Annual Review of Luxury Real Estate in 2017 – Coldwell Banker
Coldwell Banker Real Estate LLC and the Coldwell Banker Global Luxury® program released “The Report,” which profiles nearly 50 “Power Markets” where affluent buyers are flocking for lifestyle and culture.
See the full list of Power Markets at blog.coldwellbankerluxury.com/TheReport2018.
“Power Markets” include both well-established and unexpected luxury markets based on indicators such as airport accessibility, ease of doing business, a prestige brand presence and a housing stock that prioritizes privacy, views and exclusivity. Beyond providing a behind-the-scenes look into the nation’s leading luxury real estate markets, insights collected from The Report’s Power Markets list have uncovered the stories behind certain standout markets, and why a few unexpected markets might become the next up and coming hot spots for luxury real estate.
To narrow down the top five Power Markets to Watch for Buyers and Sellers, 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 2017.*
Top 5 Luxury Buyer “Power Markets” to Watch in 2018
- Boca Raton, Fla.
- Miami, Fla.
- Park City, Utah
- Santa Barbara, Calif.
- Scottsdale, Ariz.
Top 5 Luxury Seller “Power Markets” to Watch in 2018
- Denver, Colo.
- Nashville, Tenn.
- San Francisco, Calif.
- Seattle, Wash.
- Silicon Valley, Calif.
Based on the median prices for the top 10 percent of homes sold in the Power Markets, key findings include:
- Shortest Days on Market: Seattle boasted the shortest median days on market – nine days – for single family homes. Silicon Valley and Washington, D.C. were tied for first place for condos, both with a median of nine days on market. Seattle came in third for condos at 14 median days on market.
- Most Affordable (Price per Square Foot): The most affordable luxury market for single family homes is tech center Raleigh-Durham, N.C., where the median price per square foot is $171. For condos, Detroit suburbs in Oakland County, Mich. have the lowest median price per square foot at $196.
- Most Expensive (Price per Square Foot): On the other end of the spectrum, the most expensive market is the Los Angeles-Beach area, which includes neighboring towns such as Santa Monica and Malibu, where the median price per square foot for the top five percent of single family homes is $2,044. Aspen and Vail, Colo. took the top spot for condos at $1,497 median price per square foot.**
- On Amazon’s HQ2 Radar: Amazon has launched a high-profile quest to find its second corporate headquarters, which is likely to bring an influx of investment and new residents to the selected market. A staggering 14 out of 20 Amazon HQ2 finalists are also in The Report’s Power Markets, including Atlanta, Austin, Boston, Chicago, Dallas, Denver, Fairfax, Va. (NOVA), Los Angeles, Miami, Montgomery County, Md., Nashville, New York City, Raleigh and Washington, D.C, signaling enormous potential for growth in these already burgeoning markets over the coming years.
*The Coldwell Banker Global Luxury® program collaborated with The Institute for Luxury Home Marketing to analyze median list prices of sold properties, median sold prices, median sales-price-to-list-price ratios, median price-per-square foot, median days on market, as well as the highest list and sold prices for the top 5 percent and 10 percent of 47 U.S. luxury metros between the periods of December 16, 2016 to December 31, 2017, as gathered from various Multiple Listing Services (MLS), local Real Estate Boards and the Coldwell Banker® brand co-operating brokerage firms. Data is based on closed and recorded transaction sides of homes sold in the top 10 percent of luxury metro markets between the periods of December, 16 2016 to December 31, 2017, as gathered from multiple sources including but not limited to various Multiple Listing Services, local Real Estate Boards and and the Coldwell Banker brand co-operating brokerage firms. Data is deemed reliable not guaranteed for accuracy as it may not reflect all of the real estate activity in the area. This report was compiled by The Institute for Luxury Home Marketing. For more information on how data was collected and defined, please refer to the full methodology on page 83 of The Report.
**To maintain data integrity, comparisons do not include data from Manhattan, NY, which uses a unique multiple listing service (MLS) that reports on data differently than most MLS databases.