Strong Showing for Luxury Real Estate
Luxury home prices climbed and closings on some of the world's most beautiful properties picked up in the second quarter of 2012, according to luxury real estate executive Robbie Briggs. "The luxury real estate market appears to be vibrant in many places domestically and internationally," says Briggs. "In my experience, buyers are coming in with strong offers of cash or heavy down payments. For the first time in a long time, I see homeowners with renewed confidence, thanks to lower interest rates."
The improvements in the luxury home market kept pace with reported gains in the domestic real estate market overall in recent months. Sales of existing homes of more than $1 million improved by nearly 17 percent in some regions in April over the same period in 2011, according to the National Association of REALTORS®, while new home sales at the high end of the market remained strong through May, according to statistics from the U.S. Department of Housing and Urban Development.
Briggs reports an uptick in sales of premium properties in a variety of areas, based on information from his colleagues in the luxury real estate market:
CEO Robbie Briggs independently owns and operates a luxury real estate firm in Dallas, Texas.