(KCPW News) While Salt Lake County home sales were down from March 2010 to 2011, more people are buying million-dollar homes along the Wasatch Front, according to the Salt Lake Board of Realtors. And more of them are paying cash. The board says in 2010, there were 91 homes that sold at $1 million or more in Salt Lake, Utah, Davis and Weber counties, up 12 percent from 2009.
“I just think there is a certain segment of our population that has not been affected financially and they see the pricing drop. In the higher end homes, we’re actually seeing up to a 50 percent decrease in the price,” says Board President DeAnna Dipo. “And they know the market and they’re watching it and taking advantage of it.”
Dipo says 38 percent of those sales were cash buyers, compared to 30 percent in 2009. And fewer of these homes were bank owned or distressed. But does this increase mean anything for lower income homebuyers?
“There’s still a certain segment that are struggling, but seeing the prices drop it’s a great time for first time homebuyers, with interest being so low, I think a lot of people are still taking advantage of that and year over year, we’re actually doing better. Our numbers actually show a rebound for million and under,” she says.
According to the board, the highest priced home sold along the Wasatch Front in 2010 was for $6.2 million in Alpine, up from $3.5 million in 2009.
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