All signs are pointing to a strong luxury real estate market, particularly for those select homes sometimes referred to as mega mansions.
Case in point – just last month, the Holmby Hills, California home built by entertainment moguls Aaron & Candy Spelling sold to 22-year-old Petra Ecclestone. “The Manor“, as it is also known, was last listed at $150 million by our fellow Luxury Portfolio International member, Hilton & Hyland.
Over on the opposite coast, our fellow Luxury Portfolio member Long & Foster recently sold “Evermay“, a 220-year-old estate that was offered for sale for the first time in 87 years. It was last listed at $25.9 million.
Locally, according to NTREIS MLS Sold Data, sales of luxury homes priced at $1 million and greater have increased by just over 5% compared to the first half of 2010 and more than 43% when compared to the first half of 2009. In addition, Dave Perry-Miller & Associates recently sold the most expensive home so far this year in Preston Hollow, which was last listed at $6.795 million.
(It’s also worth noting that this good news isn’t only for the luxury market, The Dallas Morning News recently reported that pre-owned July home sales in North Texas were up 18%, the first year-over-year increase in more than 12 months.)
So what’s the reasoning behind the recent surge in luxury home sales? A recent TODAY show segment points out three key factors:
You can see the full video from the TODAY Show below. And for you Real Housewives of Beverly Hills fans, you might recognize Mauricio Umansky of Hilton & Hyland:
The Ebby Halliday Companies are proud to lead the luxury real estate market in North Texas, selling more luxury homes priced at $1 million and greater than any other broker. The companies are also the exclusive Dallas affiliates of Luxury Portfolio International.
You may also like: