Luxury homes a driving force behind real estate recovery

Although the housing market has struggled to find its footing in recent years, property data indicates that luxury homes continue to outperform national averages.

Although the housing market has struggled to find its footing in recent years, property data indicates that luxury homes continue to outperform national averages.

Between June 2011 and June 2012, many areas of the country experienced notable amounts of activity for homes listed or sold for more than $10 million, according to a report from Coldwell Banker.

"We are at a defining moment in real estate history," said Coldwell Banker Previews International president Betty Graham. "The luxury real estate market is becoming more global and interconnected than ever before."

During the 12-month period ending in June, Malibu, California, saw the most activity, as there were 66 listings for homes valued at more than $10 million. In a close second was Beverly Hills, California, with 56, followed by Aspen, Colorado, which had 42 listings. 

An influx of international buyers is believed to be a major force behind the increased activity on luxury properties. Specifically, real estate professionals have seen a rising presence of buyers from Asia, Russia and Brazil during the past year.



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