Luxury Home Sales Bounce Back - WSJ.com...especially in the San Francisco luxury home real estate market.
"After a near-disastrous 2009, the luxury market appears to be making a comeback, driven by growing buyer confidence, improved financing conditions and more-realistic seller pricing.
Despite the housing downturn, attractively priced homes in some of the nation's most coveted neighborhoods are selling, sometimes fast and sometimes with multiple offers.
Nationwide, sales of homes selling for $2 million to $5 million in the first quarter totaled 2,461, up 32% from a year before, says CoreLogic."
Recently, a gorgeous 4 Bedroom home in San Francisco's family-friendly Noe Valley neighborhood (San Francisco, CA 94114), listed for about $1,700,000. Within a week, the Seller had received 4 offers, 2 of which were "All-Cash" and with no contingencies!
In San Francisco, if a home is priced right for today's market and in a desirable neighborhood, it will sell. This is just not the depressed market that you read about... That's good news for Sellers, especially those who have owned their homes for a while and/or have other savings and are looking to trade-up.
Buyers, don't despair. Prices remain significantly down from the peak. Yes, you may have competition and need to write an over-asking offer BUT you are competing at a price point 10-20% off of peak prices. And with today's LOW mortgage interest rates, real estate in San Francisco remains a killer deal.
