While the national condo market is recovering, analyzing condo sales activity in the top 25 condo markets by total sales reveals some very different patterns at the metro level measure. Similar to the impact it had on the rest of the market, the interest-rate rise in the second half of 2013 caused condo sales to cool off somewhat, and by June 2014 only 14 of those same markets were exhibiting increases year over year. As of June 2014, Denver led the pack with condo sales that were 16.9 percent higher than a year ago, followed by Houston (15.5 percent) and Naples, Fla. (10.8 percent). Examining a variety of real estate transaction-related data reveals that cash sales have had the largest impact on changes in condo sales. This should not be a surprise given that the cash share of condo sales was 53 percent in the first half of 2014. In fact, in some of the markets, condo cash sales almost exclusively account for all sales. For example, three of the top 25 condo markets had condo cash sales that exceeded 85 percent. Via: http://www.corelogic.com/blog/authors/sam-khater/2014/09/the-long-term-rise-of-condo-sales.aspx#
The high-end residential real estate market remains strong point and plays a big role in the housing recovery. Nearly half – 48 percent – of all wealthy consumers recently reported that they plan to purchase a luxury home within the next 12 months, according to a survey of consumers with a net worth of at least $5 million conducted by Coldwell Banker Previews International program and the Luxury Institute. For affluent individuals under the age of 35, the percentage of those planning to buy a luxury home in the next year jumps to whopping 81 percent. This group of affluent Millennials also reported the highest average purchase price of all age groups at $7.8 million, according to the survey.
So where are luxury buyers’ targeting their home search? Coldwell Banker’s survey identified the following 10 U.S. cities as having the highest number of luxury home sales valued at $1 million or more during the last 12 months through June 2014:
San Francisco: 2,485 (the number of home sales valued at $1 million-plus)
Advice about purchasing a second home — like the Vacation Home Tip Sheet below – kind of reminds me of a horoscope; it includes common sense rules that could apply to any buyer and any home. My list of important criteria for buying the perfect Texas beach home is a little different, and it goes like this:
1. Love something about the area where you are considering buying a second home. To buy, use and maintain a vacation home, there has to be a compelling reason and an emotional attachment that keeps you coming back year after year. Otherwise, it’s not worth the hassle even if you can rent it to cover the mortgage.
2. Buy in an area close to your primary residence or family. The bulk of second homes are within two hours of buyers’ primary residences.
3. Know your second hometown well enough to pick out what we at Texas Beach Homes call “the lifestyle area” that best suits your needs. Take the time to dig into each neighborhood before you plunk down your money. Sometimes homes in your preferred area aren’t frequently available so you’ll have to be patient and work with a local realtor to spot listings when they come up.
4. Stay in the area with your family and see what it’s like to live there during the season when you plan to visit. Are the people friendly? Is the ambience conducive to relaxing or adventuring or whatever is your purpose for getting away from your primary home?
And, of course, follow the tips in the Vacation Home Tip Sheet. But first, make sure you have love, proximity and the right lifestyle area for your new beach home.
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