Look out 90210; a new ZIP code in Aspen, Colo., is making California-sized waves. Recently, Coldwell Banker Previews International®, the Coldwell Banker brand’s luxury real estate marketing program, released its Luxury Market Report, providing a snapshot of luxury markets from January through December 2012. The report, which focused on the value of luxury real estate in today’s market, found that outside of New York City, the exclusive Beverly Hills ZIP code, 90210, had the most luxury real estate sales over $10 million last year (21), with ZIP code 81611 in Aspen following closely behind (16). The Montecito, Calif., ZIP code 93108 came in third with 15 sales for ultra-luxury homes priced $10 million and up followed by 90077 in Bel Air, Calif. (10).
“The activity we are seeing for trophy home sales speaks volumes about the value of these markets,” says Budge Huskey, president and CEO of Coldwell Banker Real Estate LLC. “While California and New York may lead in $10 million and above sales, areas such as Aspen continue to appeal more and more to high-end buyers, with its gorgeous architecture, landscape and lifestyle. Overall, the luxury real estate market is doing incredibly well, giving us many markets to watch.”
“We are also seeing high-end buyers find value in beautiful but more undiscovered areas just outside of well-known luxury markets,” says Betty Graham, president of Coldwell Banker Previews International / NRT. “Whereas a beachfront home may be $16 million in the ultra-luxury hot spot Montecito, Calif., a similar property may be just over $6 million in Carpinteria, Calif., which is only a seven-minute drive away. These hidden gems often offer the same benefits of their neighboring communities, but provide a unique opportunity for luxury buyers looking to optimize their investment.”
Other markets featured in the report for offering a great value in the luxury real estate price range of $2-3 million and above include: Marblehead, Mass., which sits on the peninsula 17 miles north of Boston, Paradise Valley, Ariz., located less than three miles from Phoenix, and Carpinteria which is only a seven-minute drive from Montecito.
The full Coldwell Banker Previews International Luxury Market Report, available here, ranks the top cities and ZIP codes with the most luxury listings in the $1 million+, $5 million+ and $10 million+ price ranges. It also offers an exclusive “Luxtimate” look at how to price ultra-luxury homes and an inside peek into emerging domestic and International markets Chicago and Australia. Photos, listings and details are available upon request.
For more information, visit www.coldwellbankerpreviews.com.