Luxury Home Sales on the Rise
Luxury home sales are rising according to Christian Conte in the Jacksonville Business Journal. Several key factors are indicated including:
- The belief that the market is close to or as low as it is going to go,
- Historically low interest rates,
- Access to homes that were beyond reach in past years, and
- The easing of restrictions by some banks for jumbo loans (amounts more than $417,000).
Between January and August of this year, 58 luxury homes (those valued at $1 million or more) have sold. That’s an increase of 56.8% over the same time period last year. The total value of luxury homes is up as well, from $59 million to $89 million for the same time period according to the Northeast Florida Association of Realtors and Prudential Network Realty. Sixty percent of luxury sales were located in Ponte Vedra Beach (up from 45% during the same time period last year).
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