Luxury Home Market Remains Strong in 2007January 12, 2008
As 2008 begins, there are six U.S. homes on the market for $100 million or more. The most expensive is a Los Angeles estate listed for $165 million which was formerly owned by Randolph Hearst. According to the Luxury Trends Report 2007-2008 the market for luxury homes still reported one of it’s best years ever! “Although statistics have only been reported for the first eleven months of 2007, the National Association of Realtors predicts the year will wrap up as the fifth best year on record for resale housing. That’s the silver lining on the cloud of a declining residential real estate market. The years leading up to 2007 were so strong that despite the historical strength of last year, sales numbers declined and the market paled in comparison to the preceding record-setting years. Declining prices, growing inventories, and the problems associated with “creative” securitization of mortgages were the added factors making 2007 a less than banner year.
On a positive note, the luxury market outperformed the market in general. The very top of the market remained strong. New U.S. price records were set, broken, and set again in 2007…”
In Orlando our luxury market remains strong and I expect sales to inrease as the Burnham Institute and other industries begin relocating to the Central Florida area.