35 Luxury Real Estate Markets to Watch
Bubble schmubble. The only thing bursting here is previous sales records. The luxury real estate market is strong in these 35 regions.
1. Bellingham, Wash.
This small city perched midway between Vancouver and Seattle is booming, with buyers seeking to escape high prices and big city pressure. Waterfront and mountains are also a big plus.
2. Bend, Ore.
Ranked second for telecommuting means more than retirees come for cycling, skiing, golf, lakes and culture. Add to that low prices compared to California with $625,000 buying an entrée into an older luxury development.
3. Boca Raton/Delray Beach, Fla.
Don’t expect prices to tumble. Buyers still outnumber sellers. Dockage for large yachts, international public and private air access, and culture make this a top Florida market.
4. Boston, Mass.
Moving back to the city is big. New construction offering concierge and, most importantly, parking have some Bostonians eschewing Back Bay town houses for new high- and mid-rise buildings.
5. Cancun, Mexico
Direct flights, new developments and affordable luxury (beachfront condos range from $400,000 to $1 million) have Americans and others looking at Mexico’s Riviera.
6. Charlottesville, Va.
Top ranked on every list. Grand estates are big sellers, but magical seasons, rolling countryside and the university bring boomers looking for an oasis outside of major cities.
7. Chicago
Demand remains strong, so larger inventories are good news for buyers. City residences are prized by every demographic. The ultimate high end: a $12 million estate.
8. Coastal Southwest Florida
Islands, inlets and keys mean prime real estate in this area. Naples is a luxury perennial with a $500,800 median price.
9. Dallas, Texas
Locations in top areas are in great demand with some high-end properties selling just for the lot. Luxury here starts around $3 million.
10. Durango, Colo.
Antiquities, recreation and “some of the most breathtaking scenery in the Southwest” are shifting the spotlight to this art mecca a little off the beaten path.
11. Greenville-Spartanburg, S.C.
Great value and proximity to Charleston, Charlotte and Atlanta have Baby Boomers looking at mountain resorts in this area, just catching the boom.
12. Halifax, Nova Scotia
New developments garner attention for Canada’s Maritime Provinces, but a pristine coastline, security in a post-9/11 world and wonderful values captivate buyers from Europe, Toronto, Montreal and the U.S.
13. Highlands-Cashiers, N.C.
The upper tier is the most vital part of this market. Traditionally a summer refuge for Floridians, this Blue Ridge getaway is a top secondhome location for Atlanta and Charlotte.
14. Jackson Hole, Wyo.
Nothing personifies the West more. Skiing, unimaginable scenery and wildlife are a siren call for those seeking the ultimate retreat. This is prime luxury real estate for destination clubs.
15. Kentfield, Calif.
Redwoods and 30- to 40-minute commutes make this premier Marin County town one of the bay area’s most desirable. In demand: Kent Woodlands, where homes in the flats are particularly prized by families. Sales average $1.6 million and up.
16. Ladue, Mo.
Transferees come and stay, they like this prime St. Louis suburb so much. Luxury starts at $1.5 million. Natives also return for quality of life.
17. Lake Oconee, Ga.
Atlanta residents and snow birds flock to waterfront in this regional getaway. Brokers say: “The market is better than it ever has been.”
18. Maui, Hawaii
Culture and environment blend to create the prefect place, particularly attractive to West Coasters. Compared to California, prices here are affordable.
19. Montana
The fall market surges with demand from big names and corporate nomads who love the small-town feel, extensive recreation and prices under $500 per square foot in rural hot spots that straddle the Rockies.
20. New York, N.Y.
A changing property mix is shaking up prices in Manhattan but buyers willingly pay top dollar to own a slice of history in legendary buildings. Expect suburbs such as Scarsdale to remain platinum locations.
21. Newport Beach, Calif.
Despite predictions, this market keeps on ticking. Water, water and more water means that values in this Orange County star will remain.
22. Oakville, Ontario
“The Greenwich of Canada” describes this Toronto suburb. With two harbors, small-town ambiance and good schools it incorporates the best of primary-and second-home locations.
23. Park City, Utah
Six new golf courses in the pipeline make this ski town a four-season resort where luxury costs less than other high-profile locales. Added bonuses: multiple resorts rated the best in the nation and lifts or fairways are only about an hour from the airport.
24. Ponte Vedra Beach, Fla.
Florida’s best-kept secret ranks as its top place to live. Miles of unspoiled beaches, few condos, multiple golf courses, top schools and little developable land ensure that real estate values only climb.
25. Rancho Mirage, Calif.
The boom has arrived with buyers trading L.A. homes for fairway homes in a luxury club for $1 million, even less. Telecommuting and partial commuting are options here.
26. Reno, Nev.
Las Vegas heat has rolled to Reno. Lake Tahoe and 15 ski areas nearby, theaters, a philharmonic, performing arts center and moderate weather make this a Nevada superstar.
27. Saddle River, N.J.
Accessibility for commuters, lots counted in acreage and little new construction translate into steady appreciation that makes this one of New Jersey’s consistent performers.
28. San Luis Obispo
With a median selling price of $566,510, up 24 percent, this getaway has been discovered. Still, it beckons wannabe cowboys and others who can buy 200 acres for a fraction of what it would cost in Southern California.
29. Santa Barbara, Calif.
The gold standard for luxury continues to shine. Local limits on development and building permits mean that demand will continue to outpace supply. Mediterranean ambiance and ocean vistas beckon Hollywood glitterati.
30. Santa Fe, N.M.
“Camelot” is the way some locals refer to this location, where desert, mountains and even skiing meet. Added bonuses: great climate, vibrant culture, luxury priced at less than $1 million.
31. Scottsdale, Ariz.
Good news for locals—more choice. Lack of new building sites has developers looking upward, while population growth is projected to keep Phoenix markets strong and steady.
32. The Bahamas
A short hop from Florida, tax-free status and new developments are making these islands one of luxury’s top new places.
33. Turks & Caicos
An up-and-coming resort destination. Undiscovered waterfront, one of the world’s largest coral reefs and commitment to ecological development make this attractive.
34. Washington, D.C.
No bubbles here. Government growth keeps this revitalized city humming. Proposed riverfront redevelopment is another plus. Nearby suburbs such as McLean, Chevy Chase and Alexandria demand top prices.
35. Winter Park, Fla.
Forget images of retirees. Professionals and families gravitate here for small-town ambiance minutes from Orlando. Luxury begins around $800,000, less than most coastal areas.
[...] Line or to estate areas such as the backcountry of Greenwich, Connecticut. However, priorities for luxury buyers remain the same — privacy, value, ambiance and [...]
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