Everything turns around eventually, and right now luxury real estate markets are making a comeback along with the rest of the housing industry. If you can afford them, you should buy now in these five markets.
Everything turns around eventually, and right now luxury real estate markets are making a comeback along with the rest of the housing industry.
Zillow named the top five luxury real estate markets making big comebacks, all of which shared a number of characteristics that make them very desirable for the very rich. Among those similarities these real estate markets have are thriving and diverse economies; historical significance; and colleges.
(And if these markets are out of your price range, the housing rebound includes plenty of markets with huge expected growth that will be a bit easier on your bank account.)
New York City
In 2012, the most expensive ZIP code in the U.S. was in the Upper East Side of Manhattan, according to Forbes. In fact there were four Manhattan ZIP codes that made the top 10.
Despite the fact that California has one of the worst foreclosure rates in the country, two of its housing markets made this list. However, a multitude of celebrity residents will drive up the prices of homes.
The two priciest neighborhoods are Presidio Heights and Sea Cliff — the former is mostly two-level single family homes with yards, while the latter backs right up to the Pacific Ocean, offering stunning views.
Florida doesn’t just have one of the worst foreclosure rates — it has the worst in the country (one in every 312 homes). But Miami is full of water- and oceanfront properties and celebrity mansions.
There likely isn’t a place in the country with more historical significance than the nation’s capital. Georgetown, in particular, is home to residences dating to the 1800s, some of which are complete with staff quarters, koi ponds and rooms to entertain 150 guests.