Even if only curious, you will find some very interesting information in the most recent release of the annual luxury real estate report from Christie’s. Its scope is worldwide, but many of the luxury markets described are in the US and North America.
Here were some highlights from the report you might find interesting:
- Hong Kong ranked as the world’s most luxurious housing market, followed by New York and London.
- The “hottest” ranking luxury primary housing market in the world is Victoria, BC
- Santa Fe, New Mexico, is the “hottest” luxury second-home market, with sales volumes of million-dollar-plus homes not seen since pre-crisis years.
Additionally, here are a few little things I gleaned from the report that are more anecdotal but interesting:
- In Montana, there is an increasing shift from “rustic” towards “mountain modern”, reflecting changing buyer tastes
- In Houston, TX, realtors are seeing strong interest in smart home features that make life easier and more efficient
- In Telluride, CO, the dining room is experiencing a renaissance as a place to escape the smartphone and reconnect with friends and family
- In Monterrey, Mexico, there is a marked increase in demand for high-rise condos for their amenities, security and privacy
- The average starting price for a luxury home is highest in Monaco, at over $10M
- Cash purchases were down in 2017 at 29% of million-dollar-plus home sales, vs. 36% in 2016 and 44% in 2015!
And here are some interesting terms you might not have heard yet:
Surban – Term for close-in suburban areas
Starchitect – architects whose critical and celebrity acclaim have rendered them stars of the architecture world
HNWI – High Net Worth Individual ($1M – $50M)
UHNWI – Ultra-High Net Worth Individual ($50M+)
Finally, be sure to read the comments on page 21 about the impact of the 2017 US tax law changes, which some experts have said may prompt some HNWIs to shift their primary residence from high-tax states such as Connecticut and California, to low or no state income tax states such as Texas or Florida.
And if you are always trying to be ahead of the curve and know the up and coming spots, there is a while section on “hidden luxury enclaves” starting on page 40.
Link here to the report, but I do think it will make you register in order to download it. So if you don’t want to do that but are interested in the contents, just let me know and I will send you a copy of it.