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Local luxury realtor has second best January ever, million dollar homes a hot property

Luxury realtor has second best January ever, million dollar homes hot

5506 Russett Dr., Tanglewood, Feb. 2016
Bucking the trend, multi-million dollar homes, like this one in Tanglewood, are a hot property in some markets.  Courtesy of John Daugherty Realtors

One of the city's leading luxury real estate firms would like to take exception with the recently announced trends in Houston residential real estate. While the Houston Association of Realtors reports that sales of homes priced $500,000 and higher were down 9 percent during January, John Daugherty, Realtors is boasting its second best January since its founding six decades ago.

During the first month of 2016, the company had pending sales for 38 homes priced at more than $1 million. Twelve of those have already closed and 26 are pending.

"The definition of luxury as simply 'over $500,000' throughout the entire region does not define the luxury market today," counters Cheri Fama, John Daugherty president and COO, in a statement.

"We are seeing a healthy and consistent demand for quality properties in strong neighborhoods," she continued, adding that sales are brisk in February as well.

Go figure.