Ultra high-end home sales booming

What does this mean for overall housing market?


This is a rush transcript from "Your World," April 18, 2014. This copy may not be in its final form and may be updated.

NEIL CAVUTO, HOST: Meanwhile, take a look at this -- $10 million homes, they're selling like crazy; $100,000 homes not selling like crazy.

To real estate Katrina Campins, who says it's not crazy. Trickle-down works for everyone and left-wing here.

Explain, Katrina.

KATRINA CAMPINS, CEO, THE CAMPINS COMPANY: Well, recently, a lot of homes that are $10 million-plus have sold in the Connecticut area, which is surprising to a lot of people, but there's a lot of assumptions of why that's occurring. Taxes in New York are getting higher, so a lot of people are choosing to visit -- I'm sorry -- to actually purchase in Connecticut.

In addition to that, it's trickling down to the medium housing market. I think that the biggest problem is actually not buyers wanting to buy. It's low inventory. And in the $500,000 to $600,000, $700,000 range, there just isn't a lot of quality inventory.

Now, interest rates, as you know, Neil, continue to go down, which is more and more incentive to buy. But low inventory is still affecting that market. The luxury market is continuing to do well, though, as people continue to purchase because they believe that real estate is a solid investment.

CAVUTO: But does that hold Does that hold? In other words, if that upper end is doing well, it does trickle down, because that's not always the case, is it?

CAMPINS: It does trickle down, especially with interest rates still being historically low.

But, again, there's just not enough inventory in the lower income brackets, and buyers are becoming frustrated because of that. But, as you see, the $10 million homes are selling. And they're selling to cash buyers, which is very interesting. And not all of them are coming from overseas, which one would assume. A lot of them are coming from New York.

CAVUTO: Amazing. Katrina, thank you very much, Katrina Campins in Boynton Beach, Florida.

CAMPINS: Thank you for having me.

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