Luxury Home Sales

Most expensive sale of the year and other rumblingsThe Aspen Times reported the sale of a 21,400 square foot home  on four-and-a-half acres for $43 million in a cash deal.  At $43 million, this is would appear to be the most expensive home reported sold in the U.S. so far this year.  The Wall Street Journal has picked up the story here.

In a skim of the headlines for other cheery news, we see Bloomberg reporting Rich Russians Returning to U.S. Property Lured by Lower Prices and China Daily reporting robust luxury home sales in large Chinese cities.  In Beijing Q2 sales in the city’s 30 most expensive residential projects were up 100% year-over-year.  The story suggests that the strong market is being driven by overseas buyers and a concern for wealth preservation.  As one buyer notes, “You have to find a place to invest your money, and high-end property is the best investment choice to maintain the value of assets.”

If your market is seeing more distressed homeowners than foreign buyers, let’s chat about what short sales are and how to beat the bank.