BUSINESS

Luxury Homes Going For Cut-Rate Prices As Market Hits Bottom

05/01/2008 05:12 am ET | Updated May 25, 2011

Got your eye on an bigger and better house? Now might be the time to move up.

Though prices in many regions are still heading lower, luxury home prices in some areas appear to have hit bottom and are starting to rebound.

Inventory remains high, and the pace of sales continues to lag, so a lot of sellers are motivated to negotiate. And since homeowners themselves may want to upgrade, that gives them even more incentive to sell.

The upshot: there's never been a better time to buy a luxury home at cut-rate prices.

"If you're moving up, it's a bonanza," says Ken Baris, president of Jordan Baris Realtors in West Orange, N.J. "The people that end up buying in this period will be seen in 15 years as the geniuses because they're going to be the ones getting the great buys."

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