Sentiment from top Luxury Portfolio International affiliates in the U.S. and Canada indicates a strong close to 2013 and a rising tide in the affluent segment of the housing market for 2014.
As the year closed, the $1- to $2 million tier of the market was very active, and most luxury leaders anticipate it will continue to be so due to a shortage of inventory, often with multiple-offer situations driving prices upward.
International buyers continue to be active. The mix of foreign buyers includes those from Saudi Arabia, South America and the EU, while Asian buyers – particularly the Chinese – continue to be a significant force.
Luxury Portfolio brokers report a trend in Chinese buyers gravitating toward properties in the $1 million range, though those investing for children attending U.S. colleges generally are looking for lower-priced properties.
“The mood for our Luxury Portfolio brokers is upbeat as we move into 2014,” says Luxury Portfolio International President Paul Boomsma. “They believe that well-priced luxury homes will continue to be in high demand, resulting in increases of 10- to 20% in volume in most of their markets, with unit sales rising 5- to 10%. Compared to a few years ago, that represents a significant improvement.”
The Ebby Halliday Companies, which includes Ebby Halliday Realtors and Dave Perry-Miller & Associates, is the exclusive member of Luxury Portfolio International in North Texas. To learn more about the beautiful Preston Hollow luxury home shown above, click here.