Can U.S. Luxury Real Estate Markets Sustain Home Prices?

25 different luxury home markets have been listed in January 2007 issue of Unique Homes Magazine. These markets will indicate where this particular market of real estate is heading towards. Listed are the areas where the luxury real estate market is growing as well as the characteristics that only add to their appeal.

The following is a brief report on the top 10 luxury home markets to watch for price increases or reductions in 2007.

1. Annapolis, Maryland.
Located on Chesapeake Bay, buyers will have access to excellent boating, reasonable commutes, and great prices especially when compared to luxury areas in the Washington DC and Baltimore area.
2. Asheville, North Carolina.
This city is extremely vibrant and has a low-key lifestyle that is attractive to many home buyers looking for seclusion without missing a beat on the action.
3. Aspen, Colorado.
This luxury market is best known for the skiing around the area. The beautiful transition through the four seasons and restrictive zoning policies make Aspen a wonderful place to search for luxury real estate.
4. Atlanta, Georgia.
The city offers several new upscale communities, numerous lifestyle amenities, retreats and much sought after waterfront luxury homes.
5. Austin, Texas.
In 2006, this market experienced large gains, and it’s easy to see why. With the prestigious University of Texas, scenic lakes and great music scene, it has a huge appeal for those looking for properties in hill country.
6. Bellevue/Medina, Washington.
Although prices have gone up 28%, the market has yet to peak. Many of the luxury homes in the area are available at lower prices.
7. Beverly Hills, California.
Constantly in demand is the Beverly Hills market, which is synonymous with luxury, and is a popular market for current buyers.
8. Idaho.
With the establishment of several resorts in this area, many home buyers are turning their attentions to this quiet state.
9. Jupiter, Florida.
This particular area has been experiencing boom since Tiger Woods’ $38 purchase of a ten-acre property. This purchase has upped the value of many homes in the area.
10. Manhattan Uptown, downtown, midtown.
Wall Streeters favor this part of New York City, as there have been record sales of more than $5 in 2006. Many have found the townhouses and co-ops in this area to be great investments.

If you are searching for a home in any of these luxury markets, take the time to find a real estate agent who can advise you about the local market conditions.