The housing market may be sluggish right now, but higher priced homes are actually in high demand. They’re the driving force behind some new developments like The Reserve at Savannah Harbor and Savannah River Landings in the Coastal Empire and Traditions in the Low Country.
Whether you can afford one of these homes or not, they could mean more money in your pocket.
As officials with The Reserve, JT Turner Construction, Hansen Architects and Cora Bett Thomas Realty and Associates break ground on Hutchinson Island, more new homes are on the way in Savannah. Priced from $600,000 to $3 million, these future homes at The Reserve at Savannah Harbor aren’t in everyone’s budget, but they reflect a real estate trend we’re seeing nationwide, especially on the east coast.
“The higher end market is your more robust market today than the lower priced market,” explained Cora Bett Thomas with Cora Bett Thomas Realty and Associates.
Thomas said while Savannah’s housing market is down about 12 percent, demand is driving up prices for more expensive homes an average of $100 per square foot over last year.
“I think people who have money see the value and they’re not affected by the interest rates,” she said.
Even if you can’t afford a higher end home, there’s a reason you should be happy that they’re increasingly popular in our area. Their new owners bring more tax dollars into the community and more business for everyone.
“The high end homes and having retirees come to our community is very nice,” said Savannah Area Chamber of Commerce president Bill Hubbard. “They bring their wealth that they’ve accumulated over time and they also require fewer services than others. Most retirees, for example, don’t have children in school.”
Hubbard said these residents usually have higher disposable incomes, frequent our restaurants more often and do more shopping, especially for luxury items.
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