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....
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