By Mike Sunnucks | Rose Law Group Reporter
A new report by Berkshire Hathaway HomeServices sees strength in the luxury residential real estate and market and identifies the top markets for high-end homes.
The report notes significant price increases for expensive homes and condos in markets such as Miami, Toronto and Dubai during the coronavirus pandemic.
“The luxury real estate market has showed tremendous strength through an ever-changing year despite fears that the challenges brought on by the pandemic would negatively affect the market,” said Christy Budnick, CEO of Berkshire Hathaway HomeServices. “With this timely data, our network Luxury Collection Specialists can prepare for what’s to come in 2022 and continue to provide the exceptional level of service and knowledge to clients and customers globally.”
Home prices have risen significantly in a number of high-end markets, according to the report.
In Montecito, California, the median sales price was $2.8 million 2020 and in 2021 it increased to $5.3 million, according to the report.
The report also identifies emerging trends with wealthy buyers — including a return to some urban centers and a focus on homes with technology assets and proximity to cultural and natural amenities.
The top luxury markets identified by Berkshire include:
- London
- New York
- Montecito, California
- Park City
- Atlanta
- Miami
- Toronto
- Marbella, Spain
- Boston/Cape Cod
The report also identifies emerging luxury markets such as Coeur d’Alene, Idaho; Reno, Nevada; Springfield, Ohio and Billings, Montana.
The full report can be seen here — https://tinyurl.com/yce7fkem.
