Luxury Bend homes are still selling
Million Dollar+ Homes are selling in Central Oregon
With sales down in 2008, luxury homes are still selling. In the past year to date, 86 homes have sold for more than 1 million dollars on the Central Oregon MLS. This number is down from 134 sales from the previous calendar year, and 115 sales in the same time period of 05-06. But 86 is still an impressive number for our market conditions. This means that people with money are still moving to the area, and hopefully they’ll park some of their cash in our local economy.
In addition to the 86 sold homes, there are 11 homes in the same price range pending sale. These homes pending sale range from $1.225 mil - $2.750 mil. And currently there are 396 homes listed for $1,000,000 or more with our MLS. The most expensive home is currently at $8,490,000. The property is a new 22,500 sq ft estate in Powell Butte, just east of Bend.
With 396 properties to choose from, now may be a good time for luxury home buyers to strike a great deal on a $1mil+ property in the Central Oregon real estate market.
Yep. I’ve noticed the same thing in Dallas. The luxury home prices are selling in the same amount of time that they were 3 years ago.
Its always the way. Someone has to be still doing OK-and you can either hide away and wait for a better economic climate or get out there and snap up the deals.
We are seeing luxury homes sell here as well. Actually what we are really seeing is homes which are totally updated and in great condition, selling. That tends to include luxury homes, because they tend to be very well maintained and updated.
Luxury homes in Cedar City are also still selling. My guess would be that rich people aren’t as affected by our current economic state. In fact, I would bet they are excited to see the housing market go down as there purchasing power goes up.
Its a ratio thing. This part of the ladder is still attached to the bottom rung.
Home sales in Bend started to show some sign of recovery during the last few months with 92 sales, an increase of 36 homes from February, according to a report from a local appraisal firm. Well one of the reasons might be that luxury homes are well maintained and therefore tend to attract customers.
Regards,
Shane,
Panama real estate.