Seller?” While the latest news reports have shown some rising home prices, these statistics represent the average home sales that are well under the million dollar price point. Homes that are valued over $2 Million represent less than 2% of home sales nationwide and this market is currently experiencing strong price fluctuations.

    Our current luxury market is showing price sales that are comparable to our 2003 market. This represents a drop in value of approximately 30% to 40% from the market peak of 2007. So if you are a Seller and you have owned your home for more than 6 years, you are still most likely able to sell at a healthy profit. If you purchased your home after 2003, be prepared to sell at a lower price unless you have done some serious improvements or have some other kind of highly coveted feature.
     
    The good news is that Buyers, both local and foreign, are taking advantage of the lower prices and are perceiving our current real estate market as a great value, so sales activity is definitely rising! An experienced agent that is current with the latest market trends that includes international marketing, photographic campaigns, internet social media, short sales, and auctions should be successful in getting your home sold. Our luxury market is doing well, homeowners are able to sell their properties and buyer activity is on the rise with sales happening everyday.
     

    Comments

    Add a Comment..
    Your name:
    Comment:

    To prevent spamming: What is the capital city of Texas?
    Answer: [click here for answer]

    Submit Your Blog! - Writers Wanted

    To have your blog featured on this site for FREE, Please send us your blog for consideration. You will recieve full credit for the article AND a link to your site.

    info@laclassicestates.com

    Recent Posts

    Archived Posts