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Luxury Homes are Selling Above Asking Price

News | 27th Jun 2012

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It was only after a week when Christine Lynch put her house on the market for a price of 3.625 million dollars that she found herself with seven offers for it. The house that is located in the elegant Brentwood, Los Angeles was sold within only 10 days from the day she listed it for $225000 more.

She was ecstatic about the deal and had to assure herself of the good fortune she had struck when she was asked about it during an interview. The house that was sold on 23rd April was quite surprising for Christine who later on said that she was amazed that her house generated so much interest and was sold so quickly.

Luxury neighborhoods like Bel Air, Beverly hills’ and Brentwood in the affluent Los Angeles have seen fierce bidding on the lavish and opulent homes along with an increase in buyers.

The increasing trend in demand of magnificent homes is not limited to Los Angeles only, as revealed by Paul Bishop who is the vice president of the Research at the significant realtor groups. It has also been observed in other states such as the Northeastern United States that include popular cities like New York and Boston. Also properties on the coast of California has seen an increase in their demands and luxury houses are being sold like hot cakes. Southern parts of the United States have also seen its share of high bidding and fast sales in homes.

This is only the one half of the story as according to the National Association of Realtors, which is located in Chicago, the the month of March alone has seen an upward trend of 7.2% in the selling of houses that are listed at $1 million and more.

Syd Leibovitch who is the President of the “Rodeo Realty”, Beverly hills believes that the only obstruction to this amazing phenomenon is the unwillingness of some sellers to sell their homes. He says that the sales could be doubled if there were more houses.

According to one estimate by the National Association of Realtors there are approximately 2.37 million homes that are listed to be sold in the month of March which is the lowest number since the year of 2005, during which the sales peaked at a record sale of 7.08 million.

Jack Massopust sold his father’s house in Brentwood for $1.55 million. The house has a great view of the city and also gives the owner the view of the both Pacific ocean and also Catalina Island which Jack thinks was the fundamental reason for its successful sale. The house according to Jack attracted around 100 potential buyers for the 3200 square feet home and received 11 offers out of which eight were more than the price listed. It was sold at the price of $1.705 million.

Joyce Ray says that the sales have jumped up to 35% within this year for homes that are listed at $5 million or more. Rey is the head of the Beverley hills situated Coldwell Banker preview international’s estate division. She says that the increase can be attributed to the investors that are in search of better rates of return on their investments which is something that had become extinct in the aftermath of the financial meltdown.

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