I have noticed many high end properties closing with cash listed as the payment method. With mortgage money costing about as much as investment earnings, some well heeled buyers are choosing to part with cash in the short term rather than borrowed funds. Someone earning 4% to 5% on conservative investments may rather invest that cash into real estate which may not earn 4%-5% in the current climate but will still be better than borrowing at 7% or more. The stock market has been somewhat volatile lately and that may be part of the cash movement in high-end properties lately. Cash has always been common in deals where someone is downsizing a large home into a smaller home. This is typical in retirement. Lose the giant house on the huge lot and move into a smaller condo or townhouse to eliminate a large portion of the maintenance.
There can be advantages to borrowing however. Mortgage interest is deductible in most cases from income tax. Sometimes this makes strategic sense. Carrying a mortgage does encumber the property and thus makes it a bit more difficult to sell if market conditions soften up, but generally in the high end market larger downpayment are common.
Cash is king and people choosing to use cash to purchase can always do a loan against the property later should they need access to their cash. There are a many different angles when making a real estate purchases and it seems that cash is just popular right now for those making purchases of more expensive properties.
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