Sky rises at sky-high prices. This vertical trend is one of a few that are emerging in today’s luxury market, according to the latest Luxury Market Report published by Coldwell Banker Previews International®/NRT. The report outlines real estate trends and market activity in top luxury cities across the United States and abroad.
The Spring 2016 edition of the Luxury Market Report provides a closer look to what wealthy buyers are looking for in their next home – along with statistics on American cities and zip codes that produce the highest number of active home listings and closed home sales.
Here is a snapshot of what’s inside the Spring 2016 Luxury Market Report.
America’s top cities and ZIP codes for luxury home listings and sales – The list of Top 20 U.S. Cities for Luxury Home Listings and Sales points to a more stable pace of growth this year. Signs of change, for example, are originating from highly heated markets like Miami and San Francisco and emerging luxury hotspots like Austin.
Luxury hotbeds in Hawaii – Honolulu and Lahaina both appear in the Luxury Market Report. Lahaina ranks in the Top 20 for $1M+ Luxury Listings by Zip Code while Honolulu appears in the Top 20 for all price points in the Luxury Listings by City.
Hot markets based on average-list-price to average-sale-price ratio – A new component to the data this year — average-list-price to average-sale-price ratio (ALP/ASP) — drills more deeply into identifying cities that may be hot sellers’ or buyers’ markets.
Trends in high-end vertical living – What do sky garages, drone landing pads and pet wellness centers have in common? They’re part of the creative amenity and lifestyle packages now being offered by developers of luxury high rises in cities like New York, Miami and Chicago to attract discriminating buyers.
Market activity in Greenwich, New York and London – Prime buying opportunities abound in some of Greenwich’s most prestigious addresses; Central Park views make New York’s most-wanted list, while discerning buyers in London look beyond the city’s top luxury addresses for more value.
Click here to view the full edition of the Luxury Market Report, which displays a city by city ranking, as well as further details on luxury home trends.
Luxury Spotlight: Honolulu, Hawaii
The tropical city of Honolulu, also described as the epicenter of Hawaii, is known for its international business, military defense, and being host to the infusion of Pacific culture, cuisine, and traditions.
Millions of tourists come to Honolulu every year to relish in the tropical shores of Waikiki, visit the historic landmarks, experience world-class shopping and partake in the flourishing arts and culture scene.
Honolulu has ranked high on world livability rankings, topped Gallup and Healthways report on overall happiness of residents across the United States, and is also known as being one of the safest cities in the country.
It’s no wonder that so many people want to live in Honolulu. But living in this city does come with a hefty price tag – especially in the luxury home arena.
The tropical city ranked in the top 20 of the Luxury Market Report’s U.S. Cities with the Highest Number of Active Luxury Home listings in the $1M+, $5M+ and $10M+ price points.
The lively city of Honolulu is truly a remarkable place to live in.
More on the hottest U.S. cities and markets for luxury real estate can be found by downloading the Spring 2016 Luxury Market Report here.