By Kim Miller
A Coldwell Banker report on the nation’s luxury home market ranks the quantity of million-dollar homes by area, but also by amenities.
According to the report, which surveyed homebuyers with a net worth of at least $5 million, people under 35 years old look for “instant gratification” in a home, meaning they want it in turnkey condition with little work necessary on their part.
The under 35 crowd also opt to buy with their lifestyle in mind, over the time-honored tradition of location, location, location.
“With convenient travel options and the ability to work from anywhere becoming more widespread, wealthy buyers are not as tied to any particular geographic area as they were in the past,” the report notes. “Just 25 percent of the under-35 group reports that location dominates their search criteria.”
2335 Hope Lane kitchen, Palm Beach Gardens
It’s the extreme opposite for buyers who are 65 years old and older. About 86 percent of those buyers say that location is the most potent driver of their next property search.
Other popular amenities in general for wealthy buyers are open floor plans, fully automated security systems and other computer-controlled programs, a pool and eco-friendly building materials and sustainability systems.
This is important information for Realtors tapping into the luxury market, which is a big part of South Florida, according to the Coldwell Banker study.
While Palm Beach County didn’t rank in the top five in any of the categories, it’s more a function of lower inventory than lower luxury.
U.S. Cities with Highest Number of Active Luxury Home Listings
• $1 million and up range: Miami #2, Miami Beach #3, Fort Lauderdale #6, Naples #7, Boca Raton #10, Sarasota #15
• $5 million and up range: Miami Beach #2 , Naples #7, Miami #8, Boca Raton is No. 11, Fort Lauderdale #13 and North Miami Beach #16
• $10 million and up range: Miami Beach #2, Naples #8, Miami #10, Fort Lauderdale # 13, Palm Beach #15, Key Biscayne #17 and Boca Raton #19Tennis court at $7.3 million Wellington home for sale, 13401 S 55th Street South.
U.S. Cities with the Highest Number of Closed Luxury Home Sales
• $1 million and up range: Naples #7, Miami #8 and Miami Beach #12
• $5 million and up range: Miami Beach #5, Naples #6, Palm Beach #12 and Boca Raton #15
• $10 million and up range: Miami Beach # 4, Palm Beach #10, Naples #13 and North Miami Beach #17
