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One-third of consumers with a gross annual household income of $250,000 or more say they are considering the purchase of residential property in the next 12 months for personal use or as an investment

Climate Improves for Luxury Buyers

One-third of consumers with a gross annual household income of $250,000 or more say they are considering the purchase of residential property in the next 12 months for personal use or as an investment

On average, wealthy consumers who say they are in the market for residential property expect that the home they purchase will increase in value by about 14% in the next five years according to the survey by the Luxury Institute for Coldwell Banker Previews International.

Luxury buyers should find better inventories to select from than three months ago according to the Institute for Luxury Home Marketing’s latest market action index, which has the luxury segment retreating to buyers’ market territory after reaching sellers’ market in June for the first time in years.

In the Coldwell Banker survey, on average, the last residential property purchased by wealthy consumers had a purchase price of $1.6 million. On average, affluent consumers with incomes of $400K+ are spending 225.4% more on a residential property than consumers with incomes of $250K to $399K. Affluent consumers with a net worth of $2mm+ are spending an average of 97.2% more than consumers with a net worth of less than $2mm.of those who are not considering a purchase, very few indicate they view the market as risky.

“New York City remains a dominant player in the luxury housing arena and today is being impacted by an infusion of affluent foreigners who recognize the benefits of the stable U.S. economy while also enjoying the status symbol and lifestyle New York offers,” said Budge Huskey, president and chief executive officer of Coldwell Banker Real Estate LLC. “Many plan to hold these properties for the foreseeable future. Interestingly, the high end is mirroring all facets of the city’s housing spectrum with low inventory creating a seller’s market.”

ZIP Codes with the Highest Volume of SALES $10 Million and Up

ZIP Code

City / State

# Sales $10 Million and Up

90210

Beverly Hills, Calif.

18

10023

New York, NY

17

10021

New York, NY

16

81611

Aspen, Colo.

16

90077

Bel Air, Calif. (LA)

12

33139

Miami Beach, Fla.

11

10014

New York, NY

10

10028

New York, NY

10

90265

Malibu, Calif.

10

90049

Brentwood, Calif.

8

*

ZIP Codes with the Highest Volume of LISTINGS $10 Million and Up

ZIP Code

City / State

# Listings $10 Million and Up

81611

Aspen, Colo.

56

90265

Malibu, Calif.

43

10065

New York, NY

37

90210

Beverly Hills, Calif.

29

10021

New York, NY

26

10023

New York, NY

26

33139

Miami Beach, Fla.

25

10019

New York, NY

24

06831

Greenwich, Conn.

23

10013

New York, NY

U.S. Cities with the Highest Volume of SALES $10 Million and Up

City

State

# Sales $10 Million and Up

New York

New York

95

Los Angeles

California

23

Beverly Hills

California

20

Aspen

Colorado

16

Miami Beach

Florida

14

U.S. Cities with the Highest Volume of LISTINGS $10 Million and Up

City

State

# Listings $10 Million and Up

New York

New York

308

Miami

Florida

101

Miami Beach

Florida

63

Aspen

Colorado

56

Malibu

Florida

43

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