The high-end market for residents is making a dramatic comeback across Utah. Homes exceed 4,000 square feet in size with stunning gardens, lawns and multiple bedrooms.
Prices are anywhere from $500,000 and up with sellers willing to knock of some for interested buyers. Some homes take over a year to sell, but over the past six months, a dramatic increase in the movement of these luxury homes has taken place.
One managing broker at a real estate agency in Salt Lake City said a real big return to the market was made by the uber-rich when they felt the market had bottomed out.
The broker said that group of people are sufficiently education that they are attempting to time the real estate market and get a great deal on a property that is worth much more.
Amongst the buyers of these high-end residences in Utah are foreigners from Latin America, Asia and Europe, CEOs that are relocating amongst other professionals that are drawn to the mountain resorts and the accessible recreation that can be found in Utah year round. The majority pays in cash and sometimes takes months to browse the selection of homes before deciding on one and purchasing it.
Wealthy real estate shoppers often do their shopping at quite a leisurely pace compared to homebuyers that are looking for entry-level homes. The wealthy are less driven by the interest rates that are historically low levels, but are more interested in getting more value for their buck.
The upper level properties tend to sit longer on the market than homes that are less expensive. It is also more common to see the initial asking price to ease down prior to the property being sold, showed statistics.
One principal broker at Sotheby’s Real Estate said the top properties tend to sit longer than less expensive home.
What is being sold, said the broker was lifestyle and a home that is to them similar to a piece of art.