NEWPORT BEACH, CA—Difficulty in obtaining first-home mortgagesis helping one segment of the housing industry:the luxury, or “move-up” market. MarkBuckland, CEO of City Ventures, tellsGlobeSt.com that with so many first-time buyers having troublegetting loans, those who already had a mortgage and are moving upto higher-end properties have the advantage.

As GlobeSt.com reported last week, the locally basedhomebuilder has launched a luxury boutiquedevelopment and homebuildingdivision that will focus on premier land locations in California.Insignia is dedicated to creating “profoundlypersonal residences” focusing on superior architecture, amenitiesand interior design, according to the firm.

Now, Buckland says we can expect to see more homebuilders in theCalifornia market creating luxury boutique divisions based on theimproved economy and the market for such properties here. “TheCalifornia economy is definitely picking up, and people are feelingmore positive about eh move-up market as it spreads to differentareas. The move-up buyer has had an easier time getting a loan evenduring the downturn. There's demand at the high end because theycan get the financing, and it's a good time forbuyers to lock in low-cost financing.”