Thursday, May 31, 2012

Living the High Net Worth Life: Mega Homes Surge






The real-estate market is splitting in two, with wealthy buyers driving stronger growth at the top while the rest of the market continues to struggle, CNBC reports.

From $16 million log mansions in Aspen to $90 million glass-walled penthouses in Manhattan, high-end real estate is defying the broader real-estate slump and weak financial markets. In local real-estate markets with a median home price of $1 million or more, prices are up more than 10 percent year over year, and inventory is down 10 percent, according to Altos Research, the real-estate analytics firms.


Hyper-wealthy markets are doing even better. In markets with a median home price of $10 million or more, prices are up 13 percent or more. The absorption rate – the rate at which inventory is drawn down – has sped up by 11 percent this year, according to Altos....

Wait….wait…there’s more at http://www.cnbc.com/id/47628679

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