The Spring season can be active, full of multiple offers, sales recording over list price, and plenty of demanding buyers. However, the luxury market hasn't yet seen this type of vibrancy, in the Triangle, due to the fact that the luxury sector is still, by and large, a buyer's market.
Introductory luxury price points, between $500,000-$700,000, have certainly benefited from the "move up buyer" but the true luxury estate market, at $1M+, still suffers from the lack of demand. Domestic buyers, in this space, simply haven't felt the urgency to begin pulling the trigger on some of these attractive opportunities.
However, the same can't be said for foreign investors who've taken full advantage of some of the most valuable deals in the Triangle. Purchases in locations such as Wakefield, The Governor's Club, and Preston are just a few locations where foreign investors have jumped at opportunities to buy. With Raleigh projected to double in population over the next two decades, not only will the the general housing market continue to see a rise in prices, but the luxury market will see an impressive increase as well.
The buyers who get in today will certainly see an enormous profit in the near future.
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