Developers Build Luxury Homes in Triangle
Posted April 6, 1998 7:00 a.m. EDT
RALEIGH — The national housing market is at its highest level in history, and that trend is evident in the Triangle as well.
Luxury homes worth millions of dollars are being sold, and the rule is the bigger and more expensive they are, the better.
The price of these luxury homes is expected to reach several million dollars. One of the homes will sell for $5,000,000.
Last year alone 40 houses valued over $1,000,000 were located in the Triangle.
The market has a lot of existing luxury homes on the market as well, like Lorie Binder's home in Raleigh.
"Raleigh is ready, and there are houses out there that range from three on up. They just have never gone through the multiples, and have never been sold," Binder said.
The growing number of luxury homes has convinced Christie's of the auction house fame, to set up one of its Christie's Great Estates offices in the area.
Christie's owns numerous luxury houses throughout the world.
"We have everything from a little cabin in the mountains up to a 50,000 square foot mansion," C.E.O. of Christie's Great Estates Kay Coughlin said. "We have properties that are historically significant in Portugal, to chateaus in France."
The triangle's tax records indicate that there are approximately 2,000 homes in our area that have a value above $500,000, which is the starting price for luxury homes.