In a time when all you here is that the housing market has hit rock bottom, and that no one can get a mortgage, it may be surprising to here that luxury real estate in NJ is booming. With houses selling in the tens of millions of dollars, high end mansion all across America are selling like hotcakes. Buyers are coming from foreign countries in the masses along with some of the biggest names in the US.
Why Are Luxury Home Sales Booming
Markets like luxury real estate in NJ are starting to see a real interest from individuals who are trying to flee the dangers of the Euro market. Instability from across the globe has left investor looking for a safe place to invest their cash. Many are seeing the US housing market as having reached rock bottom, with nowhere to go but up. Another large deciding factor are the low bond rates being offered, leaving investor to find other long term places to stash their cash.
With all time low interest rate on mortgages, and the ability to make huge down payments, buying up these high end homes is a breeze for these big-rollers. Many of them have the buying power to purchase the property with cash, and with all this buying power comes competition. Some of these properties are the subject of huge buying wars, with their prices reaching $88 million for a condo in Manhattan, and a $79 million palatial California mansion.
What To Expect In The Near Future
With investors coming from some of the riches markets in the world, including Europe and Saudi Arabia, prices are bound to increase substantially. In places like New Jersey, properties are being bought up in record numbers signaling a new trend in the US housing market. The affluent and wealthy alike are taking note, and are expected to increase their investing in this new trend.