Realtors Tampa, Florida Struggle with Luxury Homes for Sale
Articles, business or finance September 10th, 2009
According to a recent survey in Ultimate Homes magazine, there were approximately 320 luxurious properties for sale at an asking price of over $20 million all across the United States at the end of July. Even though parts of the housing market are beginning to show some signs of recovery, sales of these ultra-pricey homes are stalled.
Tampa realty believes that when Lehman Brothers fell apart last fall, they put an end to luxury. Of course only a handful of $50 million-plus homes sell even in the best of times. Luxury homes are still being purchased by the rich and famous such as Madonna who recently purchased a $32.5 million Georgian style townhouse on the Upper East Side of Manhattan or Donald Trump who sold his 60,000 square foot Palm Beach mansion last year to a Russian tycoon for $95 million.
Many realtors of luxury homes have stated that the economic downturn is so bad it’s even making the well-to-do extremely cautious. People worth $8 billion are suddenly worth $4 billion which is a significant jolt to lose half your net worth even at such an enormous amount.
Realtors Tampa, Florida and other luxury realtors are hoping the ‘dry spell’ will be coming to an end soon. Many of America’s priciest luxury homes happened to be located in beautiful beach areas such as the coast of Florida, Long Island’s Hamptons or the coast of Maine, Massachusetts, New Hampshire, California and Hawaii.
One luxury home owner from Bridgehampton believes that the pool of luxury home buyers has shrunk considerably over the past year or so. He believes “it’s never going to be the same; it’s a new world we live in. But if you have the best product in the best location, you can always find a buyer.”
Luxury property sellers in this price range often have trophy homes that they’ve built themselves or customized to their own taste and they can afford to wait until the right buyer comes along. The price tag might not be realistic; however it can serve to attract the media in addition to creating a starting point for negotiations.
