Million Dollar Homes in Napa Valley
Mar 03, 2010“ Million dollar homes sales are declining throughout 2009, but experts say buyers who have the cash on hand are walking away with some amazing deals. ”
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(ePrintWire.Org) – In the 20 largest US metros, only 2,800 homes sold for over $1 million in July 2009, compared to more than 5,600 in July 2005, according to MDA DataQuick. Nationwide, sales of million dollar homes are down 27%, says the National Association of Realtors. “Everyone has less money than they once had,” explains Amy Wright, an agent in Rancho Santa Fe, California.
In Rancho Santa Fe, California – home to Bill Gates and Howard Hughes – prices have declined 30%, with foreclosures and short sales accounting for 15% of the market. Years ago, people who said they were buying a house there for less than $1 million were laughed out of town. But this year, even with neighboring estates ranging upwards of $29.9 million, a 2,200-square-foot Spanish-style home in a gated 250-acre Rees Jones golf course community is on the market for $800,000! Buyers who have the cash in hand are generally getting 20% “more house” for their money compared to two years ago, says luxury real estate professional Brian Losh.
Previously it had been thought that real estate bubbles and economic downturns did not affect America’s wealthiest buyers, but the latest string of events has left more buyers and sellers hesitant to invest in real estate. Million dollar homes buyers across America aren’t just looking for their dream properties anymore – they’re looking for sound investments. They’re spending more time doing their research and they’re more patient to buy. Since it’s more difficult to get financing, more and more people are coming with cash in hand and are ready to negotiate for the best deals.
Many of the best deals for million dollar homes can be found in Dallas, Texas, where some properties have come down $200,000 - $500,000. South of the Loop, unfinished, customizable homes are selling like hotcakes in the million-dollar price range. Uptown condos with stunning views are also bringing opportunities to qualified buyers. As with any market, unsold auction inventory often winds up on the MLS.
Fort Meyers, Florida has a four-bedroom, 3,795-square-foot home on three acres – valued at $1.4 million -- for $999,700. Considering that each room has a stunning view of a river or lagoon, this house is a steal!
In Colorado, million dollar homes have seen a recent uptick in activity, even though $1 million-plus home sales were down 15% in October, according to Coldwell Banker Residential. On Highland View Court, Littleton, an 8,590-square-foot home with hickory wood floors, mahogany doors and Wolf appliances sold for $2.4 million. A two-story, 7,254-foot Denver property on Dahlia Street sold for $1.48 million. A lovely home on Overlook Drive in Boulder sold for $1.25 million, thanks to its outdoor deck, wood-burning fireplace and 4,300-square-feet of space. Most of these homes are not foreclosures or resales.
Contact:
Luxury Home Magazine
http://www.luxuryhomemagazine.com/
Contact form: http://www.luxuryhomemagazine.com/contact.cfm
In Rancho Santa Fe, California – home to Bill Gates and Howard Hughes – prices have declined 30%, with foreclosures and short sales accounting for 15% of the market. Years ago, people who said they were buying a house there for less than $1 million were laughed out of town. But this year, even with neighboring estates ranging upwards of $29.9 million, a 2,200-square-foot Spanish-style home in a gated 250-acre Rees Jones golf course community is on the market for $800,000! Buyers who have the cash in hand are generally getting 20% “more house” for their money compared to two years ago, says luxury real estate professional Brian Losh.
Previously it had been thought that real estate bubbles and economic downturns did not affect America’s wealthiest buyers, but the latest string of events has left more buyers and sellers hesitant to invest in real estate. Million dollar homes buyers across America aren’t just looking for their dream properties anymore – they’re looking for sound investments. They’re spending more time doing their research and they’re more patient to buy. Since it’s more difficult to get financing, more and more people are coming with cash in hand and are ready to negotiate for the best deals.
Many of the best deals for million dollar homes can be found in Dallas, Texas, where some properties have come down $200,000 - $500,000. South of the Loop, unfinished, customizable homes are selling like hotcakes in the million-dollar price range. Uptown condos with stunning views are also bringing opportunities to qualified buyers. As with any market, unsold auction inventory often winds up on the MLS.
Fort Meyers, Florida has a four-bedroom, 3,795-square-foot home on three acres – valued at $1.4 million -- for $999,700. Considering that each room has a stunning view of a river or lagoon, this house is a steal!
In Colorado, million dollar homes have seen a recent uptick in activity, even though $1 million-plus home sales were down 15% in October, according to Coldwell Banker Residential. On Highland View Court, Littleton, an 8,590-square-foot home with hickory wood floors, mahogany doors and Wolf appliances sold for $2.4 million. A two-story, 7,254-foot Denver property on Dahlia Street sold for $1.48 million. A lovely home on Overlook Drive in Boulder sold for $1.25 million, thanks to its outdoor deck, wood-burning fireplace and 4,300-square-feet of space. Most of these homes are not foreclosures or resales.
Contact:
Luxury Home Magazine
http://www.luxuryhomemagazine.com/
Contact form: http://www.luxuryhomemagazine.com/contact.cfm
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