Who's Buying What Real Estate Right Now

We have somewhat of an unusual market in this immediate area. There has been a downturn but not as dramatic as in many other areas. Would like to know if my conclusion has any merit.

Briefly- 62% of homes where I work are occupied two months out of the year. Most are massive and many cost millions. In the last couple years there has been a rapid escalation in values there and in the immediate area. A "one bedroom plus" home where I live is being listed at 274K. I believe much of this is because of realtor's and more specific appraiser's. That is something for later. I would like to get a close friend to tell his story about what he has experienced as an appraiser because it would be very interesting indeed.

This clip and link of an article is from last Sunday. 6/8/08

The number of sales of single-family homes, condos, townhomes and building lots are significantly down in the first four months of 2008. However, average price per sale is up substantially in all three categories.

Another the same day same paper.

The mood around was decidedly upbeat this week after the developers of the slopeside Edgemont condominiums tied up $45 million in sales at their May 30 selection event

The average sale price was more than $2 million.

Simply-I think for the most part those who are purchasing these high end properties are the top 1% who have be benefited from the tax cuts instituted by our government. Is that right or wrong? I'd really like to know.

To be fair those who read this may remember I solicited opinion on the purchase of the house I've been living in for some time. Things are in place now and will somewhat reluctantly initiate a contract possibly this week. Just so you know I am not one of the players in the above articles. Less than 200K and that makes me cringe.