Luxury Bang for your Buck

For those who still have money, there’s likely never been a better time to acquire luxury properties at bargain rates. Luxury homebuyers today will get roughly 20 percent “more house” than they did in recent years, Josh Brian Losh of luxuryrealestate.com told the AP.

Subprime loans led many to buy houses beyond their means, and this high demand fueled ever-higher home prices. When the housing bubble burst and many buyers unexpectedly entered unemployment lines, the sales of homes over $1 million slowed significantly.

“Everyone has less money than they once had,” said Amy Wright, an agent with The Real Estate Office in Rancho Santa Fe, Calif. “That has certainly affected the nouveau riche, and that’s definitely in that $1 million price point.” During August, sellers with homes listed above $2 million discounted prices by an average of 14 percent, compared with the national average of 10 percent, according to Trulia.com.

Dallas’ premier neighborhoods offer luxury buyers several of these incredible opportunities. For example, sellers have significantly discounted 4301 Edmondson, a beautiful five-bedroom new construction within walking distance of Highland Park Village. And 3216 Princeton, also situated in a prime Highland Park location, has just been reduced to under a million.

Luxury buyers searching for second homes will also find that deals abound. To watch video footage of a reduced-price colonial in nearby Kaufman, click here. Or to browse excellent opportunities for 2nd homes further away, click here.