The Real Deal Miami

Posts Tagged ‘greg mcbride’

  • Home sales in Broward and Palm Beach counties continue to outpace the national market, but it’s still a question as to whether the sales surge will continue. “We’re affordable again, and that makes a difference,” said David Dweck of Charles Rutenberg Realty in Fort Lauderdale. Part of the reason for the sales wave is renewed interest on the part of investors willing to pay cash. Because they are less sensitive to the economy, the binge would continue, according to Greg McBride, a senior financial analyst with Bankrate.com in North Palm Beach. Sales won’t decline, he said, “unless the economy completely rolls over.” [Sun Sentinel]
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  • Sales of million-dollar homes and condominiums rose last month in all 20 major metro areas, according to DataQuick Information Systems. On average, these cities saw an 18.6 percent increase in high-end home sales, after four years of declines, CNN reported. In New York, where volume grew nearly 25 percent, high-priced home sales were driven by bonuses on Wall Street. Even though bonuses were slightly smaller last year, the average was still over $120,000. San Jose, Calif., had the biggest market for million-dollar homes, with a 27.4 percent jump in sales last year, while Phoenix had the smallest increase, at just .4 percent. However, sales outside of this price point actually fell 2.8 percent. “It hasn’t been a good six months for all people, but it was a good six months for rich people,” said Glenn Kelman, CEO of brokerage Redfin, based in Seattle. Since stock values have almost doubled from their March 2009 lows, “higher income households are feeling better about their financial security,” said Greg McBride, chief economist for Bankrate.com. As confidence in the market increased, wealthy buyers took advantage of bargains in expensive homes, for which getting a mortgage was cheaper as well. [CNN]

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