Climate Improves for Luxury Buyers | Bedford Corners Real Estate
One-third of consumers with a gross annual household income of $250,000 or more say they are considering the purchase of residential property in the next 12 months for personal use or as an investment
On average, wealthy consumers who say they are in the market for residential property expect that the home they purchase will increase in value by about 14% in the next five years according to the survey by the Luxury Institute for Coldwell Banker Previews International.
Luxury buyers should find better inventories to select from than three months ago according to the Institute for Luxury Home Marketing’s latest market action index, which has the luxury segment retreating to buyers’ market territory after reaching sellers’ market in June for the first time in years.
In the Coldwell Banker survey, on average, the last residential property purchased by wealthy consumers had a purchase price of $1.6 million. On average, affluent consumers with incomes of $400K+ are spending 225.4% more on a residential property than consumers with incomes of $250K to $399K. Affluent consumers with a net worth of $2mm+ are spending an average of 97.2% more than consumers with a net worth of less than $2mm.of those who are not considering a purchase, very few indicate they view the market as risky.
“New York City remains a dominant player in the luxury housing arena and today is being impacted by an infusion of affluent foreigners who recognize the benefits of the stable U.S. economy while also enjoying the status symbol and lifestyle New York offers,” said Budge Huskey, president and chief executive officer of Coldwell Banker Real Estate LLC. “Many plan to hold these properties for the foreseeable future. Interestingly, the high end is mirroring all facets of the city’s housing spectrum with low inventory creating a seller’s market.”
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On average, wealthy consumers who say they are in the market for residential property expect that the home they purchase will increase in value by about 14% in the next five years according to the survey by the Luxury Institute for Coldwell Banker Previews International.
Luxury buyers should find better inventories to select from than three months ago according to the Institute for Luxury Home Marketing’s latest market action index, which has the luxury segment retreating to buyers’ market territory after reaching sellers’ market in June for the first time in years.
In the Coldwell Banker survey, on average, the last residential property purchased by wealthy consumers had a purchase price of $1.6 million. On average, affluent consumers with incomes of $400K+ are spending 225.4% more on a residential property than consumers with incomes of $250K to $399K. Affluent consumers with a net worth of $2mm+ are spending an average of 97.2% more than consumers with a net worth of less than $2mm.of those who are not considering a purchase, very few indicate they view the market as risky.
“New York City remains a dominant player in the luxury housing arena and today is being impacted by an infusion of affluent foreigners who recognize the benefits of the stable U.S. economy while also enjoying the status symbol and lifestyle New York offers,” said Budge Huskey, president and chief executive officer of Coldwell Banker Real Estate LLC. “Many plan to hold these properties for the foreseeable future. Interestingly, the high end is mirroring all facets of the city’s housing spectrum with low inventory creating a seller’s market.”
ZIP Codes with the Highest Volume of SALES $10 Million and Up
ZIP Code
|
City / State
|
# Sales $10 Million and Up
|
90210
|
Beverly Hills, Calif.
|
18
|
10023
|
New York, NY
|
17
|
10021
|
New York, NY
|
16
|
81611
|
Aspen, Colo.
|
16
|
90077
|
Bel Air, Calif. (LA)
|
12
|
33139
|
Miami Beach, Fla.
|
11
|
10014
|
New York, NY
|
10
|
10028
|
New York, NY
|
10
|
90265
|
Malibu, Calif.
|
10
|
90049
|
Brentwood, Calif.
|
8
|
ZIP Codes with the Highest Volume of LISTINGS $10 Million and Up
ZIP Code
|
City / State
|
# Listings $10 Million and Up
|
81611
|
Aspen, Colo.
|
56
|
90265
|
Malibu, Calif.
|
43
|
10065
|
New York, NY
|
37
|
90210
|
Beverly Hills, Calif.
|
29
|
10021
|
New York, NY
|
26
|
10023
|
New York, NY
|
26
|
33139
|
Miami Beach, Fla.
|
25
|
10019
|
New York, NY
|
24
|
06831
|
Greenwich, Conn.
|
23
|
10013
|
New York, NY
|
U.S. Cities with the Highest Volume of SALES $10 Million and Up
City
|
State
|
# Sales $10 Million and Up
|
New York
|
New York
|
95
|
Los Angeles
|
California
|
23
|
Beverly Hills
|
California
|
20
|
Aspen
|
Colorado
|
16
|
Miami Beach
|
Florida
|
14
|
U.S. Cities with the Highest Volume of LISTINGS $10 Million and Up
City
|
State
|
# Listings $10 Million and Up
|
New York
|
New York
|
308
|
Miami
|
Florida
|
101
|
Miami Beach
|
Florida
|
63
|
Aspen
|
Colorado
|
56
|
Malibu
|
Florida
|
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