Luxury buyers want to know if it’s safe to jump in the market and buy properties over the $1 Million price point. The answer is easy. Yes, luxury homes over $1,000,000 are moving and yes there are fantastic deals out there.
Earlier this year I was able to get an offer accepted for one of my high-end buyers that made us all excited. We negotiated $300,000 off the asking price. My buyer was thrilled.
Here are the numbers below to show you what I’m talking about. Douglas County luxury real estate prices have come down and there is plenty of really good inventory to look at.
This is a year over year comparison of Luxury Home Sales from the same time periods of January 1st to October 26th 2010 versus 2011.
The lower number of sales may reflect the crazy stock market ride we have had this summer. I’m sure luxury home buyers in Douglas County Colorado were stalled from making decisions during the major market shifts of the summer.
The original asking price versus final sales price shows us sellers are slightly learning that their homes are not quite work what they are hoping for or at least buyers don’t view them as being worth what the sellers are asking.
The $20 per sqft drop is a pretty good indication that the market has softened even more. I think that’s a pretty good indicator of continued softening.