Analysis: Executive and Luxury Market in The Meadows

The Short Sale and Foreclosure has struck the Executive and Luxury markets in Hidden Meadows.

Previously, we had an occasional sale that caused lower “Comps” for actual sales, but just in the past week we have had several substantial homes that were really beautiful that sold for crazy low prices.

The Mountain Meadow Road home that went into Pending at $540,000 was unbelievable, and was on the market for only 3 days. The Adobe home on Cerveza Dr. has a working offer on it, and at a list price of $450,000 it was a terrific buy.  The short sale of the home on Cerveza Baja went into Pending in eight days at an astonishing price at $775,000 was well under what I believed the market was for that home.

The good news is that there is still an Executive and Luxury market. The bad news is that it is at a lower value than we had believed.

Any one of these sales would have been surprising, but all happening in a week or 10 days is surprising. Executive and luxury homes on the market and awaiting a market to list into will have to respond with lower prices under this onslaught – or sit on the market, unsold.

Previously, the few low sales would have been excluded as “distress sales” and discarded as not properly representing “the market” – now they must be accepted as ‘the market.”

It is so much “the market” that these well-priced high-level homes generated multiple offers! There are people out there for Executive and Luxury homes, but only at Sale Prices.

Advertisements