Calgary Luxury Real Estate in 2013
When marketing Calgary real estate, it is essential to know your audience and the type of properties that they prefer. Calgary real estate includes commercial, industrial, warehouse, office and of course residential. The residential category includes: detached and attached homes, condominiums - apartment and townhome style plus mobile homes and land.
A closer look into the 2013 market's performance puts the luxury real estate into the limelight. The 2013 Calgary luxury real estate market has seen the most relative change in sales activity and price changes among all the real estate types. Not since the peak market activity of 2007 has there been the level of sales activity seen in 2013. The city of Calgary continues to experience full employment, net in-migration, low vacancy rates, low interest rates as well as balanced inventory levels - all critical factors in creating the current ideal market conditions.
Calgary Luxury Real Estate from 2008 to Today
During the last few years, “affluent” buyers tended to be more conservative and cautious in spending. This is partly due to their lack of confidence in the national economy and particularly in the real estate market.
However, most of these well-off individuals regained confidence starting in 2012 and started venturing back into the market. The numbers show a definite increase in luxury home sales.
Calgary Luxury Real Estate Buyers in 2013
In 2013, the Calgary luxury real estate market continued to attract buyers because of renewed confidence in the economy and low interest rates. Prices of Calgary luxury homes began to steadily move upwards as buyers acknowledged real estate to be a “safe” investment.
For the discriminating Calgary home buyer, size does not really matter. They mostly prefer homes with artistic value and a great story. They also look at the brand. Like wearing branded clothes, these Calgary home buyers choose properties that are branded – in exclusive areas or desirable locations with excellent amenities nearby. The home's potential for future appreciation is also a major consideration.
The Difference that Calgary Luxury Real Estate Makes
Selling a Calgary luxury home takes longer and involves more specialized service than an averaged priced single-family home. That is why Calgary luxury homes for sale over $1,000,000 represent a very small segment of the overall Calgary real estate market. Of the 23,476 total residential properties sold in 2013, 728 of them were luxury homes - those valued over $1,000,000. That's only 3.1%!
The 2013 Calgary luxury real estate market saw the best year in sales and price growth over the previous 5 years with buyers having more confidence in the real estate market. These luxury home buyers represent a much smaller segment of the overall Calgary housing market yet their buying decisions are also affected by economic and market conditions.
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