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Each month, This Month in Real Estate provides expert opinion and analysis on real estate trends across the nation. The aim of the consumer-oriented segments is to provide real information on real estate.
The luxury home market is picking up, according to real estate practitioners all over the country. This trend is strictly anecdotal – no hard data yet. In fact, the National Association of REALTORS® say sales of homes priced above $2 million fell 39.1 percent in August compared to the previous year. But Barbara Feldman, vice president with Saunders & Associates in Long Island, N.Y.’s community of Bridgehampton, says, “We’ve seen a significant upturn in activity in the last four to six weeks.” And Charleston, S.C., associate Pat Broghamer with RE/MAX Advanced Realty, says buyers are “making investments in beach homes.” Kevin Schmidtchen, an associate with Sotheby’s International Realty in Santa Barbara, Calif., echoes the sentiment: “We’ve started to see a fair amount more pending and closed sales here in just the last two to three months.”
Source: Investor’s Business Daily, Kathleen Doler (10/15/2009)