Housing 1% soars as 99ers dive
As the housing recovery now moves in fits and still-weak starts, the super-pricey segment is sizzling. Sales of the most expensive 1 percent of homes in the U.S. are up 21 percent this year, according to a report from Redfin, a Seattle-based real estate brokerage. Sales in the remaining 99 percent are down 7.6 percent.
"There are haves and have nots, and the haves are the ones out buying," Redfin CEO Glenn Kelman said.
Ten local housing markets have seen sales growth above 50 percent this year, not surprisingly the top three in tech-heavy Northern California. Long Island, home to the hoity-toitiest Hamptons homes, has seen sales up 72 percent, and Seattle and Miami aren't far behind.
"The stock market had a record year and now it's begun to plateau, and so you see people moving their money out of the equity market and into the housing market," said Kelman.
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