Rich people buy luxury real estate in ‘power markets,” where they flock to multi-million-dollar properties.
Location is paramount when money is no object, whether a home is steps from the beach, tucked in the mountains, or in the heart of a city.
The world’s richest people own $2.7 trillion worth of real estate, according to Wealth-X, and they flock to many of the same cities to buy property.
In a new report on luxury real estate by Coldwell Banker, these places are called “power markets,” where the “wealthiest and most powerful players” tend to own homes.
“Typically, these areas are destinations in their own right, offering high-net-worth individuals a range of lifestyle opportunities, cultural experiences, and educational opportunities,” the report says.
The report defines power markets in the US as places where the top 5% of single-family home sales by price is highest. In the top 17 markets, the median list price for the top 5% of sales is at least $3.5 million.
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17. Sarasota, Florida
Median list price: $3.5 million
Highest sold price (2017): $9 million
Median price per square foot: $697
16. Orange County, California
Median list price: $3.76 million
Highest sold price (2017): $39.9 million
Median price per square foot: $867
14. Maui, Hawaii
Median list price: $3.997 million
Highest sold price (2017): $16 million
Median price per square foot: $969
13. Washington, DC
Median list price: $4.29 million
Highest sold price (2017): $14 million
Median price per square foot: $540
via@businessinsider
