It may very well be true that you can buy a champagne home on a beer budget. Forbes says that cheap luxury homes are one of the best deals out there right now, with the caveat being you have to live in a place with depressed home prices. That doesn't sound like a bad trade-off, to grab a bargain-basement deal on the home of your dreams, though, does it?
I listed a home this spring in El Dorado Hills, California, which originally had sold a few years ago very close to a million dollars, and a new buyer bought it for $430,000. The buyer paid cash. It would take more than 4 years to sell all the million-dollar-plus homes on the market today in El Dorado Hills. Too much inventory and not enough buyers. I'm telling you, if you've ever thought of owning an oceanfront home or an equestrian estate, now might be an excellent time to start looking.
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Technorati tag: cheap luxury homes
At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
Comments
Wow that is a big hair cut, quite a price drop. I remember when the recession started it was said that the luxury market would take the longest to recover. Guess its really making prices more attractive.
That’s a very great information. Living in an above-average house with a fine budget is totally something that you would want to look for. It is something that you wouldn’t be afraid to invest on.
Wow, can’t say I am surprised as we have had our home on the market for 3 years, starting @ $1.3M and now at $749K!
That’s a very great information. Living in an above-average house with a fine budget is totally something that you would want to look for. It is something that you wouldn’t be afraid to invest on.
Oh thats really good..Bcos i still remember when the recession started it was said that the luxury market would take the longest to recover…So how it would be possible so early.?
I would not say the luxury market has recovered — not by a long shot — just that now is a good time to buy because the prices are so low as compared to where they were.
It’s such an important topic since the economic melt down. Retirees were sitting pretty and thinking they could settle down just about anywhere they wanted on the planet but then overnight it seemed their nest eggs disappeared or at the very least have been diminished to a great extent.