Luxury home sales seem to be increasing across the country. This is due to an influx of wealthy homebuyers who are incentivized by low interest rates and a housing market that is still recovering. While luxury home sales seem to be up across the board, nowhere have there been more sales than in New York and California. More specifically, the top areas for luxury home sales are Beverly Hills and Manhattan.
Beverly Hills represents the top spot for luxury home sales (sales of over $10 million). Within the past year, through June, there have been 18 properties sold above the $10 million mark in the Beverly Hills 90210 ZIP code.
This may come as no surprise to a place that makes up one portion of Los Angeles’ famous “Platinum Triangle”. Beverly Hills makes for an excellent option for affluent homebuyers as it provides a secluded luxury community which offers both privacy and access to five-star dining and shopping. These amenities, plus the sheer number of luxury estates that exist within Beverly Hills are the reasons why it possesses the top spot for luxury home sales.
Manhattan and the Upper West Side
Coming in second on this list is the Upper West Side of New York, and specifically Manhattan. While Beverly Hills had 18 purchases of homes over $10 million, Manhattan’s ZIP code of 10023 came in a close second with 17 properties bought within that same time frame.
However, Manhattan is not the only place for luxury New York real estate as the 10021 ZIP code in New York’s Upper East Side comes in third for luxury sales with 16. Also, New York City itself leads all cities for sales of more than $10 million.
Seeing Manhattan on this list is no shocker either. Manhattan is able to offer luxury properties that combine the elegance of living in the city with estates steeped in rich historical tradition. Whether it is a lavish high-end loft, a luxurious condo, or an iconic mansion, Manhattan and New York as a whole can offer a wealth of luxury home options.
Beverly Hills and Manhattan represent the top two spots on the list for most luxury home sales. This is because they possess the two ZIP codes with the most home purchases of more than $10 million dollars. With their extravagant features and number of different luxury real estate options they offer, it makes sense that these two top this list.
Toby Lancaster is a Realty Biz News Contributing Writer. As a former luxury real estate professional, he currently writes about the industry as a way to share his knowledge and experience with others.