In every economic downturn there is a silver lining. And in housing, it continues to be the luxury home market.
But you need to move fast if you want a deal. Foreign buyers have been busy doling out cash on discounted properties brought on by the housing crash and the deals on a piece of luxury won’t last.
In Manhattan, a shrinking inventory means if you want a place to live for under $1 million, it will need some renovation. In Miami, prices are starting to rise as the economy slowly recovers and luxury properties are selling quickly. Realtors in Scottsdale, Arizona, and Malibu, California, report inventory on luxury homes is dropping, although prices continue to be stable.
From March 2010 to March 2011, the National Association of Realtors found that international buyers bought more than $82 billion in real estate, up 24% from the previous year.