Upscale home inventories remain high

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The upper end of the residential real estate market won’t be returning to pre-recession levels any time soon.

While there were 11.5 percent fewer foreclosures in El Paso County and an 11.9 percent increase in home sales for April 2010 compared to the same month last year, upscale home inventories remain largely untouched.

Classic Cos. Executive Vice President Dan Winter reported that just three of the 11 homes offered at auction last weekend at Flying Horse had sold.

“We sold three Village at Sonoma units, with two of the sales being before the auction and one at the auction,” he said.  Two of the units went for prices that were “very acceptable,” while the house that sold at auction went for just above minimum bid.