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February 09 2011
Things were looking up for luxury home sales during the tax credit boomlet last year. However, the credit wasn’t the primary reason; after all, $4000 isn’t a compelling incentive to well-heeled move up buyers in the million dollar plus housing bracket.
Rather, a plentiful inventory, good deals driven by price reductions, an improving outlook for appreciation and the beginning of the overall economic recovery made the difference. When sales of existing homes dropped 25.5 percent year-over-year last July, data by Altos Research for the Institute of Luxury Home Marketing showed that summer sales of million dollar plus homes significantly outperformed sales in other price ranges.