We are hearing from real estate agents that homes at the top of the market are lingering longer on the MLS (multiple listing service) and fetching a smaller percentage of their asking prices than down-market homes.
Wilmington, NC, is one example of the phenomenon. In April, homes in the Hampstead area just north of the city, in zip code 28443, took an average 133 days to sell at an average price of $369,000, 89% of the asking price. In the Wilmington zip code of 28405, where homes were listed at an average $293,000, they sold in April in 73 days and at an impressive 98% of their asking price.
With the stock market remaining strong, at least for now, there is not too much downward pressure on pricing for owners of higher end homes. But a stock market correction could certainly change that.
Our friend Adam Ney is a leading exponent of green businesses and lifestyles in the state of Connecticut. He maintains an interesting web site called Building Connecticut Green. Last month Adam masterminded a clean-up of the road that runs alongside his town golf course, Wintonbury Hills in Bloomfield.
Wintonbury Hills is not your average muni; it was designed by Pete Dye for the princely sum of $1 as a favor to friends of his in town, and it is the equal -- in layout and condition -- of most local private courses. Adam arranged for a few of his fellow club members to help pick up trash along the road, and then played the course. This might be a day of fun and productivity you can organize at your own course, whether it is private or public. For Adam's article, click here .