A new report by Coldwell Banker reveals where the country’s wealthiest individuals are buying properties, listing the top 5 “power markets” for luxury real estate.
Coldwell defines power markets as areas that offer the lifestyle amenities, education, and culture that the uber-rich seek out. Key features of these markets include airport accessibility and a housing stock that lends itself to privacy, exclusivity and stellar views.
The luxury real estate market has taken a beating lately. A recent report by Redfin revealed that luxury home sales – or sales of homes priced above $2 million – fell 3.9% in the fourth quarter of 2018, marking the first time in more than two years that sales in this high-end market have fallen on an annual basis.
But Charlie Young, Coldwell President and CEO, said that the median sold price has remained around $1.4 million, holding steady for the last 18 months, and that this is a key sign of stability.
“While there was a moderation in the pace of luxury home sales in 2018, luxury market prices have held their ground…