Why is it a great time to buy a luxury home?
I write this after riding through the highs and now the lows of the luxury home market in Charleston, SC. What I have seen and learned makes me believe NOW is the time to jump back in the high-end home game, at least in the Charleston, SC area.
What we have seen in our area and likely most other luxury home markets is a near total collapse of high-end home prices. When the economy went sideways in 2008, we saw our second home market and million dollar primary home market fizzle and fall. Some homes that sold for $3 million dollars at the height are now settling in the high $1 million range.
I base my belief on NOW being the time to buy on several things:
1) Simply put, there is some real value in our market. Charleston is a world class city and when prices fall as low as they have in spots, I think people gain value at a deep discount. When you can buy a home below what you could build them for today, or what they cost 10 years ago, and you have a city like Charleston, that has so much to offer, as a backdrop, I think you find value.
2) Many of my cash buyers that work in the financial industry and a few that are well known national economist are jumping back in. Why? — because they see value.
3) As the economy recovers, home prices will further stabilize and begin to climb again, and no I don’t buy the idea that they will go up in value in unrealistic chunks like they did in the early 2000’s BUT they will certainly bounce well off todays lows. People that buy now will certainly see a good return on their investment.
If you would like a list of some of my best luxury home picks for the Charleston, SC area, please call me, Bob at 843-345-6074 or contact me via the form to your right.