Below is an exerpt form Daily Real Estate News. I found this interesting since we have also noticed an uptick in the higher end market. Whereas the homes values discussed below are generally 1 mil and above our indicator is that homes in the $500,000 and $600,000 range are now being sold. To me this is another sign that the Galveston Real Estate market will be on the upswing in 2010.
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)
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