One of the fun things for buyers during the depressed real estate market was seeing almost unbelievably low prices on luxury homes. (Who wanted to buy a castle with everyone in fear of a job loss or investment tumble next week?) Even if we couldn’t actually afford a mansion in the hills, we could peruse the listings without feeling like such a fantasy was completely and utterly crazy.
Unfortunately, buying a luxury home is swiftly returning to the realm of never-never land for the average buyer. According to the April, 2014 edition of Money magazine (“The sunny outlook for housing in upscale neighborhoods“), sales volume for expensive houses is on the upswing, the time it takes to sell is on the downswing in many parts of the U.S., and these factors will soon add up to price increases for high-end homes.
Sigh. You might console yourself by remembering that, even if you could afford the purchase price on a luxury home, other costs such as insurance, repairs, and of course home security might completely break your bank. See Nolo’s article, “How Much Does Owning a Home Really Cost?” for more on that.