Karen Arbutine & Associates

Luxury home sales increasing

Tue, Feb 08, 2011 at 3:39PM

Luxury home sales in the Orlando area have shown an increase in the year 2010 in comparison to the same period between Jan. 1 - August 31 in the year 2009.  There were 146 homes sold for more than $1 million compared to 90 homes sold at that same price point for the same period in 2009.  868 properties have sold for more than $400,000 in 2010.  Prior to the housing bubble burst, there were 339 homes sold for more than $1 million in the year 2006.

The average national interest rate for a 30 year fixed jumbo mortgage loan was 5.23 percent as of September 2010 . A jumbo mortgage loan is one for $417,000 or more and is not backed by government agencies Freddie Mac or Fannie Mae. Currently mortgage lenders are making more jumbo loan money available at low rates.  This is spurring more people to purchase high-end homes.

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