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May 30, 2009

Rich, Well Healed, Wealthy, Uber-Rich

Are they all the same? Well to some “That which we call rich by any other name……” but it’s not really true. There is a saying that the wealthy sign the paychecks of the rich.

There are many in our industry dusting off the crystal balls to see the direction the luxury market will be heading. The problem becomes defining the market. Rich, Well Healed, Wealthy, Uber-Rich? While it’s true that the rich are not insulated from the same market conditions that affect the rest of the real estate market (look at a report about Marin County home sales) one has to wonder when it comes to the wealthy and uber-rich.

A report in PRLog April 7, 2009 states “There have been 12 sales of properties in the ‘Over $10 Million’ category in just the last 90 days, which averages one major property sale every week. One $14 Million property sold in only 12 days. The strongest demand are for luxury estates and villas located in Beverly Hills, Bel Air, Hollywood Hills, Malibu & Laguna Beach.”

So don’t count the luxury market out, just be sure to define what you mean by luxury.