Anthony Hitt from Forbes Real Estate Council and President/CEO of Engel & Volkers Americas writes about how luxury real estate has become not necessarily about how expensive the property is, but the quality of life behind it. Here are five up-and-coming luxury markets in North America according to Hitt.
1) Southeast Coastal Communities
With many individuals turning their vacation homes into their actual homes, we have seen a seller market in places such as Golden Isles, Georgia and Hilton Head Island, South Carolina. With housing prices having not returned to pre-recession levels, it is a great time for buyers to invest. Hilton head had $3.85 billion in transaction and a 11.5% increase in properties sold year over year from 2016 to 2017.
2) Bozeman, Montana
Bozeman offers outdoor amenities from fishing to skiing and is home to a few startups making it a perfect place to find work life balance. In fact, Bozeman is one of the fastest-growing non-metropolitan areas in the country.
3) Brooklyn, New York
Once upon a time, Brooklyn was considered the cheaper alternative to living in Manhattan, but that has changed. Neighborhoods such as Dumbo, Fort Greene, Greenpoint, Carroll Gardens, and Park Slope all rank into the most expensive neighborhoods in New York City with a median sales price just over a million.
4) Portsmouth, New Hampshire
Referred to as USA’s Greatest Small Town by National Geographic, Portsmouth definitely exudes luxury paired with high-wage jobs and growth in household income. Unfortunately, homes can be hard to find with the low inventory for this area.
5) Portland, Maine
This seaside town can be seen as the perfect combination of New England Charm and big-city conveniences. In fact, home sales have rose 3.5% with prices enduring a10% increase from the same time the year prior. Besides being ranked high for entrepreneurship, it is continuously ranked as a great place to live. Besides who doesn’t love lobster?
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