Luxury Homes in CT Real Estate Attracting Buyers

http://www.dreamstime.com/-image3459122When the recession hit the local real estate markets, large luxury homes were not the most sought-after by Connecticut homebuyers. But now that 2014 has shown a significant recovery for CT real estate, as well as an influx of homebuyers and motivation of home sellers, luxury homes in Southeastern CT are becoming top priority for many buyers.

Recently there has been an upsurge in the desire for large, luxury homes as more affluent buyers begin to enter the market once more. According to Realty Biz News, “Last July saw sales of homes costing above $1 million rise by an astonishing 46.6% from July of the previous year.” In fact, one real estate economist told the New York Times that luxury homebuyers are yet again driving the market:

“The housing market is being driven by the move-up buyer, the luxury buyer. And those who have strong incomes, secure jobs, their stock portfolio is doing well — they are able to buy whatever they want. And what they are buying is larger houses.”

And while home builders have been having a hard time with new home buyers unable to compete with all-cash investors in Southeastern CT real estate, they too are noticing how luxury homebuyers have returned to the market. The National Association of Home Builders reported that back in 2007, when the recession hit local real estate, the “size of new homes being built averaged at 2,295 Sq. Ft. By the time the recession was in full swing, that number dipped to just 2,159 Sq. Ft., but by 2012, with economic recovery well under way, it had increased once again to a sizable 2,384 Sq. Ft.,” according to Realty Biz News.

What’s more, the number of homes being built with four or more bedrooms is rising (now to the tune of 41% being built include four or more bedrooms), as compared to just 34% of homes with this number of bedrooms in 2009.

What do these new luxury homebuyers want in Southeastern CT luxury homes in Mystic, Niantic, Old Saybrook, East Lyme? Popular trends that are found in top-selling homes, commonly new homes in the CT area, are large kitchens and expansive master suites. “It’s a matter of how large and impressive those two features are and how much buyers can afford,” said a design director at a luxury homebuilding company. Also popular? Location. Real estate has been commonly known to favor location, location, location— and CT homebuyers are looking for oceanfront homes or waterfront homes to take up residence.

Are you a luxury homebuyer reentering the market to find your dream home— perhaps with a large kitchen or master suite? The Sullivan Real Estate Group can help you choose from the homes for sale in Southeastern CT and walk you through the entire real estate process. Contact us today!

Barbara Sullivan
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