WHEN IT COMES TO paying for a high-end home, high-income buyers need and get special treatment.
Interest rates often don’t matter because many luxury homes are paid for outright. A Coldwell Banker survey in 2003 found that 31 percent of buyers of $1 million-plus homes paid cash. Of those who did take out a mortgage, 17 percent made a down payment of more than half the price of the new house. That’s not surprising considering that many luxury-home buyers are moving up from properties that have appreciated in value.
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