Luxury Homes

 

Q1: Bob: Good morning, Cheryl! How is the luxury home market doing in Albuquerque right now?

 

A1:  Cheryl: We are seeing a nice upswing in activity in the Luxury home market, defined in our area as a home over  $500,000.    There has been a significant drop in inventory , supply and demand becoming better balanced is just what the luxury market needed.  The good news is we are seeing more sales, the bad news for sellers is that much of that is driven by the fact that many of these homes have experienced a drop in value.  Now if you are a buyer, that’s great news,  so it all depends on your perspective.  I believe the buyers recognize that these low prices and incredible interest rates are going to stabilize a

nd that now is the time to buy a luxury home.

  

 

 Q2:  Bob: What percentage of our market is considered upper end?

 

A2: Cheryl:  We currently have 4100 homes available in the Greater Albuquerque area, and 451 of those are over $500.000, so just about 11% of the available market is upper end.

 

Q3: Bob: Wow, What does it take to get a home like that sold?

 

A3:  Cheryl: Well Bob, all it takes is a pretty sign, a shiny lockbox, and an MLS Listing. Ha ha ha! Just kidding, Bob, I only wish it was that easy. Luxury real estate is definitely a niche market.

#1,  You really need to be working with an experienced luxury home specialist.  Less than  2% of the 3000 Realtors in our area are actually qualified to be considered luxury home specialists.  Those of us that consistently help clients buy and sell  luxury homes are invited to be part of a select network of agents that work together in order to better serve our clients.

#2, You have to have an aggressive and creative marketing plan, not to mention a sizable investment from the listing agent towards the marketing campaign, to succeed in this competitive price point.

#3 As in all price ranges, appropriate pricing is absolutely critical and as a  luxury home specialist I can help you determine top dollar in today’s market.

 

Q4: Bob: How many luxury homes have sold this year?

 

A4:  Cheryl: There has only been 1 home that has closed in 2012 over 1 million,  and 24 over $500,000.

In 2011 there were 16 sales over 1 million, and we averaged 18 sales per month over $500,000.  A positive sign for the luxury market is we already have 40 pending sales this year and I predict we will continue to see positive increases in the luxury market.

Historically speaking, the 2^nd and 3^rd quarters are the most active in the upper end market.

If you are thinking of selling your luxury home this year, now is the time to call me and start marketing the home, before the Spring influx of inventory hits and competition increases.

 

Q5: Bob: DO you have a luxury home you would like to feature today?

 

A5:  I have several fabulous luxury homes available.  I have a great value on a home in North Albuquerque Acres that was valued over 1.2 million and is now available at 975K. It is a gorgeous custom home complete with pool and 6-7 car garage!

 

 

Q6: Bob: How can our listeners reach you if they would like to buy or sell a home today??

A6: Cheryl: They can give me a call anytime at 238-3272, that’s 238-3272 or send me an e-mail at cheryl@cherylmarlow.com.

 

As always, who do you know that needs my help to buy or sell real estate today?

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