Home sales are percolating around the country with entry-level and move-up transactions gaining momentum. This is attributed to lower prices, favorable interest rates and government tax credits. High-end home sales may also be coming to life considering the flurry of sales generated by Prudential California Realty during the last two weeks of December.
The firm represented sellers and buyers in homes that sold for $20 million, $17.5 million, $13 million and $6.5 million, to name a few. The $13-million property, which had been on the market for about two years, was sold to a Russian businessman and closed in only three days.
According to Jon Cook, president and CEO of Prudential California Realty, affluent buyers have faith in the U.S. real estate market as long as homes are priced right and represent value. "Unique, distinctive properties are selling in top locations," Cook said.