Barron's reports:
The market for luxury goods is in full-fledged revival mode, and that includes high-end city real estate -- apartments and townhouses in the $5 million-plus range. After plunging 30% from peak to trough, luxury-home prices in many big urban markets are back on the rise...
Even in many markets where prices are still down, we're seeing increased sales activity, fewer price decreases, price strenght relative to inventory levles, shorter days-on-market, and other signs of the relative health of the luxury segment.
Of course you know this if you participated in our recent How's the (Luxury) Market webinar. You'll find other hints as to how various markets are doing in our ILHM National Luxury Market Report.
The economy is a mess and we're nowhere near being "out of the woods" yet, but when it comes to real estate the luxury market is the about the only bright spot.
