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Luxury Real Estate offices are making a comeback..
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Luxury homes in La Quinta and Palm Springs
Luxury, boutique real estate brokerages are making a comeback. With the number of Real Estate Agents tumbling over 20% in the past 3 years, the industry is seeing many of the remaining agents switching brokers at regular intervals. Hoping to capture something new, or a specific marketing that one Brokerage may offer. This article from the LA Times points out several reasons why the Luxury Brokerages will continue to succeed.
http://www.latimes.com/business/realestate/la-fi-lux-realty-offices-20111229,0,1394779.story
Here in the Palm Springs Valley & La Quinta, I am seeing a huge rise in demand for luxury property viewings. Offers are coming in much closer to List Price, but then again, the List Price is much reduced/sf than they were 2-3 years ago. In our Luxury Real Estate market here in the desret, prices have corrected approx. 30% in most Luxury developments. That’s a huge contrast to the 50-60% drops in many developments here in the desert. That huge drop hit, and they aren’t going any further as evidenced by the mulitple offers that Buyers are submitting on these reduced properties.
One of the fastest areas of recovery appears to be La Quinta and Palm Springs proper. The entry level homes simply are not as numerous and the Buyer numbers have increased, actually driving the price/sf up from the List Prices! Good news for our Valley..not so good for those Buyers and Investors that waited 12 months too long. However, the price/sf is still insanely low..often MUCH less than what it would cost to build a replacement home..
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