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Wednesday, August 05, 2009
FAR REPORTS CLIMB IN LUXURY HOME SALES
The pace of luxury home sales has picked up according to the Florida Association of Realtors.
... More lenders are willing to make jumbo loans for mortgages (Jumbo Loans are defined as more than $432,750 in south Florida)
... Foreign buyers are renewing their interest in buying, coming looking for waterfront palaces on sale
... Values in south Florida are seen as depressed and borrowers in the super luxury home market are seen as a very unlikely default candidate.
... First-rate properties are selling for 25% less now and attracting interest, sometimes with multiple offers.
Heftier down payments are now required, some up to 50% of the purchase price, and stringent verification of income and assets, though many in the ultra-luxury category ($5,000,000+) do not finance.
Luxury prices hold up better in downturns and take less of a hit, and usually are first to recover.
In July 2009, two ultra-luxury properties sold in Palm Beach County, a Manalapan estate reaching from ocean to ICW with boat dock for yacht on ICW, 5 bedrooms, 6 baths, 11,000 living sq ft sold for $9,475,000, listed for $11,000,000, on market 144 days. One other such property, a Highland Beach Ocean Place oceanfront estate with 6 bedrooms, 8 full and 2 half baths, 9,525 living sq ft, sold for $5,750,000, listed for $6,900,000, on market for 273 days. 48 homes sold in July 2009 in Palm Beach County between $1,000,000 and $4,999,000.
From January 1, 2009 to July 31, 2009, 75 homes in Boca Raton were sold over $1,000,000, the highest price was $12,900,000 in Royal Palm Yacht & Country Club.