The luxury home market is picking up, according to real estate practitioners all over the country.
This trend is strictly anecdotal - no hard data yet. In fact, the National Association of REALTORS® say sales of homes priced above $2 million fell 39.1 percent in August compared to the previous year.
But Barbara Feldman, vice president with Saunders & Associates in Long Island, N.Y.'s community of Bridgehampton, says, We've seen a significant upturn in activity in the last four to six weeks.
And Charleston, S.C., associate Pat Broghamer with RE/MAX Advanced Realty, says buyers are making investments in beach homes.
Kevin Schmidtchen, an associate with Sotheby's International Realty in Santa Barbara, Calif., echoes the sentiment: We've started to see a fair amount more pending and closed sales here in just the last two to three months.
Source: Investor's Business Daily, Kathleen Doler (10/15/2009)