MADISON, N.J., -- Beverly Hills, Aspen and South Beach, you have company! Locations just outside of historically affluent neighborhoods are becoming major players in the luxury housing market, according to the first Coldwell Banker Previews International® Luxury Market Index. Woodside, Calif., home to venture capitalists and international entrepreneurs, was the top performing luxury market for 2013 based on critical metrics including annualized sales in units, volume and average and median sale price.
Woodside joined Portola Valley and Hillsborough, Calif., as Silicon Valley communities ranking in the top five, with all based less than 30 minutes from the Northern California corporate headquarters of Apple, Facebook and Google. Bal Harbour, Fla., just eight miles north of South Beach, and Los Angeles suburb Thousand Oaks, Calif., rounded out the top five.
The index analyzes U.S. cities with at least 25 home sales of $1 million and higher in 2013 and compares the sales activity of the 100 top performing luxury real estate markets across the country*.
Below are the 10 best performing markets as rated by the Previews® Luxury Market Index:
"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 likeWoodside, a reserved community with many homes hidden down long tree-lined driveways and private lanes, where 24 of Forbes' richest people in America own property. 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."
"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. These features, combined with the market's recent double-digit appreciation, make Bal Harbour a highly desirable location."
In addition to these hot luxury markets identified by the Previews® Luxury Market Index, the report also identifies the U.S. cities and ZIP codes with the most luxury home listings and sales. Below are the top 10 U.S. cities based on the number of home sales priced at $10 million and higher in 2013:
Honolulu, Hawaii, while tied for eighth with six $10 million-plus sales in 2013, has seen an uptick in luxury inventory on a famed stretch of Kahala Avenue, often referred to as the "Rodeo Drive" of the island.
"Known as the 'Gateway to the Pacific,' Honolulu is Hawaii's largest city and state capital, offering a thriving culture of international business and as of late, luxury real estate," said Anne Hogan Perry, a sales associate affiliated with Coldwell Banker Pacific Properties. "Affluent homebuyers from across the U.S. and international locations are coming here for our year-round tropical climate, natural beauty, lifestyle and melting pot of cultures."
MethodologyManhattan area active listing data has been gathered from the Real Estate Board of New York (REBNY). Not all Manhattan area real estate brokerage firms make information about their property listings available to any cooperative resource, including REBNY.
Manhattan area sales data has been gathered from REBNY and from StreetEasy.com, an on line consumer and private industry portal which reports closed real estate transactions from REBNY as well as other reporting brokerage resources. Not all Manhattan area real estate brokerage firms report their closed sales to any cooperative resource, including StreetEasy.com and / or REBNY.
All other data has been gathered from the Multiple Listing Service (MLS) databases known or believed to be the primary real estate broker cooperative resources for each market referenced in the report.
All closed sales activity reported is for the annual period January 1, 2013 through December 31, 2013. Closed sales reported to the MLSs significantly later than this analysis period will not be included. All active status listing records were downloaded and processed to the same standards, and on various dates, during the months of January and February, 2014.
Property-specific listing and sales records were standardized to USPS address city and ZIP Code, inaccurate list and sale prices were corrected when necessary, and all duplicate records were manually excluded. As a result, statistics available via the source data providers may not correlate to this analysis. While all results are believed to be highly accurate, MLS systems do not report all real estate activity in their primary marketplace, and there may have been property transfers not included in this analysis.
The index values represent a measurement of overall market activity limited to proper ties that have sold and had a list price at $1 million+. Index results are expressed in values in excess of 100. The higher the value in excess of 100, the more active the index market indicators.
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