Hello Noah/Urban Digs readers - wondering if anyone knows
a: why the high end market suddenly came to life after being moribund (especially compared to the under $1 million buyers).
b: why the pending sales has stayed so high, when the under $1 million market is declining rapidly, as usual. Are the contracts just not closing quickly so the number is staying high or are there still $5 million+ purchases happening to bolster the numbers?
Liam - Its hard to quantify exactly why the high end performed so well over the last 6+ months, but I would think 2+ yrs of reflation in all assets helped. takes time to get confidence back to pull trigger on $5M+ deal, and it started back in late 2010. As for pending sales, look at the last 4+ weeks, we turned down pretty big going from 2700 to around 2400 today..We are down 10% or so in the last 4-5 weeks, and I think the sub $1M market performance has alot to do with it as that segment of the market makes up most of the pending sales #