State of the Union: Luxury Market Recovery?

The luxury market in the Northwest is showing signs of recovery. In the last six months of 2009 there were 21 sales above $3 million. And, more importantly, 48% of those sales happened in the 4th quarter. We hope having these sales in the 4th quarter show positive signs for 2010 and that we are heading towards recovery. There seems to be a real energy in the luxury marketplace on behalf of buyers that we did not see at all in the first two quarters of 2009.

In looking at 21 sales that closed in the last 6 months, all of them sold within 15% of the listed price. Remarkably there were two sales above $10 million … Continued
on the blog.