What is the cost of luxury real estate? In New York City, it’s $5 million and up. In Miami, the threshold drops to $2 million. The price of high-end comfort fluctuates across local markets, international borders and, most certainly, years. So the first thought of slowing sales in the multi million-dollar real estate club might be troublesome, but not so fast. Christie’s International Real Estate Luxury Defined report says the luxury market across the globe has indeed shifted. While 2013 posted strong sales volume for luxury markets in various cities, pace eased through 2014 and 2015. Sales in the more prominent markets, NYC included, even plateaued into early 2016 due to concerns facing the global economy and political uncertainties. "Markets like New York rebounded first coming out of the crisis and had meteoric growth for a while," CEO of Christie's International Real Estate Dan Conn said. “You can’t have massive double-digit growth numbers and think t...
- Luxury markets across the country's major metros are still increasing, just not as fast as 2013.
- Overall, luxury housing markets across the globe saw 16 percent sales growth in 2014 and 8 percent growth in 2015.
- In a surprising twist, Jackson Hole, Wyoming landed the number six spot in Christie’s “Luxury Thermometer.