In the luxury sector of the real estate, sales and prices are rising while everywhere else, the market is moving sideways or getting worse. Prices of $1 million-plus properties have risen 0.7 percent since February of this year, according to Zillow. And prices of houses under $1 million have fallen more than 1.5 percent. “Luxury is the best performing segment of the housing market right now,” According to chief economist Stan Humphries for the company. The segment referred as a bright spot in the housing market, is occupied by only 1.5 percent of the U.S. population. And who is buying in? For international buyers, U.S. property is the new undervalued asset, and foreigners are big buyers of luxury properties. International clients bought $82 billion worth of U.S. residential real estate last year, up from $66 billion in 2009. In states like Florida, international buyers account for a third of purchases of Luxury Homes, up from 10 percent in 2007. More>>
