The training provided new insight about the upper tier market, helped me polish my skills, and provided valuable networking contacts with other agents across the country who specialize in luxury properties. In addition, I found new and creative tools for promoting expensive homes and estates; so home buyers and sellers will benefit from the investment of time to participate in this class.
Skills learned will benefit all of the properties we market. An emphasis on improving our skills and knowledge on photography and marketing will make a differnence for everyone.
The top end of the market is in a stellar growth curve. As an example, 10,000 homes sold for over $1 million in 1999, and 109,113 sold for over $1 million in 2005. In New York, a record sales price for the U.S. was established when a home sold for $103 million!! The world record is a penthouse in London sold for $200 million!!
Why is the luxury home market growing? There are 3.2 million households in North America with $1million or more in financial assets, and in the world, there are 9.5 million households. The rich are getting richer, and the rich invest more in real estate, with 24% of their portfolios in real estate. As mentioned in some of my other blogs, the baby boom generation is having a major impact on the upper end market. Their desire to enjoy the lifestyle and success that they have achieved has them looking for the amenities they desire. Many of these "boomers" have been successful, increasing their estate size, and there has also been a large transfer of wealth from inheritance.
In the Durango Colorado area, 778 properties have sold for over $500,000 in the last five years, and over 100 homes have sold for over $1 million!! The most expensive property in La Plata County sold for $12 million in 2006.
If you have any questions about the upper tier of the market, please contact Don Ricedorff , don@frontier.net, www.durangorealproperty.com or call me at my office 970-3757014.
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