The luxury market has seen a marked increase in activity the first half of the year, in large part due to the healthy return of the North American luxury real estate market, as well as the return of second home purchase activity. Growth has been notable not only in the number of high-end listings being marketed by member firms, but also in the number of companies joining the organization.
The increased activity is reflected on Luxury Portfolio International’s website, www.LuxuryPortfolio.com, which currently markets 18,500 properties, 20 percent more listings than this time last year.
Luxury Portfolio International®, a global network of real estate firms, sees this growth being reflective of the activity most affiliates are experiencing in their local markets.
For example, in southern California, Willis Allen Real Estate CEO/Owner Andrew E. Nelson reports, “We are seeing a breadth of enthusiasm in our luxury market. In our high-end San Diego communities, activity is quite strong from two to four million dollars, as buyers see the possibility that the ‘bottom’ has already passed.”
In Dallas, the luxury market is thriving. “Year-to-date luxury home sales in the Dallas-Fort Worth market are up 23.2% over the same period last year,” says Mary Frances Burleson, president and CEO of the Ebby Halliday Companies, which includes Ebby Halliday, REALTORS® and Dave Perry-Miller & Associates. “It is not at all unusual for a well-priced home to draw multiple offers immediately after going onto the market.”