Wednesday, August 02, 2006
Luxury Home Market
In our area of Florida, we are fortunate to live where many people choose to buy their dream home. Our close proximity to the Gulf Of Mexico, Charlotte Harbor, and Lemon Bay all attract the boaters, fisherman, or those just searching for a great water view. Although the market has cooled in the luxury market as well, we are not seeing the drastic price reductions in this area of real estate as is seen in others. It seems that if someone is in a position to buy their dream home, they usually do not search for the "bargain home". On a recent home search with some buyers, we found the homes most desirable were on the "big" water... Lemon Bay, The Gulf of Mexico, and Charlotte Harbor. The unobstructed views generally come with a price tag of 1.5 million up to 5 million in our area. You can however get a condominium with a view of the Gulf for the 400-500K range. The most requested features in a single family home are boat docks, boat lifts or davits, swimming pools, unobstructed views, granite counters, and updated kitchens and baths. The average buyer will sacrifice somewhat in the size of the home to get the water features they desire. Overall, the market for waterfront buyers continues to be a strong one in our market area.