An article published today in RealtorMag (one my trade journals) spoke to “…The two amenities luxury home shoppers want the most are a chef’s kitchen and a sprawling views, particularly of oceans, mountains, or cityscapes, according to a new survey by realtor.com®…”
In fact 54% of those surveyed (and I would bet that the same would be true of the Palos Verdes Luxury Homes buyer) flagged the chef’s kitchen, while 44% said views. “The luxury home buyer is an important contingent of today’s real estate market, as luxury homes tend to drive trends throughout the entire balance of the marketplace,” says Barbara O’Connor, chief marketing officer at Move Inc., which operates realtor.com®
And what prompts the luxury home buyer? And again, I’ve found this to be true of the Palos Verdes Luxury Homes buyer… 19% say recent successes in their careers while 17% say they are entering this market after retiring. Surprisingly 12% say that the luxury home is their very first home purchased!
Here’s the link to the full article on Realtor.com
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Here’s a map based search engine to help you look at Palos Verdes Luxury Homes priced over $5,000,000. Click here
And how is the Palos Verdes Luxury Homes market doing? These charts demonstrate the upper price quartile of Palos Verdes homes. This chart will update automatically each week around Monday 3am.
What is really important is understanding this objective measure of the market’s strength defined as how well the market is able to absorb inventory. This chart shows the number of months of unsold inventory for Palos Verdes homes over 5,000,000 in the last 10 years. The chart updates monthly automatically; bookmark this page and check back in. While looking at the “static” number for “this” month (this site will update every month automatically) is important, what is MORE important is studying the trends. Are supporting trend lines (along bottoms) or resisting trend lines (drawn along tops) holding? If the chart below is missing, contact me and click the link instead. Remember the market’s strength is INVERSE to what the chart shows. In other words the higher the number of months supply, the weaker the market and vica versa
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What are the global high net worth buyer trends? How does it affect Palos Verdes Luxury Homes
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