The US economy is bouncing back and with it comes the rise of sales in luxury real estate. People are feeling more comfortable and confident with their investments, and real estate has always been a popular tool for helping your money grow and enjoying yourself while doing it. While investors who can afford the homes on the luxury market have their pick of where they’d like to buy, there are several cities across the country that consistently draw the big buyers. According to a recent Realty Biz News article, the following are the top 5 markets that are seeing the biggest boom.
New York City
The Big Apple has long been the leader in the luxury real estate market with millions of people flocking there each year. Whether you’ve got business in the city or are looking to enjoy the countless cultural adventures, there is literally something for everyone in NYC. Several urban parks, countless museums, Broadway, Wall Street, world class dining, fashion, you name it. Luxury homes are primarily found on Park Ave., near Central Park, and in the Chelsea and Tribeca neighborhoods.
Located in the Sunshine State, the weather is an obvious draw for some of the world’s wealthiest investors. The area is still recovering from the 2008 real estate market crash, but the upswing has been consistent as of late. Over a quarter of recent sales have gone to foreign buyers, the highest across the country, with many hailing from Latin America and Russia. In addition to the warm tropical air, those buying in Miami can enjoy the many beaches, infamous shopping, varied food options, and a lively nightlife. And with more global companies bringing their businesses to Florida, you can now mix your business with a whole lot of pleasure. Many of the luxury properties on the market are found in Brickell, Privé, and Coral Gables.
The area is known for their inflated housing costs, nearly three times the national average, but it isn’t slowing shoppers down. The bustling businesses are good indicators that the local economy is, at the very least stable, with investment money bringing in about $3.2 billion. San Francisco is an American icon in itself, but with the Museum of Modern Art, Golden Gate Park, the Giants, 49ers, and stellar shopping and dining, it’s no wonder the city by the bay is so wildly popular. Some of the best neighborhoods include Pacific Heights, Presidio Heights, and Sea Cliff, all of which offer some pretty spectacular views.
It doesn’t get more tropical and luxurious as it does on the island of Oahu. The city of Honolulu is surrounded by majestic mountains and clear blue water, as far as the eye can see. Of course, they offer much of what the others do; oodles of art museums, galleries, theaters, music, shopping, exquisite food, etc. But there, it’s on an island. In the middle of the ocean. With perfect weather year round. It’s breathtaking. Enough said. Some of the best locations for luxury real estate include Kahala Ave., Ala Moana, and Waikiki.
You may not have guessed, but Stamford has one of the highest concentrations of millionaire households in the country at 8.5%. Located along the coast of Connecticut, it stretches all the way to the border of New York, making it an easy commute for Manhattan workers. While a lot of the entertainment in the area comes from trips to NYC, there’s also a lot to do and see in Stamford. Some of the best places to buy in Stamford include Devenport Point, Cummings Point, and Dolphin Cove Quay.