Luxury real estate in Colorado and the rest of the country has taken a bit of a hit this month. However the luxury market is pretty recession proof for the most part. The reason for this is that the luxury market is a totally different market. People that are part of the population that can buy a multi-million dollar are usually financially stable enough to purchase that priced home in any economic condition. Luxury home buyers are typically OK in any situation. It’s all relative right?
Depending on what market you talking about as far as the “luxury real estate market” depends on what price would be considered luxury. Even Colorado has pockets of home values and costs. Some parts of Colorado you can find a luxury home for sale for as low as $750,000. Other parts of Colorado that isn’t luxury value that is the average sale value. Some areas like Evergreen or Golden you need to be in the $1,500,000 range to be in the luxury market. Then if you look at other areas in the country the luxury real estate market is even more drastic of a comparison. Places in Ohio (that’s where I’m from) you can find a beautiful high end luxury home for under $500,000 and be living in style.