Beverly Hills, California, and New York’s Upper West Side had the most home sales for more than $10 million in the past year, according to a report today.
There were 18 purchases of properties in that price range in Beverly Hills’ 90210 ZIP code and 17 in Manhattan’s 10023 in the year through June, Coldwell Banker said today. ZIP codes tied for third were 81611 in Aspen, Colorado, and 10021 in New York’s Upper East Side, with 16 transactions each. Aspen was the only non-coastal city in the U.S. top 20, the brokerage said.
Luxury-home sales in the U.S. are increasing as wealthy buyers, spurred by gains in the stock market, take advantage of low interest rates and a recovering housing market. Lower borrowing costs, the investment potential of real estate and a desire to relocate are the key reasons affluent homebuyers cite for planning to purchase a home in the next year, Coldwell Banker said in the report.
“We are seeing an influx of high-end buyers finding exclusive properties in luxury markets such as Aspen,” Betty Graham, the Los Angeles-based president of Coldwell Banker Previews International, said in the statement. The Colorado resort city, while known as skiing destination during the cooler months, is becoming a permanent residence for affluent buyers seeking a cultural and creative hub, she said.
Among the most expensive U.S. homes sold in the past year were a $53 million property situated between the Bel-Air Country Club and Hotel Bel-Air in California, and a $41 million Aspen ranch, according to Coldwell Banker’s report.
Aspen’s 81611 ZIP code had the most listings for $10 million or more with 56, the brokerage said. Following were Malibu, California’s 90265, with 43 listings; and the Upper East Side’s 10065, with 37.
New York as a whole led cities with the most sales of $10 million or more, Coldwell Banker said.
International buyers, many from Asia and Europe who are shopping for a second home, are driving U.S. luxury sales, according to Jade Mills, a Coldwell Banker agent based in Beverly Hills.
“Our prices here in the U.S. feel like a bargain to them,” she said in a telephone interview.
The report used data on completed sales compiled from listings website StreetEasy.com and the Multiple Listing Service from July 1, 2012, through June 30, 2013.
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