Broker’s Corner with Joshua Corson:

After years of declining sales of million-dollar homes and condos, sales have finally picked up in the top-20 major metro areas according to DataQuick Information Systems.  In fact, on average there was an 18.6% jump in high-end home sales!

Many attribute this increase to Wall Street and the rebound of the stock market which provides a feeling of financial security.

Though the stock market has been an important factor, I believe it is only responsible for a small part of the surge in high-end sales.  Most of you are familiar with the trickle-down theory, but I attribute the increased activity to the trickle-up theory.

Both the Bush and Obama administrations gave tax incentives to first time home buyers.  After igniting sales to first-time home buyers, the sellers of the homes that were bought with these incentives began buying more expensive homes and so on.  At last, now even the million- dollar home buyer is reaping the benefit.

The unfortunate (or fortunate) part is that high-end home values substantially decreased during the period of low activity.  But if you are moving from one million-dollar house to the next, the value of both homes should have decreased at approximately the same rate.

So for those of you in the million-dollar home range who are thinking about moving, now is the time to sell!

Call Upper End Properties at 314-558-7555 or e-mail us at info@upperendproperties.com and we will be happy to set up a complimentary evaluation of the current market value of your home.

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