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Because the rich are different, especially when it comes to buying and selling real estate. That's why agents who work in the luxury marketplace are a breed apart. The homes they show are appropriate only for a handful of buyers. They may go unlisted to protect a high-profile seller's privacy. What's more, they're often found through personal connections rather than public open houses.
As many of them are unlisted, any data will never reflect the reality.
It is also dependant on the location, but everywhere it is taking longer now to sell.
Portland, Oregon
Between 90 and 120 days now
(30 to 60 days before)
http://www.cnbc.com/id/29036051?slide=3
Charlotte, North Carolina
average being 120-160 days now
(60-90 days in 2006)
http://www.cnbc.com/id/29036051?slide=5
There are exceptions too:
e.g. Millburn and Short Hills, NJ
Most homes are actually taking less time on the market to sell than they did a year ago. In 2008 the average number of days that a home was on the market was 52, whereas in 2007 it generally took 62 days to get a house sold. This is most likely due to the fact that the inventory of available homes is low. When a motivated buyer comes along, they have less selection to choose from therefore it takes less time to house hunt. Buyers do seem to be taking more liberties in negotiating as they managed to secure sales prices at 96.7% of the asking price in 2008, down a little from 97.9% in 2007.
Are you in Millburn or Short Hills, NJ
Source(s):
http://www.realestatejournal.com/buysell/agentsandbrokers/20040722-hodges.h...
http://activerain.com/blogsview/874324/MillburnShort-Hills-Real-Estate-A-Ye...
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And in this market there is a chance that the estate agent can spend thousands of dollars and still not sell the property.
Well, since I'm done with my two cents worth, here's the info you need :)
"2006 sales of luxury homes in the United States were up 11 percent over 2005, according to the Institute for Luxury Home Marketing... the average market time for properties priced at $1 million and up in the Edina area was less than three months in 2006, says Ann Shaeffer, a realtor at Sky Sotheby’s International Realty."
--- from "Marketing the Million Dollar home"
http://www.mspmag.com/homes/features/million-dollarhomes/67886.asp
And -
"...homes listed for under a million bucks have a market time of 3.53 months vs. 21.29 months for homes listed for more than $1 million."
The chart shows the latest data (Mar 2009) and the column for time taken to sell these luxury homes (in months) is conveniently highlighted... maybe they knew you were gonna ask this question!
http://i42.tinypic.com/1zc2s6x.jpg
--- from "Million-dollar homes 6 times harder to sell"
http://lansner.freedomblogging.com/2009/03/23/million-dollar-homes-6-times-harder-to-sell/17365/
This last pic is just for people to see what a luxury homes real estate agent looks like. The lady in the pic is a 'real' real estate agent, and has her own website.
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M$10
April 23, 2009 03:07 PM
How long does it typically take a real estate agent to sell a 2 million dollar property?
I need to be able to say, "Between 2007 and 2009, houses valued at 2 million dollars took an average of x number of months to sell".
Can you fill in the x and provide the data sources to back it up?
Can you fill in the x and provide the data sources to back it up?
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April 23, 2009 07:00 PM
Very few days, sometimes the first day! Because the rich are different, especially when it comes to buying and selling real estate. That's why agents who work in the luxury marketplace are a breed apart. The homes they show are appropriate only for a handful of buyers. They may go unlisted to protect a high-profile seller's privacy. What's more, they're often found through personal connections rather than public open houses.
As many of them are unlisted, any data will never reflect the reality.
It is also dependant on the location, but everywhere it is taking longer now to sell.
Portland, Oregon
Between 90 and 120 days now
(30 to 60 days before)
http://www.cnbc.com/id/29036051?slide=3
Charlotte, North Carolina
average being 120-160 days now
(60-90 days in 2006)
http://www.cnbc.com/id/29036051?slide=5
There are exceptions too:
e.g. Millburn and Short Hills, NJ
Most homes are actually taking less time on the market to sell than they did a year ago. In 2008 the average number of days that a home was on the market was 52, whereas in 2007 it generally took 62 days to get a house sold. This is most likely due to the fact that the inventory of available homes is low. When a motivated buyer comes along, they have less selection to choose from therefore it takes less time to house hunt. Buyers do seem to be taking more liberties in negotiating as they managed to secure sales prices at 96.7% of the asking price in 2008, down a little from 97.9% in 2007.
Are you in Millburn or Short Hills, NJ
Source(s):
http://www.realestatejournal.com/buysell/agentsandbrokers/20040722-hodges.h...
http://activerain.com/blogsview/874324/MillburnShort-Hills-Real-Estate-A-Ye...
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April 23, 2009 08:21 PM
Consider that marketing a multi-million dollar home is an expensive proposition, with color spreads in upmarket magazines and specialist publications, such as listings in the Dupont Registry, or on websites such as www.hamptons-international.com and www.luxuryrealestate.com And in this market there is a chance that the estate agent can spend thousands of dollars and still not sell the property.
Well, since I'm done with my two cents worth, here's the info you need :)
"2006 sales of luxury homes in the United States were up 11 percent over 2005, according to the Institute for Luxury Home Marketing... the average market time for properties priced at $1 million and up in the Edina area was less than three months in 2006, says Ann Shaeffer, a realtor at Sky Sotheby’s International Realty."
--- from "Marketing the Million Dollar home"
http://www.mspmag.com/homes/features/million-dollarhomes/67886.asp
And -
"...homes listed for under a million bucks have a market time of 3.53 months vs. 21.29 months for homes listed for more than $1 million."
The chart shows the latest data (Mar 2009) and the column for time taken to sell these luxury homes (in months) is conveniently highlighted... maybe they knew you were gonna ask this question!
http://i42.tinypic.com/1zc2s6x.jpg
--- from "Million-dollar homes 6 times harder to sell"
http://lansner.freedomblogging.com/2009/03/23/million-dollar-homes-6-times-harder-to-sell/17365/
This last pic is just for people to see what a luxury homes real estate agent looks like. The lady in the pic is a 'real' real estate agent, and has her own website.
Permalink | Report
April 27, 2009 12:56 AM
Thanks for the answer, Nadiraziz!
I'm really looking for a national average. It looks like you've found Aliso Viejo and Edina data.
If I'm wrong, please let me know.
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I'm really looking for a national average. It looks like you've found Aliso Viejo and Edina data.
If I'm wrong, please let me know.
April 27, 2009 05:23 AM
Well, this is the most what I could beat out of the net:
From www.cnbc.com -
Portland, OR -
Says Dana Griggs of The Hasson Company Realtors: "The main difference between today's million dollar market and that of two years ago is the time on market. This home would have sold in 30 to 60 days before. Now it will take between 90 and 120 days.”
Charlotte, NC -
Homes in this price range are taking longer to sell than in 2006 with the average being 120-160 days versus 60-90 days.
Honolulu, HI -
Sales here are taking significantly longer and prices are a little lower than in 2007.
San Francisco, CA -
Rick Turley, Coldwell Banker Residential Brokerage San Francisco, Peninsula and North Bay President: “We’ve seen a slight increase in the number of days million-dollar homes stay on the market..."
Cleveland, OH -
A comparable home recently sold for $925,000 after being on the market for several years. It was originally listed at $1.195 million.
Las Vegas, NV -
In Las Vegas, it is estimated that there is a 43-month supply of homes on the market.
Minneapolis, MN -
In the local market, properties remain on the market for an average of 222 days.
Whew! Have I earned at least half the tip? Show me the money :)
Report
From www.cnbc.com -
Portland, OR -
Says Dana Griggs of The Hasson Company Realtors: "The main difference between today's million dollar market and that of two years ago is the time on market. This home would have sold in 30 to 60 days before. Now it will take between 90 and 120 days.”
Charlotte, NC -
Homes in this price range are taking longer to sell than in 2006 with the average being 120-160 days versus 60-90 days.
Honolulu, HI -
Sales here are taking significantly longer and prices are a little lower than in 2007.
San Francisco, CA -
Rick Turley, Coldwell Banker Residential Brokerage San Francisco, Peninsula and North Bay President: “We’ve seen a slight increase in the number of days million-dollar homes stay on the market..."
Cleveland, OH -
A comparable home recently sold for $925,000 after being on the market for several years. It was originally listed at $1.195 million.
Las Vegas, NV -
In Las Vegas, it is estimated that there is a 43-month supply of homes on the market.
Minneapolis, MN -
In the local market, properties remain on the market for an average of 222 days.
Whew! Have I earned at least half the tip? Show me the money :)
April 27, 2009 10:23 AM
Nadiraziz, I need this for some documentation that I am writing.
Do you have sources?
Can you fill in X here and back it up?
"Between 2007 and 2009, houses valued at 2 million dollars took an average of x number of months to sell"
I don't mean to be a jerk and I'll tip you for your work here... but without the answers above, this isn't quite there.
Report
Do you have sources?
Can you fill in X here and back it up?
"Between 2007 and 2009, houses valued at 2 million dollars took an average of x number of months to sell"
I don't mean to be a jerk and I'll tip you for your work here... but without the answers above, this isn't quite there.
Answer this Question
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Interesting article from the real estate journal and it looks like you've started down the right path (from what I can tell anyway).
What I'm really looking for though is a clear national average with the data to back it up. If you have access to those numbers, please let me know!
Thanks again!!!