2008 Luxury Brand Status Index Survey Rates Sotheby’s International Realty Nation’s Most Prestigious Real Estate Brand

LAKE MARY, Fla. – The surge in luxury home sales is on — and while evidence is anecdotal, it is almost everywhere, says a seasoned real estate executive.
 
Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, a luxury home specialist that saw more than $1 billion in sales in 2005, said the housing sales will probably never reach that frantic pace again but sales of higher priced luxury and estate homes are showing marked signs of improvement throughout the area.
 
“More affluent home buyers are less affected by market cycles than mid-market buyers and sellers,” said Soderstrom.
 
“For buyers who are seeking homes priced in the $600,000 to $3 million range, a slow housing cycle can mean a discounted price, but it almost never means a ‘no sale’ of existing home.   In this market, financing is easier to obtain because buyers are usually more credit-worthy and present less risk,” Soderstrom explained.
 
Diane Travis, managing director of Stirling Sotheby’s West Central Florida region, seconded Soderstrom’s observations.
 
“Our Dr. Phillips gallery achieved over 65 showings on our listings in the last 12 days,” Travis said.
 
“On Jan. 14, we were flooded with buyer phone calls and had five high quality buyers walk into our real estate gallery in search of homes priced in the $500,000 to more than $1 million range,” she said.
 
“Activity in our Clermont real estate gallery has been equally as strong. In the past seven days, we reported 50 showings. We are starting to see some of our older inventory move as people begin to realize rates are still so low,” she said.
 
Linda Hutchinson, managing director of Stirling Sotheby’s Winter Park Real Estate Gallery, said three agents are currently writing contracts for sales of homes valued at more than $600,000 and all three expect to close in February.
 
Lissy Houseman, managing director of Stirling Sotheby’s Downtown Orlando Real Estate Gallery, said a wave of new buyers is eager to look at downtown Orlandohigh-rise condominiums.
 
“Since the first week in January, we have seen a steady flow of buyers focused on downtown Orlando high-rise condominiums,” Houseman said.
 
“On Jan. 18, we had three highly qualified walk-ins interested in purchasing immediately. The Vue on Lake Eola is currently the hottest high-rise condominium in downtown Orlando and we are currently negotiating three contracts there,” she said.
 
All that activity has had an effect on demand for single family homes in the downtown core, Houseman said.
 
“Three of our downtown listings have garnered offers in the past three days in the $1 million range,” she added.
 
“Buyers seem to be getting off of the fence and taking advantage of bargain prices. We’re projecting January sales between $8 and $10 million in our downtown gallery alone,” Houseman said.