A tale of two markets -- or three
While the rest of the housing market is languishing, more expensive homes are performing comparatively well -- spending less time on the market and garnering better prices, says a New York Times article. In fact, in places like Manhattan, Seattle, Los Angeles, Denver and Houston, some homes are actually selling for more than their asking price.
What's propelling the high-end market? Wealthy foreign investors and affluent U.S. families who are less affected by problems in the mortgage market and rising interest rates, the article says. "To some extent, the rich [are] getting richer," says an analyst from research firm DataQuick Information Systems, who is quoted in the story. But it's not all champagne and caviar for the luxury end of the market. Extremely high-priced residences aren't selling as well as those that are "merely expensive," with Miami homes priced between $1.2 million and $2.5 million faring better than those priced above $2.5 million, the Times says.
GREAT NEWS FOR AREAS LIKE GREAT FALLS, McLEAN AND CLIFTON VIRGINIA !
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