In the Luxury Home market, I am beginning to see positive pressure with clients on two fronts, the new build and the remodel side. These pressures are due to the lack of inventory on the market for homes over $2 Million. Potential buyers are now realizing that the homes for sale over $2 Million are far and few between, as it relates to selection, location, and quality. Over the past 48 months, there was enough variety of homes for sale over the $2 Million that allowed people to buy vs. build.
What we are experiencing at Haley Custom Homes is that the houses on the market have been picked over, and clients have decided that to get what they want, they are now back in the market to build. We are also seeing a huge demand from those people who bought homes in the $1.2-$1.5 Million range, that are now remodeling these homes. We are seeing the average remodeling to these homes in the range of $500,000-$1.3 Million dollars. This is due to the great value they received on the purchase price of the home, which is justifying this expenditure on the remodeling.
Photos by Mark Mattivi Photography
From The Collection Magazine
“Get What You Want”
by Dan Fuller, owner, Haley Custom Homes