The top end of the real estate market is on fire, and not just in Sarasota. Luxury homes are experiencing a boom in sales all over the United States! The most recent to sell is an East Hampton property at the incredible price of $147 million. This property currently holds the title as the “priciest home sale ever in the U.S.” But this isn’t the only pricey house that’s sold lately.
According to the National Association of Realtors, sales of homes that cost $1 million or more increased 7.8 percent in March compared to a year earlier. In fact, it’s being said that luxury home sales are soaring above any historical average! This is great news and reflects a confidence in the wealth and income of the economy.
A New Longboat Key Luxury Home Leads The Local Market
And with the luxury market booming, we should be seeing a growing expansion of newly built luxury homes. London-based developer Est4te Four has built a 16,000-square-foot home in the exclusive Los Angeles neighborhood of Holmby Hills. The house is on for $48 million, making it the most expensive speculative home for sale in L.A., Forbes.com reports. While luxury homes in Sarasota haven’t quite hit that mark yet, we do have a new Longboat Key luxury home on the market for a cool $22,000,000!
Due to the housing crisis back in 2008/9 most building came to a halt but with the high demand for expensive homes, we may see a turn around! “The appearance of spec homes in the upper price range is an indication of the maturation of the housing cycle,” says Stuart Gabriel, director of the Ziman Center for Real Estate at UCLA. Luxury builders like the Farrell Building Company, based in Bridgehampton, N.Y., have around 40 spec homes priced from $2 to $10 and there are 6 spec homes in Florida priced up to $32.5 million!
Now Is The Moment To Take Advantage Of Rising Prices For Florida Luxury Homes
While new homes are being built, many are choosing to put their expensive houses up for sale, now that we are in a good economic market. “Gary Wasserman, CEO of Troy, Michigan-based Allied Metals Corp., is considering selling two homes in Florida, one in Naples and another in Miami Beach, to take advantage of rising prices in the area.
He’s also buying a 5,000-square-foot (465-square-meter) condominium in a project under construction in Miami’s Coconut Grove area. Of course, we are no strangers to the luxury market here. Sarasota luxury real estate is having its own boom, in the city at the moment there are 34 properties on the market with a price of over $5 million and when you include the surrounding area, that number goes up to over 100 properties.
If you’re in the market for a Sarasota luxury property, Team Coffey and Company can help! Call us today on 877.308.6311