Market for Mansions back on the rise

September 26, 2011 | Comments Off on Market for Mansions back on the rise

The Charleston, SC Post & Courier newspaper had a great article in it this past weekend regarding todays “luxury” home market. On one hand there are foreclosed ravaged areas such as Detroit and on the other there are bidding wars in Birmingham. Multimillion dollar mansions  are selling quickly. Sales in August were up 21% from last year. Ronnie Keating, a real estate agent with Sotheby’s International stated that she is getting more showings, more offers and more sales.

In the luxury sector, the recession is a memory and sales and prices are rising. Everywhere else, the market seems to be moving sideways and/or getting worse.  Prices in todays housing market have fallen 30 percent or more since the peak in 2007. That’s a steeper decline than during the Depression. Some people have had their homes on the market for a year without a single offer.

Almost a quarter of American homeowners owe more on their home than it’s worth. About half of todays homeowners couldn’t get a mortgage if they applied today.  Then there’s the other housing market, occupied by only 1.5 percent of the U.S. population with outdoor kitchens, in-home spas and closets the size of starter houses. International buyers seems to hold all the cash in these deals.

Source: Post & Courier and Zillow.com


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