Luxury Market Trends Across America
Posted July 20th, 2012 | by The Update
The real estate market is strengthening across the nation. In addition to Dallas, some U.S. markets are faring better than others:
The Beverly Hills and Westside high-end real estate market is on fire. Particularly, homes that have an upside are selling in multiple offers and in some cases over asking. In several cases, people bought houses six months ago and are flipping them for millions more. There have been a lot of sales, period, in the high end.
The Manhattan super-prime trophy market has been more active than ever. People are paying record prices for cooperatives and condominiums at the top of the market. The latest major transaction was the sale of the duplex penthouse at One 57th Street for over $90 million. That will be the highest residential sale in New York City to date.
Miami is among the world’s top markets for wealthy buyers but has fewer super-prime properties and lower prices compared to other key markets like New York and London. The South Florida market is seeing a rebound, which began in the first quarter of this year.