Low Interest Rates Driving Housing Recovery?

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It's it's day's big topic on the fox business network of real estate story.

The last couple years the most expensive homes have been slow -- self forcing some to take their properties off the market.

Now that the housing market seems to be picking up again what does this mean.

For -- cellars boxes this -- -- -- joins us from far hills New Jersey an area the northeast has similar many large fifth the most expensive times.

-- good morning.

And a good morning to you -- -- not only the most expensive homes with some of the most beautiful this is a brand new house for nine men.

Roughly five bedrooms six bathrooms this -- is going to be on the market.

For two point six million dollars were going to be showing you different portions of this house.

Talking about the real estate market in places like New Jersey especially if this and for instance the man who built this house Bruce -- Sina.

Is known throughout the area for being -- real estate developer but also -- refined luxury homes.

And he's been telling -- that anything in this area that sells for just a little under a million dollars.

Is getting multiple offers.

Now this home for instance not only is he going to be selling this house he's getting ready to break ground on another house another large fine luxury home -- -- got two point six million U might wanna spend it.

But to give you a few statistics about what's going on in this market.

We spoke to an economist at rockers who told us that.

What core logic reported that we're seeing price increases across the entire price spectrum.

Eight point 3% that was the increase in December that was the largest increase year over year since 2006.

We're going to be talking about who's buying what they're looking for and why it is said.

People are now again eager to buy because one interest rates are so low and I -- look what you get two point six million.

Yet the sub zero refrigerator.

You get the wolf.

This is a 121000 dollars stove over here you get the -- stone -- yet all of the find things that you would love in a home this size.

And a walk in pantry which is the size of an apartment in New York City we're going to be talking.

We mr.

both seen in the next half hour he's gonna talk -- a bit about the market here in Somerset County Somerset county New Jersey one of the wealthiest counties in the country I think it's number six.

By median income but when you get -- what's happening in the real estate market again what mister -- -- was telling me.

Is that.

Homes that are a million just a little under a million in this area getting multiple offers.

And he's getting people coming to the door on this house wanting to know and they buy is it for sale.

And is he breaking ground on the law extort so we're gonna talk about that show you more this house will -- -- Shapiro stately -- for now.

Back to you I say duet because that's really beautiful hum -- can't wait to see more pictures of it outer Schapiro about the far hills newsroom.

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Low Interest Rates Driving Housing Recovery?

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