Sales of Million Dollar Homes Drop

The associated press recently posted new sales statistics regarding million dollar Luxury Homes in California and San Diego with sales prices over $1million from DataQuick.  DataQuick reported that sales have dropped 24 percent in the year 2009, while hitting a seven year low. Although the number of sales in California was over 18,000 it was still much less than the over 24,000 that sold in 2008. In San Diego 1,578 homes sold above $1million which is still less than the 2,216 that sold in 2008.  DataQuick reported there were 4,925 default notices filed on homes valued at $1million and higher, and more than half totaling 2,698 were foreclosed on. 

In a market where short sales are popular amongst all types of properties, it's the best option as long as the property sells. The biggest hurdle when it comes to short selling a million or multi-million dollar home is identifying buyers that have the ability to purchase in this market. With prices falling more than 50 percent in most neighborhoods this can become a great investment period for many buyers who have always wanted to purchase in this market place but did not want to pay top dollar as many did even 4 years ago. With the employment numbers down, many buyers are no longer able to purchase.  While the buyers that are able to purchase may have decided to be more conservative and to save and not spend on upgrading their current home. 

Placing your home on the market to sell with a value of  $1million plus, you must have the patience in knowing that the prospective buyers for your market has substantially reduced due to the economy.  The positive side for buyers is knowing that investing in Luxury Homes in San Diego will gain you more return than most markets and price ranges. 

For more information on finding Luxury Homes in San Diego, visit www.LuxuryRealtyServices.com to search properties for free or email info@luxuryrealtyservices.com