Hidden Luxury Market Hot Spots
While Beverly Hills, Aspen and New York City are known playgrounds for the rich and famous, other luxury hot spots have managed to stay just under the radar to the national audience.
While Beverly Hills, Aspen and New York City are known playgrounds for the rich and famous, other luxury hot spots have managed to stay just under the radar to the national audience. Released today, the inaugural Coldwell Banker Previews® Luxury Market Index uncovers the hottest luxury real estate markets in the U.S. According to this index, Woodside, Calif., home to venture capitalists and international entrepreneurs, was the top performing luxury market for 2013.
The Index analyzes U.S. cities with at least 25 home sales of $1 million and higher in 2013, ranking the top performing cities based on metrics like annualized sales in units, volume and average and median sale price.
Not surprisingly, three of the top five cities on the index are in the center of the technology universe – Silicon Valley.
Woodside, the top-performing city on the index, is an affluent equestrian neighborhood near Stanford University and just 30 minutes from the corporate headquarters of technology giants Apple, Facebook and Google.
“Silicon Valley is the center of the technology universe, and buyers are flocking to our market to be a part of it,” said Scott Dancer, a sales associate affiliated with Coldwell Banker Residential Brokerage in Woodside, Calif. “Inventory is very tight in markets like Woodside, a reserved community with many homes hidden down long tree-lined driveways and private lanes. With inventory so low, we’re also seeing the ultra-wealthy flock to other surrounding suburbs in the region, including Portola Valley, Hillsborough and Atherton depending on their lifestyle needs.”
Second on the index is Bal Harbour, Florida, a small community situated on the northern tip of Miami Beach. This exclusive neighborhood is known for its gorgeous ocean views and unbeatable high-end shopping. Bal Harbour’s small size – the entire municipality is less than half a square mile – means buyers must pay a premium for its unique character and amenities.
“Waterfront destinations have always been popular among affluent homebuyers, and the Miami area is no different,” said Jill Hertzberg, who joins Jill Eber on the team of The Jills®, affiliated with Coldwell Banker Residential Real Estate in Miami Beach, Fla. “Bal Harbour is ideally situated on the northern tip of Miami Beach and attracts well-established buyers with its high-rise luxury condos, breathtaking beaches and high-end shopping.”
While cities with long-standing name brand recognition such as Beverly Hills and Miami Beach may always be the center of luxury living, the new Luxury Market Index highlights markets just outside of other well-known areas, offering a highly desirable lifestyle, and perhaps a little bit more privacy, for high-end buyers.