Believe it or not, we have officially returned to a time where tens of millions of dollars are once again being thrown into bidding wars for trophy properties in the most sought-after localities of the nation. U.S. News solicited the experts to reveal the driving factors behind the surge of top dollar sales and the now sizzling mega-million housing market.
1. A Safe Haven: In the eyes of affluent foreign buyers, the U.S. luxury housing market is a relatively safe depository for investments compared to Europe’s tumultuous markets.
“Even with the negative outlook . . . investors continued to flood into U.S. treasuries, driving rates of return lower.”
2. Cash Flow to Seal the Deal: High-end homebuyers are not constrained by the tight credit and mortgage issues that the majority of today’s homebuyers are facing; rather, these big-time buyers have the freedom to purchase or at least offer a significant down payment up front.
“There’s a sentiment . . . That’s moving some [would-be buyers] from the sidelines and getting them into the game.”
3. Pouncing “Low” Prices: Every buyer knows low prices won’t last for long; and when it comes to mega-mansions, buying could mean saving millions.
“Even if you’re in [the luxury market segment], prices are lower than they were three, four, five years ago.”
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Source: U.S. News