High Demand for Luxury Homes Near San Antonio, Texas

High hopes — and prices — for high-end housing

Mexican nationals, Eagle Ford millionaires fueling the demand for luxury homes.

Highlights:

• Luxury real estate appears to be outperforming the rest of the housing market
• Custom builders are starting more million-dollar spec homes, those built on speculation before a buyer is in hand
• While the median home price across San Antonio is up about 2 percent for the year, it’s risen 3.3 percent in the $750,000-and-up category
• At Cordillera Ranch in Boerne (near San Antonio), 35 homes are under construction and another 20 have submitted plans for approval, with an average price for just the house — not the lot — at around $1 million
• “There are people who we’ve been talking to for two years who are interested but haven’t felt any sense of urgency,” Art Burdick said. “Those people are getting off the fence.”
• John Flournoy, managing broker with the Phyllis Browning Co., said most people are expecting a strong 2012 for homes priced at $500,000 and up.

From MySanAntonio.com
Read more at High Hopes And Prices For High End Housing

Posted: December 28, 2011 by bricemcbeth