The luxury housing market not only bounced back from the initial shock of the Coronavirus, it has reached unprecedented levels.
Luxury Surge-A record number of luxury homes closed in Orange County in August.
After a hiatus due to the Coronavirus, professional baseball, basketball, and hockey returned to empty stadiums and arenas. For sports enthusiasts, it was a welcome distraction to COVID-19 and the daily news. Hockey is in the midst of the Stanley Cup playoffs and down to the conference finals. The high intensity play is reminiscent of the Winter Olympics where hockey players around the world compete for gold. One of the greatest moments in hockey history occurred during the 1980 games, the “Miracle on Ice,” when the United States defeated Russia by scoring two goals in the final period. Despite Russia being heavy favorites, stacked with experienced, professional players, and winning five of the previous six Olympics, they lost to the United States whose roster was filled with amateurs and was the youngest of the 12 competing teams. The game was memorable and completely unexpected.Life is full of unexpected events.
Just like the “Miracle on Ice,” this year’s housing market has surpassed just about everybody’s expectations. Demand has been off the charts, the highest in years. The active listing inventory has remained at unbelievably low levels for this time of the year. Multiple offers are the norm. Home values are on the rise. Homes are quite literally flying off the shelves. Luxury housing has also beat everybody’s expectations and has been surging at a record pace