The latest Luxury Market Report published by Coldwell Banker Previews International®/NRT was just released. A comprehensive look at luxury real estate, the report tracks real estate trends and market activity in top luxury cities across the United States, as well as one of the world’s most expensive places to live — Monaco.
In addition to ranking the “Top 20” cities and zip codes for luxury listings and sales, the Luxury Marketing Report provides useful insight into today’s high-net-worth individuals (HNWIs). Previews® partnered with respected global research firm Ipsos MediaCT to better understand HNWIs (defined in the survey as those with over $5 million in net worth, although 42% of respondents reported a net worth over $10 million). Their outlook on residential real estate as a wealth asset class was overwhelmingly positive and many intriguing buying trends and preferences are revealed in the survey, which can be downloaded in its entirety at PreviewsInsideOut.com.
Here is a snapshot of what’s inside the Fall 2015 Luxury Market Report:
- $10 million+ home sales are up 43% across the nation. Watch CNBC’s Robert Frank exclusive coverage of the Luxury Market Report here.
- Honolulu ranks in the Previews® Top 20 Cities for Luxury Sales and Listings — Honolulu is ranked in the Top 20 for Luxury Listings by City ($1M+, $5M+ and $10M+) and Luxury Sales by City ($1M+ and $10M+).
- Think that millennials are reluctant to enter the housing market? Think again—69% of high-net-worth millennials are planning to purchase a new property in the coming year. Get the complete insights here.
- Millennials are also leading the movement toward embracing a “live anywhere” lifestyle, a trend spotted in last year’s survey. This year, 85% of millennials say they are “free to choose a residence that truly fits my lifestyle and will not limit my search based on location,” a statement echoed by 69% of Gen Xers and only 29% of baby boomers.
- The wealthy want high-tech homes with green features. In addition to gauging market outlook and plans for real estate investing among HNWIs, the survey also ranks the features and amenities they most desire. What they want is a home that’s ready to move into, cited by 43% of the wealthy as more important than it was three years ago. They also want homes outfitted with modern appliances and technology, as well as the latest in “green” features.
- Monaco is worthy of the “International Spotlight.” If there was ever a question about Monaco’s position in the race to become one of the world’s most sought-after luxury addresses, the real estate numbers from 2014 have all but driven it out. From 2010 to 2014, the total number of real estate transactions increased by more than 69%. Residential sales soared to 555 in 2014 — a year that already went down in history as the tiny principality’s best year on record. The market exceeded the 2 billion euro benchmark for real estate transactions for the first time.
Want to get a more complete view of the high-end residential real estate landscape, city by city and demographic by demographic? Download the full edition of the Luxury Market Report here.