As Coldwell Banker Previews International® enters the final quarter of 2013, the word “vibrant” comes to mind. The latest Previews® Luxury Market Report has shown that there is tremendous energy for luxury real estate, both in the United States and abroad. Here are some of the highlights of what’s inside the report:
- Luxury Consumer Survey – Released early, a survey conducted by Previews® and the Luxury Institute found that most affluent consumers today own at least one home and express confidence in the value of owning real estate. While location is still the most important deciding factor in a home purchase, one in five affluent consumers also said that they are not limited by geography and have the freedom to purchase a property that truly fits their lifestyle.
- Previews Top 20: ZIP Codes and Cities for Luxury Sales and Listings – This year, Previews expanded coverage of the top cities and ZIP codes for the highest number of active luxury home listings and closed sales in three price points: $1,000,000+, $5,000,000+ and $10,000,000+. No surprise–New York ranked No. 1 among cities for both active luxury listings and closed sales in all three price categories. However, established metropolises Chicago, Washington D.C., Boston and Atlanta gained momentum this year in the luxury sector.
- Domestic Spotlights – The Luxury Market Report took a closer look at two top luxury markets: Aspen and New York. Today, Aspen ranks consistently among the top U.S. markets for property sales and listings valued at $5,000,000+. The mountain town also ended up ranking No. 4 in the U.S. for closed units over $10,000,000 on the Previews Top 20–showing Aspen’s maturation as a year-round affluent cultural destination. In New York, the Manhattan marketplace continues to be bullish. Robust sales activity, price increases and a shift in the balance of market power to sellers are all a part of the dynamics at play here this year. Clearly, affluent buyers are still very much in a New York state of mind!
- International Spotlight: Italy – Moving across the pond to one of the most romantic destinations in the world just became even more appealing; Italy experienced a decrease in home prices this year. The combination of lower prices and what appears to be the start of a gradual price correction has created a window of opportunity. But then again–how much of a window does one really need to live la vita bella?
There is much more to explore in the Fall 2013 Luxury Market Report … download it here.