NEW YORK – Oct. 6, 2014 – The market for U.S. luxury homes will maintain its momentum next year, according to a Coldwell Banker poll of individuals with a net worth of $5 million or greater. Nearly half – 48 percent – reported plans to purchase a luxury property within the next 12 months.
The bulk of activity is expected from Millennials: About 81 percent of those surveyed anticipate buying a high-end dwelling during that timeframe. This group also emerged as the largest spender, paying an average $7.8 million per property.
In addition, more women than men intend to purchase a luxury residence in 2015, and they're more likely to spend $10 million or more on their purchase.
For all buyers in the high-end luxury category, location is not a deal-breaker. Rather, prospective buyers focused on lifestyle factors, access to amenities and green homes.
Coldwell Banker also reported on the leading U.S. markets for home sales of $1 million or more, with San Francisco leading the way, followed by Los Angeles, New York, San Jose and Houston.
The survey findings follow reports by RealtyTrac and Redfin, which also document an upswing in the niche.
Source: Realty Today (10/06/14) Gupta, Rapti
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