All-cash, luxury-home sales rising
High-priced homes have become strong sellers in today’s market. And many of these sales are all-cash transactions. After four straight years of declines, sales of million-dollar homes and condos rose last year in all 20 major metropolitan areas, according to DataQuick Information Systems. On average, these cities saw an 18.6 percent jump in high-endhome sales.
San Jose, Calif., had the biggest market for million-dollar homes, with a 27.4 percent spike in sales last year. Phoenix saw the smallest increase: just 0.4 percent, according to a CNN Money report.
“It hasn’t been a good six months for all people during the last half of 2010, but it was a good sixmonths for rich people,” said Realtor Glenn Kelman in the report. “When Wall