Hilton Head's Luxury Market Surging

Posted by Rick Turner on Friday, November 9th, 2012 at 1:44pm.

 

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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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