Who is set to have a stellar year in San Antonio in 2012? It looks like the luxury home sellers and builders are. According to the Houston Chronicle, luxury real estate numbers are outperforming other types of real estate sales. Custom builders see San Antonio in 2012 as a year to begin plans for a number of million-dollar spec homes. Real estate is picking up in San Antonio, but luxury real estate in San Antonio in 2012 will likely be the driving factor for San Antonio’s real estate market. Says James Gaines, a research economist for the Real Estate Center at Texas A&M University: “Who is the most recession-proof? High-income people who can more easily qualify for loans? Who can come up with more equity?”
Luxury Housing Median Rules
The San Antonio median home price is currently showing a 2-percent gain, while homes in the $750,000 and up category are up over 3 percent. A good example of the thriving luxury housing market is Cordillera Ranch in Boerne, where there are currently 35 homes under construction and another 20 homes slated for construction. Consider that homes in this affluent community start at an impressive $1 million, and it becomes quite clear where luxury real estate in San Antonio in 2012 is heading. Statistics have also shown that the most expensive real estate in nearly every market is moving at a much greater rate than lower-priced real estate. It appears now that the biggest challenge heading into 2012 is where builders can keep up with the demand. These statistics, of course, are a sharp contrast to 2008, when AT&T moved its quarters to Dallas and the San Antonio real estate market was flooded with executive homes that just didn’t sell. In addition to luxury homes, ranch homes throughout the region are also moving quite well. The market for rural land is on an uptick, which is welcomes news for a market that has seen slow sales over the past three years. With historically low interest rates and plenty of attractive home loan programs, it only makes sense that home buyers are looking toward the luxury home market in San Antonio.