Natalie Keyssar for The Wall Street Journal
Copper Beech Farm, an estate located in Greenwich, Connecticut, was listed last month for a believed record $190 million.
Cash buyers, low mortgage rates and rising consumer confidence are among the biggest drivers pushing luxury housing in the U.S., according to luxury real-estate agents at the annual conference of the National Association of Real Estate Editors.
The luxury markets, which vary from a low-end in Atlanta of $750,000 to a minimum in Los Angeles of $3 million, are rebounding as buyers bounce back from the housing crisis. International buyers are fueling some purchases, with up to 20% of buyers in L.A. being from overseas, says Kofi Nartey, an agent at The Agency in L.A. Many of them are paying full cash, speeding up closings and eliminating the need for appraisals. He adds that there were 697 home sales over $5 million in California in 2012, an all-time high, many of which were all-cash deals.
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Judith O’Rear, Real Estate Specialist 678-731-8223