Strength & Resurgence in the Luxury Real Estate Market

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:

  1. Better interest rates
  2. A more stable stock market
  3. And what some consider bargain prices

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:

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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.