Luxury Real Estate Booming In U.S.

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    The real estate market in the U.S. is showing signs of improvement, especially in the luxury segment. According to ‘Wealthy Consumers and Real Estate’ by Coldwell Banker Previews International, in 2013, on average, the last residential property purchased by wealthy consumers had a purchase price of $1.6 million. Looking forward, a 2014 survey by Realtor.com says 13 per cent of consumers are ready to buy a luxury home and another 26 per cent are considering a high-end home purchase. The survey shows 19 per cent of respondents say their recent career success prompted their home search; 17 per cent of luxury home buyers indicated they entered the market because they are newly retired; 14 per cent indicated that they are entering the market as an investment; and 12 per cent have entered the market to buy their first home.