Rich People Buying Homes Again -- Should You?

luxury real estate
luxury real estate

The rich know something you and I get awfully confused about: Now really is the time to buy real estate.

Wealthy people are buying homes as quickly as they can in traditionally hot cities, according to Christie's International Real Estate. "The confidence is back in the market," said Christie's CEO Neil Palmer. "This money naturally finds a home first at the top end of the real estate market."

Liquidity, he says, is coming back in the market, much of it in hard cash. And Christie's knows what it's talking about: The average list price on its homes runs $3.5 million, and the company has 475 listings across the globe valued at more than $10 million.

"It's the new financial psychology," says Jarvis Slade, Jr., Christie's managing director for the Americas. "We've had two years of hesitation, the sellers are realistic, the buyers confident and cautious, but Americans are starting to feel better."