For all the doom and gloom about the state of the world economy, the luxury real estate market is still untouchable. Christie’s International Real Estate State of the Luxury Market Report, published this month, summarizes the sales of properties upwards of $1 million USD. Below are some highlights from the report:
- Properties priced at US$1–5 million are largely purchased as a primary residence by those still in the workforce with some financing.
- Prime markets include Asia, Brazil, Switzerland, Canada, France, and central London.
- In Florida, at least one home valued at US$1 million or above has sold every 24 hours for the past 130 days, according to Ronald Shuffield, president of Esslinger-Wooten-Maxwell Realtors.
- More than 67 percent of Christie’s affiliates said their markets were more active through the first seven months of the year, with many acknowledging that the increases were modest.
- In 2007, 25 percent of Christie’s luxury buyers paid cash. Today, 60–70 percent are cash buyers and most are from the United States.
- When Christie’s agents were asked to assess the mood of buyers, 45 percent said they felt the same as last year; 37.5 percent more optimistic; and 17.5 percent more pessimistic.
