SF Luxury Home Sales Bounce Back

Luxury Homes Sales Bounce Back- WSJ.com –especially in San Francisco.

“After a near-disastrous 2009, the luxury market appears to be making a comeback, driven by growing buyer confidence, improved financing conditions and more-realistic seller pricing.

Despite the housing downturn, attractively priced homes in some of the nation’s most coveted neighborhoods are selling, sometimes fast and sometimes with multiple offers.

Nationwide, sales of homes selling for $2 million to $5 million in the first quarter totaled 2,461, up 32% from a year before, says CoreLogic.

In San Francisco, 49 homes sold for $2 million or more in this year’s first quarter, according to the study, compared to 47 in 2005.”

In San Francisco, if a home is priced right in a sought after neighborhood, it will sell.  In an area such as Noe Valley, there have been recent properties that have received multiple offers, all cash, without any contingencies!

This is great news for Sellers who have owned their property for awhile and are looking to trade up.

As for buyers, just remember prices remain significantly lower than the peak, anywhere between 10-20%, so don’t get discouraged if you’re competing in a multiple offer situation and have to bid over asking price. With today’s low interest rates, real estate in San Francisco still remains a great deal!