There are 52 properties under contract; 5 are over $2m and 1 is over $4m which is a penthouse in town for over $1,200/sf. Interest has been tremendous with a lot of properties being studied by buyers and offers being negotiated. Sellers who decide they want to sell and meet market pricing, have helped make the market.
I recently took over the sales of Element 52/Auberge Residences http://element52.aubergeresorts.com/ . Already this summer there are two units under contract and interest has been overwhelmingly strong due to a recent price adjustment of 20-30% for, unquestionably, the best product in our market managed by legendary boutique operator; Auberge Resorts. Most notable Auberge properties are Esparanza in Cabo, Calistoga Ranch in Napa and Auberge du Soleil in Napa as well.
It appears as though for now that real estate has got some wind in its sails as evidenced by our market and national reports below.
Wall Street Journal Is the Real-Estate Rebound for Real? http://stream.wsj.com/story/markets/SS-2-5/SS-2-41479/
Business Insider The Hamptons Luxury Real Estate Market Is Booming Once Again http://www.businessinsider.com/the-hamptons-luxury-real-estate-market-is-booming-once-again-2012-7#ixzz22cK46KZR
CNBC For Luxury Real-Estate, the ‘Year of Capitulation‘ http://www.cnbc.com/id/48465289