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Luxury Real Estate Market Still Brisk

While housing reports across the nation point to slowing sales activity and declining prices, very high-end buyers and sellers seem to be doing just fine.

Luxury Portfolio Fine Property Collection™ reports today an increase of 41.7 percent year-to-date in closed incoming referral volume. These referrals are exchanged by its members for homes priced at or above $1 million, compared to last year, and represent an increase of 50.8 percent in closed referral sales volume.

The top three referral sales were $9 million, $8.5 million and $6.425 million. The average for all Luxury Portfolio referral sales was $1.71 million, a 6.4 percent increase over the same period for 2005.

“While the lower tier of the high-end market has seen a slowdown in some parts of the country, the uber-rich are thriving,” said Executive Vice President of Luxury Portfolio Paul Boomsma. “The Luxury Portfolio network excels in the referral arena, boasting the highest conversion rate in the industry, and our success reflects the loyalty very high-end buyers and sellers have when purchasing their multi-million destination and multiple-home locations.”

Luxury Portfolio currently has more than 100 homes priced at $10 million or above on LuxuryPortfolio.com, as well as homes priced at more than $50 million. Its current inventory totals nearly $20 billion.

Luxury Portfolio Fine Property Collection™ is the fastest-growing luxury property network, with more than 200 affiliate companies representing the top independent names in luxury real estate in the United States and 14 countries abroad. Collectively, these firms produce over $65 billion in annual sales volume in the market exceeding $1 million and represent 25 percent of the top 1,000 most expensive properties in a recent Unique Homes report. Unique Homes recently reported that seven of the 35 most influential people in luxury real estate are in the Luxury Portfolio network.

General note to media: Luxury Portfolio Fine Property Collection™ welcomes the opportunity to provide you with sources, research, statistics, data and trend news. Contact: Rachel Nierenberg (212 868 1900 x250, rnierenberg@quinnandco.com).

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