Hilton Head's Luxury Market Surging
Posted
by Rick Turner
on Friday, November 9th, 2012 at 1:44pm.
The Housing market in the Hilton Head Island area is surging. Not
only is the real estate market as a whole surging in the Hilton Head area, so
also are luxury home sales. The number of homes sold for over $1M are up from
87 sold in the first 10 months of 2011,to 99 in 2012, which is a 14% increase.
Here are the specifics.
2011
o
87 homes sold for total of $149.8M
o
69 homes in the $1M’s
o
12 homes in the $2M’s
o
2 in the $3M’s
o
2 in the $4M’s
o
2 over $5M
2012
o 99 homes sold for total of $177.9M
o
75 homes in the $1M’s
o
13 homes in the $2M’s
o
6 in the $3M’s
o
3 in the $4M’s
o
2 over $5M
Even more compelling for the luxury home buyer is that
the average price is up 4.4%. With the real estate market expected to continue
improving, high-end buyers should strongly consider purchasing this winter to
avoid higher prices after the strong spring market. By the end of spring,
prices could easily be up another 4.4% which would mean for the average luxury
home the price would be about $79,000 higher. That’s a lot to pay for.
AND GET THIS! Banks are still giving money away. In
the high-end jumbo market, buyers can borrow up to 80% at:
· 3.5% for
a 30-year fixed-rate loan,
· Or 2.65%
for 10/1 ARM (30-year amortization, rate is fixed for the first 10 years and
then floats annually).
Luxury home buyers are urged to take advantage
of today’s once-in-a-lifetime reduced prices before they rise any further, and
today’s historic low interest rates. Visit our website, www.HiltonHeadRealEstateSearch.com, to find
properties of interest, and email me or give us a call at (843) 816-0796 with
your questions, or to schedule an appointment. Rick
Turner and Associates – Expect More. Get More.
Rick
Rick Turner has been one of the top Realtors in the Hilton Head Island-Bluffton-Beaufort area for over 30 years. He loves being involved in community activities and spending time with his lovely wife. In his free time his wife and he thoroughly relish spending time with their children and grandchildren.
Rick Turner
Turner/Rudd Team
Engel & Volkers Hilton Head Island - Bluffton
Mobile: 843-816-0796
E-mail: Rick.Turner@evusa.com
Website: www.turnerruddteam.evusa.com
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