The luxury real estate market in the United States of America is an absolutely massive and well beyond lucrative industry. Its an industry that all together makes well over a billion dollar every single year again and again. The luxury real estate market took a total nose dive in profit and productivity alongside the rest of the economy in the late 2000s when the onslaught of the housing bubble popped which helped start the Great Recession, not just here in the United States, but also all around the world. That process started almost a decade ago in 2007 and we have had over six years of time to recover from the economic damage that was done during the Great Recession.
Since then and over the past few years, the luxury real estate market in the United States of America along with many other markets and industries in the United States of America and around the world have recovered and rebounded from all of the damages caused by the Great Recession and are back to making hand over fist in profit from their products. With the luxury real estate market and industry back on its feet in the US, luxury real estate agencies are back to selling luxury houses to wealthy people and are making large profits again off of the luxury homes.
In this article we will look at 12 cities in America with some of the most expensive real estate prices We will take a look at their average home values, the cost of living in each city, the demographics of each city, the top real estate agents from the top luxury real estate agencies in each city, and the most popular neighborhoods for luxury real estate in each city. From there we will take an overview look of the international luxury real estate markets in contrast. And then finally we will offer some helpful buying tips for when one is looking to make a purchase in the luxury real estate market and industry.
Luxury Real Estate in Miami
The first city and its real estate market and industry that we will look at is the city of Miami which is located at the southern end of the state of Florida. Miami is a vibrant city that has some of the most spacious and beautiful beaches in the United States. The city also has a very diverse and delicious cuisine with food from all of Latin America and the Caribbean region being represented. This diversity allows for the Miami real estate market to be vibrant and diverse as well. Purchasing a luxury home in the Miami luxury real estate market is not much of challenge because there are so many luxury homes available in Miami as well as Miami based luxury real estate agencies and their luxury real estate realtors. The demographics of the city of Miami are as follows: The total population as of 2015 is 441,103. As of 2010 the specific demographic breakdown is non Hispanic white being 11.9%, Hispanic of any race being 70%, African American 19.2%, Asian 1%, and two or more races, multiracial being 2.7%.
The Cost of Living in Miami is of a moderate to high end level for a city in the United States of America. Due to this moderate to high living cost level the Average Home Value is able to be at $441,103. Some of the best Miami real estate agencies or real estate agencies that do business in Miami are Re/Max, Century 21, Camden, and Sotheby’s International Realty. For where to live in Miami two of the very nicest neighborhoods in Miami are Coconut Grove and The Roads.
Luxury Real Estate in Los Angeles
Los Angeles is the second cities’ luxury real estate that we will look at. Around the world Los Angeles is known for being where all of the Hollywood celebrities and chart topping popular musicians live. Due to this the luxury real estate market in Los Angeles is thriving. The population of the city of Los Angeles was 3,900,000 as of 2010. The demographic break down for the city is as of 2010 is non-Hispanic white 28.7%, African American 9.6%, Hispanic 48.5%, and Asian 11.3%.
The Cost of Living in Los Angeles is high, being so high that the Average Home Value is $617,169. Ashley’s Real Estate Group is one of the leading real estate agencies that operate in the city with the most popular luxury real estate neighborhoods being Beverly Hills and Bel Air.
Luxury Real Estate in Las Vegas
Las Vegas is the third city that we’re going to look at on this list of pricey luxury real estate. Las Vegas is infamous for their nightlife, lights and of course, gambling. This Sinful City never disappoints when it comes to excitement. It’s no wonder the ever-so-lively city of Las Vegas is home to some of the most fabulous mansions and luxury homes.
The population of Las Vegas in 2015 was 623,747 with the demographics of the city in 2010 being non-Hispanic white: 47.9%, African American 11.1%, Hispanic 31.5%, and Asian 6.1%.
For a city as large as Las Vegas the cost of living is considered to be low with the Average Home Value being $339,398. Henderson is a popular neighborhood within Las Vegas and in 2011 was rated by Forbes as the second safest city. Toll Brothers Real Estate and Sotheby’s Real Estate are two of the luxury real estate agencies that are worth checking out if you are in market for a luxury home.
Luxury Real Estate in New York City
Everyone knows of New York City, the Big Apple, and the city that never sleeps. In part because of this collective and near universal knowledge and in part because it is a center of commerce New York City has a bustling luxury real estate market. The population of New York City, which is the most populated city in the United States of America, is 8,550,405 as of 2015. The 2010 demographic break down of the city was non-Hispanic white 33.3%, African American 25.5%, Hispanic 28.6%, and Asian 12.7%.
The cost of living in New York City is on the moderate to high end for a city in the United States of America. The average home value is $521,477. Some popular neighborhoods are Williamsburg in the Brooklyn borough and Greenwich Village in the Manhattan borough of New York City. Two luxury real estate agencies to look at in New York City are Zillbert Real Estate and Christy’s Real Estate.
Luxury Real Estate in Hawaii
Instead of a city in the United States, let’s take a look at an entire state’s luxury real estate market, the state of Hawaii. Hawaii is a series of islands in the Pacific Ocean known for its volcanoes, beautiful beaches, and stunning wildlife and nature. This makes the perfect storm for an active luxury real estate market. The total population for Hawaii in 2010 was 1,360,301. The demographics for the state in 2015 were non-Hispanic white 26.7%, Asian 37.3%, Native Hawaiian 9.9%, African American 2.6%, and from two or more races or multiracial 23%.
Having to have most things imported to the islands Hawaii has a high cost of living. With such a high cost of living and so much natural beauty on a small patch of islands Instead of neighborhoods being where luxury real estate agencies try to sell to they try to sell luxury homes in more isolated areas so natural beauty can be seen from the luxury homes. Christie’s International Real Estate and Dr. Horton’s real estate are two luxury real estate agencies to call in Hawaii.
Luxury Real Estate in Chicago
The Windy City as some call it, Chicago is a city in the United States of America that is rich in history. From the days of Al Capone, the Great Chicago Fire in the 1800s, and the Haymarket Affair, Chicago is known for its history. This history has influenced the city but its present day it is known as America’s second largest city after New York City. This top two status allows for a luxury real estate market and industry that excels. The population of Chicago in 2015 was 2,720,546. As for the demographics it was in 2010 non-Hispanic white 31.7%, African American 32.9%, Hispanic 28.9%, and Asian 5.5%.
The cost of living in Chicago is moderate. This allows for a middle ground average home value of $431,883. A popular neighborhood that is even home to where President Barack Obama and his family lives when they are in Chicago is Hyde Park. Two real estate agencies to check out for Chicago are the Ritz Carlton and Dream Town.
Luxury Real Estate in Boston
Boston is the sight of many important events in the founding and history of the United States of America. Boston is located in Massachusetts, one of the original 13 colonies of the England. The historic charm paired with the modern and sophisticated culture, Boston has become one of the most expensive and desirable cities to reside in within the US. In 2015 the population was 667,137. The demographics of Boston are non-Hispanic white 44.6%, African American 25.3%, Asian 9.4%, and Hispanic 19.5%.
The Average Home Value is $553,220 in Boston. This contributes to and helps allow for the cost of living to be moderate to high leaning on the high end. A popular neighborhood in Boston known for its picturesque row houses is Back Bay. Two of the top luxury residential agencies operating out of or in Boston are the Luxury Residential Group and the Boston Luxury Realty.
Luxury Real Estate in Dallas
Dallas is known as one of the largest cities in one of the largest states by both sheer landmass sixe as well as human population, that state is the Lone Star State, the state of Texas. Dallas along with the rest of the state of Texas straddles three different cultures. The Southern culture of the American South, the rugged cowboy culture of the American West, and Latino culture of Latin America since Texas was formally a Spanish colony and after that was a portion of the country of Mexico. The population of Dallas in 2015 was 1,300,092 people. In 2010 the city of Dallas’ demographic break down was non-Hispanic white 28.8%, African American 24.7%, Hispanic 42.4%, and Asian 2.9%.
The average home value in the city of Dallas is $220,002. This allows for the Cost of Living to be considered low for a city that is within the United States of America. There are a number of popular neighborhoods in Dallas that one can live in. Some of these neighborhoods include Deep Ellum which is an up and coming neighborhood that is becoming more and more known for the art that comes out of the neighborhood. Another popular neighborhood is Lakewood which many consider to be a great place to raise a family. There is also the wealthy and prosperous neighborhood that is known as Uptown. A luxury real estate agency to check out if you are a potential luxury home buyer in Dallas is Harwood1. Another luxury real estate agency is Bleuciel Living which specifically works in the Uptown neighborhood.
Luxury Real Estate in Sarasota
Perhaps you are not looking to live in such a huge city and populous city as some of the cities that were previously listed in this article. And perhaps you want to live by the beach and be able to relax while looking out to or wading in a large body of water. Maybe you want all of this and on top of those two things you want to live in a luxury home, a luxury home that was sold to you by thinly the top tier of the luxury real estate agencies. Then look no further than Sarasota. The Miami luxury real estate market and industry might be a bit too much above some people’s luxury home budget but these individuals may still want to live in the great state of Florida. If that is the case than looking at the Sarasota luxury real estate market and industry is an excellent and sufficient alternative. In 2015 the total human population of Sarasota, FL was 55,118. The demographic breakdown of the city of Sarasota was after the 2000 United States Census was non-Hispanic white 66%, African American 16.02%, Asian 1.02%, and Hispanic 11.92%.
The cost of living in Sarasota, FL is low. In fact it has the lowest cost of living along with the lowest population of all of the cities and places listed in this article. Perhaps you want to live in a neighborhood that is nearby, next to, or is in fact on some of the world famous quality sandy beaches that Sarasota, FL is known for. Well you can live in one of those neighborhoods if you so choose. You could also chose to live in a neighborhood that is near Benderson Park. Benderson Park, a park that is located within Sarasota, FL, will have the honor of playing host and sight to the 2017 World Rowing Championships. There are two luxury real estate agencies worth looking into if you are in the market for a luxury home in Sarasota, FL. They are Christie’s Real Estate and the London Bay Homes company.
Luxury Real Estate in New Orleans
One city in the United States of America that is known for its extensively long history, its rich culture, its top of the line delicious food, and its yearly celebrations is New Orleans which is located in the great state of Louisiana. Home to the biggest and most famous Mardi Gras parade and celebration, New Orleans is a town of celebrating and having a good time. It was also nearly destroyed and was flooded in 2005 by Hurricane Katrina but since then flooding and the hurricane have subsided the city of New Orleans has been and continues to be a city of rebuilding, recovery, and growth. The population which until the past few years had been in perpetual decline for a number of decades in 2015 was 389,617. The demographics of the city of New Orleans in 2010 was non-Hispanic white 30.5%, African American 60.2%, Hispanic 5.2%, and Asian 2.9%.
The average home value in the city of New Orleans is $285,194. That lower end of the average home value helps allow for the cost of living to be classified as low for a major city in the United States of America. Though it is famous in part due to history, in part due to literature such as A Confederacy of Dunces, and in part due to the famous Mardi Gras celebration and parade the neighborhood known as the French Quarter (which is the most famous out of all of the neighborhoods in New Orleans.) That being said the French Quarter is still to this day and has been in the past also known for its crime causing it to perhaps not be the neighborhood that you are looking for your luxury home. Instead you could try the also famous and even more beautiful neighborhood in the city of New Orleans that is known as the Garden District. The Garden District has many stunning luxury homes and is also where the famous football playerEli Manning lives. Two luxury real estate agencies to look at in the city of New Orleans is Four Winds NOLA (New Orleans Louisiana) as well as Sotheby’s Realty.
Luxury Real Estate in Denver
The city of Denver, Colorado is a beautiful city surrounded by a beautiful landscape of mountains. If you are wanting to find, purchase, and then ultimately live in a luxury home that is located in a high altitude area than the city of Denver, CO is the city that you should start looking into for your luxury home. In 2015 the population within the city limits of the city of Denver, CO was 682,545 human beings. In 2010 the demographics of all of the city of Denver, CO within the city limits was non-Hispanic white 52.2%, African American 10.2%, Asians 3.4%, and Hispanics 31.8%.
The average home value in the city limits of Denver, CO is $398,143. This near $400,000 average home value is a contributing factor for Denver’s cost of living to be considered on the moderate cost of living level. Some things to consider when trying to choose which neighborhood you want to live in Denver is what is the crime rate in that particular neighborhood and what is the average home value in that neighborhood. For example, in the neighborhood Capitol Hill which is located within the city of Denver’s city limits, there is an exceedingly high crime rate and a lower average home value than the average home value is for the rest of the city of Denver. Cherry Creek on the other hand is a neighborhood that has a significantly lower crime rate than the Capitol Hill neighborhood does. Along with that lower crime rate the average home value in the Cherry Creek neighborhood is the high end number price of $692,764 which is considered high for the entirety of the United States of America. Two luxury real estate agencies that are located and work out of the city of Denver, CO are the Metro Denver Home Listings and the Denver Co Luxury Homes.
Luxury Real Estate in San Francisco
San Francisco is also known as the City by the Bay. It is by the bay that also shares its namesake and patron saint the San Francisco Bay. San Francisco is considered to be the unofficial capitol of the San Francisco Bay Area which includes but is not limited to cities of Oakland and San Jose. The San Francisco Bay Area is in the northern half of the large and equally large populous state of California and may seem too many to be a world away from the other California based city that was listed and discussed in this article Los Angeles. If you want to live in a luxury home in the great state of California but want to live in a smaller city, a city with less of dry heat based climate, a city with its own fun loving history including but not limited to being the sight of the famous Summer of Love that perhaps San Francisco will be a superior and better fit for you than Los Angeles would be. The population of the city by the Bay, San Francisco in 2015 was 864,816 people total and counting. In 2010, the demographic makeup and break down of the city of San Francisco was non-Hispanic white 41.9%, Asian 33.3%, African American 6.1%, and Hispanic 15.1%.
The average home value in San Francisco is the highest on this list that list that is within this article. The average home value is $978,744. For an average home value this number of $978,744 goes well beyond any of the other cities’ average home values listed in this article. Due in part to the high average home value the cost of living within the city limits of the city of San Francisco is also on extreme high end of our list and tops it. San Francisco’s cost of living is right up there alongside the state of Hawaii for the highest cost of living. Some famous and also popular neighborhoods within the city limits of San Francisco is the Haight-Ashbury neighborhood. The Haight-Ashbury neighborhood is famous for being one for the most important sights in the 1960s American Counter Culture movement, specifically the Hippie movement. The neighborhood was the sight of the Summer of Love, the sight of almost countless legendary musical performance by legendary performance groups such as The Mommas and the Papas, and was the sight of the notorious anarchist performance art troupe The Diggers. If living within the nostalgia of the Hippie counter cultural scenes is not quite your speed then perhaps look into the Bernal Heights neighborhood. Bernal Heights is known for being a great neighborhood for young families to start familes and to start to raise their children.
If you are looking for luxury apartments within the luxury real estate market and industry in San Francisco then a positive luxury real estate agency to look to is The Pacific Heights. He Pacific Heights area of expertise within the luxury real estate market in San Francisco is luxury apartments that are within the city limits of San Francisco. If you are looking for a luxury house within the city limits of San Francisco, CA then the luxury real estate agency Ascaya could be the luxury real estate agency that is for you.
A Look at the International Luxury Real Estate Market
Well we’ve been through the luxury real estate markets of a number of major cities, a smaller city, and an entire whole state that are all within the United States of America. But maybe, just maybe, you want to look outside of the United States of America for your own luxury home. Luxury real estate agencies are Christy’s International Real Estate Realty and Sotheby’s International Real Estate Realty can help you find high-end real estate. These are two companies that have offices and luxury real estate agents in both the United States\and outside of the America’s borders in international locations.
Luxury Real Estate Buying Tips
There is a whole load of knowledge that can be taught to you learned by you and resources that are at your disposal for making you an expert at purchasing luxury real estate. Part of what you have to do it research. This article right here that you have been reading is part of that research so you are already well on your way to being an expert at purchasing luxury real estate. But before you go out and just buy some luxury real estate you will need to talk to a luxury real estate realtor from a luxury real estate agency.
To do that you can look up on Google or any other search engine the city that you either currently live in or are interested and dreaming about living in and then add into the search luxury real estate agency. A number of luxury real estate agencies will appear. How do you pick which one you should pick? Well if one that was mentioned in this article comes up on your search screen then you could of course choose them. You could also choose the luxury real estate agency that has the most positive reviews out of the ones that come up. Once you have picked one of the luxury real estate agencies that are listed you can call them up and ask for an appointment. Once that appointment is set up you can come up with a list of questions you have to ask for the luxury real estate agent who will be representing the luxury real estate company that you chose. These are the people who are the real experts at the luxury real estate market. They have worked for and earned a license to sell real estate and have worked their way up to selling luxury real estate so they should be able to answer you any of the questions that you may have regarding the luxury real estate market and industry in that particular city that you are in at that time.
Hopefully this article gave you a little glimpse into the world of luxury real state across the United States. Whether you’re eyeing a penthouse in Manhattan or drooling over the idea of retiring in Dallas, right now it’s a great time for buying and selling real estate in the luxury sector.