Western Resort Towns, Boston, New York, and Denver continue strong in the Luxury market segment
Sales of luxury homes continue to outperform the rest of the market in many key locations, according to David Leonhardt from The New York Times.
Several causes seem to be in evidence including the fact that higher income buyers continue to experience strong income gains and a rising stock market, and foreign investors have more buying power with the continued decline of the dollar against other global currencies. Additionally, the increasing interest rates affect lower and middle income families on a larger scale, while many upscale buyers rely more on cash.
Cities including Boston, New York City, San Jose, Calif., Seattle Denver, and Houston have posted year to date luxury numbers comparable to 2005, a boom year. Other key markets appear to be trending in that direction as well.
Numbers in the second home resort market continue to rise as well, with record appreciation increases and record sales in places like Breckenridge, Colorado, Aspen, Vail, Telluride, and Park City, Utah.
All of these are continued reasons to engage a local Realtor© to track the specifics of the market you are considering. With up to date information and a Realtor to guide you through the history of the market, you will maximize your long term investment potential.