According to the real estate site Redfin, sales of million-dollar homes were up in the beginning of 2015, while the most expensive five percent of properties saw a cooling off from previously sizzling sales. Their analysts report that many Sun Belt cities are still a searing market for high-end, luxury home sales.
Ventura, Calif: Golden Beaches Attract Buyers
Hot Markets in Sunny Climates. Topping the list with double-digit, year-over-year sales increases over last year were sunny Delray Beach, Florida; trendy culture magnet Austin, Texas; and classically glitzy Boca Raton, Florida. Other cities in the top ten of hot markets for million-dollar home sales were Oakland, Los Angeles, San Jose, San Francisco, and San Diego, California; also on the list were Atlanta and Houston, cities that are attracting more and more large corporations seeking to relocate their headquarters. The average sale price of a luxury market home in Delray Beach was $2.45 million, according to this survey.
South Florida’s Warm Appeal. Why are South Florida cities like Delray and Boca so appealing? Locals point to Delray’s vibrant, walkable downtown area, its year-round warm weather and sandy beaches, great restaurants and shopping, and pet-friendly ambiance. Its buzzing main thoroughfare, Atlantic Avenue, is full of gleaming luxury sedans or convertible sports cars which carry not only wealthy human passengers, but often a happy canine companion enjoying the sun and ocean breezes. Delray still has a community feeling with only 60,500 residents, and enjoys an infusion of energy from tourists. There are some chic new residential developments, such as Latitude, where you can still find excellent opportunities for a second home or a luxurious retirement property near the beach. Power walkers, bikers, strollers and dog owners enjoy morning constitutionals, and the city center sports plenty of restaurants, from open-air patio bars to cafes featuring local seafood.
Boca Raton’s Golden Beaches
Austin Is Trendy, Musical and Smart. People might think of Austin as the capital of Texas (political town) and the site of the huge main campus of the University of Texas (college and football town). It’s all that and much more. Austin is the home of dynamic technology companies and start-up firms, attracting many young professionals and creative thinkers. It has a vibrant music scene, including famous Austin City Limits and Stubb’s, where you can hear a diverse array of bands just about every night of the week. The annual South by Southwest (SXSW) festival is a global affair with the top names in music, and you’ll spot top celebrities in all of Austin’s trendy restaurants and bars that week. If you prefer quieter pursuits, Austin’s reputation as an artsy mecca has attracted a number of gallery owners to set up shop here, along with antique vendors and designers showing off their creative flair. Austin is warm, sunny, and casual, so grab your cowboy boots or pick some up at Allen’s Boots or any of the city’s other Western wear boutiques.
Trendy Austin: Photo by Jack Newton
California Dreaming. Cities like San Francisco and Los Angeles are competitive real estate markets where you need plenty of green to buy a home. What’s the appeal? Southern California cities like San Diego can boast about their year-round great weather. The typical San Diego forecast of sunny, dry and 72 degrees has been lampooned in movies like Anchorman, but the region’s fabulous weather is no joke. Outdoor sports lovers and amateur photographers adore California’s beaches, hiking at national park treasures like Yosemite and the Channel Islands, and top ski resorts like Squaw Valley or Mammoth Mountain. San Francisco and surrounding cities like Palo Alto are home to some of the most competitive, successful technology companies in the world, so this area attracts highly intelligent, well-educated professionals, many of whom graduated from nearby institutions of higher learning like Stanford, CalTech, or the University of California at Berkeley. The Golden State has some of the most expensive real estate in the country, but many of these towns with million-dollar homes retain a casual, easygoing feel, such as desirable Coronado Island. And who wouldn’t want to live in the Napa Valley, surrounded by excellent wine, Michelin-starred restaurants, and beautiful scenery straight out of a Mediterranean painting?
Napa Valley Beauty: Photo by Aaron Logan
So wealthy home buyers have plenty to think about if they want to retire or relocate to a city with abundant sunshine, culture and excitement. These U.S. cities are sure to stay hot for a while.
