More Luxury House Hunters May Buy

Interest in luxury real estate is picking up, according to a survey for United Marketing, which found that the percentage of people with incomes greater than $306,000 a year who plan to buy homes has risen from 3 percent in 2008 to 11 percent this year.

Laurie Moore-Moore, CEO of The Institute for Luxury Home Marketing, said that while she doesn’t believe this market is booming, she is seeing sellers who are more realistic about prices and that is persuading affluent buyers to consider purchases.

“Luxury home buyers have been buying this summer,” said Moore-Moore. “After waiting in the wings, many affluent buyers spent the summer shopping for value and snapping up trophy properties.”

Source: UPI, Steve Cook (09/12/2010)