Where the wealthiest and most powerful players tend to own property? “Power Markets” include both well-established and unexpected luxury markets offering a range of lifestyle amenities, cultural experiences and educational opportunities.
Coldwell Banker Global Luxury Released The Report: State of Luxury Real Estate 2019
Coldwell Banker Real Estate LLC and the Coldwell Banker Global Luxury program released “The Report: State of Luxury 2019,” which profiles 65 “Power Markets”.Key indicators of “power” status include airport accessibility, ease of doing business, a prestige brand presence and a housing stock that prioritizes privacy, views and exclusivity.
To narrow down the top ten Power Markets for Buyers and Sellers in 2018, as well as other key trends for affluent investors, the Coldwell Banker Global Luxury program collaborated with The Institute for Luxury Home Marketing to analyze the top 5 percent and 10 percent of active and sold listings in 2018.*
“There are hotbeds of luxury home sales at the million-dollar price point and higher across the North American luxury market, and The Report provides high-level data on the markets to watch. While there was a moderation in the pace of luxury home sales in 2018, luxury market prices have held their ground since the housing boom began in 2013. When you take the long view, the luxury real estate picture is steady and stable,” commented Charlie Young, president and CEO of Coldwell Banker Real Estate LLC.
2018 Top 5 Luxury Buyer “Power Markets”
2018 Top 5 Luxury Seller “Power Markets”
LA Valley, Calif.
Las Vegas, Nev.
Shortest Days on Market
Raleigh-Durham, N.C. boasted the shortest median days on market – three days – for single family homes. For condos, Silicon Valley had the shortest median days on market at nine days.
Most Expensive (Price per Square Foot)
On the flip side, the most expensive market is the Los Angeles-Beach area, which includes coastal cities such as Santa Monica, Malibu and Manhattan Beach, where the median price per square foot was $1,398. Vail, Colo. took the top spot for condos at $1,629 median price per square foot.
Staten Island, N.Y. stands out as an Evolving Market for its striking value compared to the other four boroughs of New York City, as the proximity to Manhattan and Brooklyn appeals to many buyers who work or own businesses in these surrounding boroughs. 2018 saw impressive sold prices of single-family homes – 134 of the 139 homes closed above $1 million, four of which closed above $2 million.
Most Affordable (Price per Square Foot):
Collin County, Texas and Ft. Worth, Texas were tied for the most affordable luxury markets for single family homes, where the median price per square foot was $165. For condos, Orlando, Fla. had the lowest median price per square foot at $156.