What is happening in the Luxury Market?

In the recent research performed by the American Affluence Center, there were contradictions across the board, but those regarding the housing market were positive. The Fall 2010 report showed declining interest in many luxury markets with the exception of the primary residence.

According to the study, interest in acquiring a primary residence increased to a level unseen since the Fall of 2007. The study represents 11.4 million households with an average primary residence of $1.1 million and an average net worth of $3.1 million. Based on the study potential purchases can be projected to be 353,000 for vacation homes and 673,000 for primary residences.

It is believed that the increase in these numbers is a direct result of plans to build, by those who were a part of the survey. We hope to see a greater transition by the luxury market for custom home building versus the purchase of already built homes which may not be readily available.

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Luxury Market Rebounding

Despite the slump caused by the global recession the luxury market is jumping back. In 2010 the global luxury market is expected to grow four percent, a major improvement from the 8 percent decline in 2009.

In the United States, during the month of March, the luxury market rose by 22.7% and in April 15.5%. This is great news when compared to a year before. This year we have personally witnessed a change in the luxury custom home market.

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