Five Emerging Markets For Luxury Real Estate In North America

Real Estate

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For homebuyers today, luxury doesn’t necessarily equate to price point — often it is actually quite personal. Luxury can be more time at home with family, proximity to friends and loved ones, or convenience in terms of amenities and features.

What does this mean for real estate professionals?

It means that we too have to start thinking of luxury differently. Its definition is as unique as every client who walks through the door. It also means that cities and communities with the highest price points are just one type of luxury market. As digital connectivity allows more and more people to work from any location, lifestyle amenities and surrounding recreational offerings allow many to live seemingly happier lives.

With this evolving definition of luxury in mind, these are five of what I believe to be key, up-and-coming luxury markets in North America right now.

1. Southeast Coastal Communities: As recently covered by the Wall Street Journal, more and more people are deciding to turn their vacation homes into their full-time residences, citing quality of life, family time, nature and the ability to unplug as reasons to move their families full-time to traditionally second-home markets.

We’re absolutely seeing this in markets like the Golden Isles in Georgia and Hilton Head Island, South Carolina. It’s a seller’s market right now in the Golden Isles, with increasing demand. However, housing prices have yet to reach pre-recession levels, making now the ideal time for buyers to invest.

Similarly, the housing market on Hilton Head is hot. The MLS of the island reported 2017 as its busiest year yet, with $3.85 billion in property transactions and an 11.5% increase in properties sold year-over-year from 2016 to 2017.

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