Palm Beach Ranks 2nd On “Power Market” Rich List

Palm Beach Ranks 2nd On “Power Market” Rich List

 

  • Palm Beach ranks second in “Power Markets” of the wealthy.  Second only to Manhattan, Palm Beach continues to shine as a leading domicile.
  • Luxury real estate“power markets” are the places where rich people spend the most money, says a new report from Coldwell Banker.
  • Rich people flock to power markets for the best in luxury real estate, lifestyle, and culture.
  • Power markets in the US are places where the top 5% of home sales by price is the highest.

Location is paramount when money is no object, whether a home is steps from the beach, tucked in the mountains, or in the heart of a city.

The world’s richest people own $2.7 trillion worth of real estate, according to Wealth-X, and they flock to many of the same cities to buy property.

In a new report on luxury real estate by Coldwell Banker, these places are called “power markets,” where the “wealthiest and most powerful players” tend to own homes.

“Typically, these areas are destinations in their own right, offering high-net-worth individuals a range of lifestyle opportunities, cultural experiences, and educational opportunities,” the report says.

The report defines power markets in the US as places where the top 5% of single-family home sales by price is highest. In the top 17 markets, the median list price for the top 5% of sales is at least $3.5 million.

Below, check out which cities are most popular among wealthy homebuyers. For each place, we’ve included the median list price for the top 5% of homes currently on the market, the highest sold price from 2017, and the median price per square foot for that market.

All data figures are for single-family homes and were provided by Coldwell Banker and The Institute for Luxury Home Marketing

17. Sarasota, Florida

17. Sarasota, FloridaSean Pavone/Shutterstock

Median list price: $3.5 million

Highest sold price (2017): $9 million

Median price per square foot: $697

16. Orange County, California

16. Orange County, CaliforniaJon Bilous/Shutterstock

Median list price: $3.76 million

Highest sold price (2017): $39.9 million

Median price per square foot: $867

15. Boston, Massachusetts

15. Boston, MassachusettsRichard Cavalleri/Shutterstock

Median list price: $3.995 million

Highest sold price (2017): $13 million

Median price per square foot: $1,006

14. Maui, Hawaii

14. Maui, Hawaiirawmn/Shutterstock

Median list price: $3.997 million

Highest sold price (2017): $16 million

Median price per square foot: $969

13. Washington, DC

13. Washington, DCRichard Cavalleri/Shutterstock

Median list price: $4.29 million

Highest sold price (2017): $14 million

Median price per square foot: $540

12. Napa County, California

Median list price: $4.31 million

Highest sold price (2017): $15 million

Median price per square foot: $925

11. Marin County, California

Median list price: $5.09 million

Highest sold price (2017): $14.46 million

Median price per square foot: $1,051

10. Silicon Valley, California

10. Silicon Valley, CaliforniaSundry Photography/Shutterstock

Median list price: $5.60 million

Highest sold price (2017): $25 million

Median price per square foot: $1,335

9. San Francisco, California

9. San Francisco, CaliforniaYulia Mayorova/Shutterstock

Median list price: $5.74 million

Highest sold price (2017): $15 million

Median price per square foot: $1,279

8. Los Angeles, California (city)

8. Los Angeles, California (city)Melpomene/Shutterstock

Median list price: $6 million

Highest sold price (2017): $41 million

Median price per square foot: $1,084

7. Vail, Colorado

7. Vail, ColoradoShutterstock

Median list price: $6.38 million

Highest sold price (2017): $23 million

Median price per square foot: $871

6. Park City, Utah

6. Park City, UtahJohnny Adolphson/Shutterstock

Median list price: $6.97 million

Highest sold price (2017): $11.4 million

Median price per square foot: $780

5. Santa Barbara, California

Median list price: $8.73 million

Highest sold price (2017): $21.7 million

Median price per square foot: $1,044

4. Aspen, Colorado

4. Aspen, ColoradoShutterstock

Median list price: $9.98 million

Highest sold price (2017): $30 million

Median price per square foot: $1,689

3. Los Angeles, California (beach cities)

Median list price: $10.76 million

Highest sold price (2017): $24.15 million

Median price per square foot: $2,044

2. Palm Beach, Florida

2. Palm Beach, Floridapisaphotography/Shutterstock

Median list price: $16.41 million

Highest sold price (2017): $49 million

Median price per square foot: $1,288

1. Manhattan, New York

Median list price: $24.99 million

Highest sold price (2017): $41 million

Median price per square foot: $4,885

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