5 Luxury Real Estate Markets on the Rise

Luxury
Luxury Real Estate
Real Estate

As the “work from anywhere” revolution carries on, the luxury real estate market continues to see a rise in popular leisure locales where residents have seized the opportunity to buy and relocate in areas away from the urban office. With millions of individuals now given the choice of where to live, recent trends illustrate a migration toward lifestyle-rich communities in more rural settings. People are seeking expansive grounds with resort-style amenities that their families can find sanctuary in. Inventories in affluent mountain towns and upscale suburbs like Aspen, CO and Greenwich, CT are dwindling, and prices are soaring as second-home owners and newcomers settle into places such as these. 

 

Aspen, Colorado

Aspen, Colorado

Nestled in the heart of the White River National Forest and surrounded by majestic peaks of the Elk Mountains is the scenic year-round destination of Aspen. It’s renowned as a world-class ski retreat, but also offers the perfect setting in summer for a range of outdoor activities such as hiking, biking, fishing, horseback riding and white river rafting. The town retains much of its Old West charm with historic Victorian architecture and limestone buildings that nod to when Aspen was the nation’s silver mining capital. Rich in arts, culture and entertainment, the area is home to several music festivals and a diverse culinary landscape. 

  • Average Sales Price: $10,200,815 – 41.9% ↑ 
  • Average Days on Market: 195 – 22.3% ↓
  • Homes Sold: 108 – 54.3% ↑

 

Lake Tahoe, California/Nevada 

Lake Tahoe, California/NevadaSecluded by towering trees and majestic mountains, the Sierra Nevada gem of Lake Tahoe is a haven for outdoor fun in every season. Winter and spring bring bundles of snow, perfect for hitting the region’s top-tier ski resorts. Summer and autumn months provide ideal weather for hiking, biking and camping along with endless water recreation like boating, kayaking and windsurfing. Charming mountain and lakefront towns dot the area, each with their own appeal. Private beaches and panoramic lake views are abundant in luxury resort communities like Incline Village and Zephyr Cove. Cities like Truckee and Gardnerville emanate a more rustic and bucolic atmosphere. 

*Figures represent Tahoe's North Shore Lakefront.

  • Average Sales Price: $5,500,000* – 27.9% ↑ 
  • Average Days on Market: 111* – 39.7% ↓
  • Homes Sold: 11 – 120% ↑

“Buyer confidence and desire to own in our outdoor recreation-driven landscape has been strong, with a very short days on market and increase in sales price over last year’s values. With cities shut down, the narrative, as is true around the world of the affluent moving to wider, open spaces, is prevalent.”

– Katherina Haug, Sierra Sotheby’s International Realty

 

Christchurch, New Zealand 

Christchurch, New Zealand Ideally located on the east coast of New Zealand’s South Island is the beautiful city of Christchurch. Surrounded by natural grandeur, it is framed by a pristine sandy coastline, the verdant Canterbury Plains and the stunning Southern Alps. Several parks and green spaces offer dramatic views of the picturesque landscape and bring a sense of nature to the historic town. The English-style city center encompasses some of the oldest buildings in the country alongside new cutting-edge architecture, incredible street art and a bustling hospitality scene. The area’s moderate weather and varied terrain allow for a myriad of outdoor adventures, including heliskiing, ice skating, boating, surfing and golf, among many more. 

  • Average Sales Price: $526,000 – 10.3% ↑ 
  • Average Days on Market: 28 – 28.2% ↓
  • Homes Sold: 755 – 17.8% ↑

 

Greenwich, Connecticut 

Greenwich, ConnecticutGreenwich is an enchanting coastal town, an affluent enclave near stunning shores and quaint countryside. Combining friendly New England charm with urban comforts and luxurious amenities, it’s home to a rich cultural scene, a wealth of upscale dining options and an array of outdoor entertainment. Four sandy beaches along the Long Island Sound provide the perfect setting for swimming, fishing, boating or simply relaxing in the sand. There are also several parks and playgrounds, tennis and paddle courts, golf courses and more than 150 miles of horseback riding trails. During the cooler months, the hamlet transforms into a winter wonderland, drawing snow sport enthusiasts out to ice skate,snowshoe, snowmobile and ski. 

  • Average Sales Price: $2,519,095 – 61.31% ↑ 
  • Average Days on Market: 157 – 93% ↓
  • Homes Sold: 153 – 8% ↑

“The Fairfield County market, and Greenwich specifically, is on fire right now due primarily to a massive influx of NY buyers as a result of COVID-19. This has created a seller’s market due to inventory being low. There is also a large number of locals who have spent these past months in quarantine and have realized that their current living situation doesn’t work for them any longer, which has caused bidding wars between locals and out of town buyers.”

- Lisa P Migliardi, Higgins Group Private Brokerage 

 

Lake Muskoka, Ontario, Canada 

Lake Muskoka, Ontario, Canada Lake Muskoka is a nature lover’s paradise. Recognized by National Geographic among the best places to visit in the world, the region is lush with unspoiled greenery, teeming with native wildlife and offers unmatched privacy and seclusion. Known throughout Canada as ‘Cottage Country,’ the lake is spotted with tranquil dockside retreats and private island mansions, some only accessible by boat. Endless bays, waterways, inlets and coves feature some of Canada’s best fishing, as well as access to inter-connected sisters of Lake Muskoka, Lake Joseph and Lake Rosseau. Alongside superb outdoor recreation, the area is host to an eclectic mix of events, exceptional gastronomic and craft beer scene and contemporary art galleries and museums. 

  • Average Sales Price: $1,471,281– 24.8% ↑ 
  • Average Days on Market: 33 – 17.5% ↓
  • Homes Sold: 664 – 36.3% ↑

Comments

So relaxing and comforting :)

Kayleigh — December 6, 2020

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