Naples is Top Luxury Housing Market
The exclusive residential community of Naples leads the Florida market after Miami Beach in a new Top 20 list of cities with the highest number of sales for $10 million+ homes, according to a Luxury Market Report prepared by Coldwell Banker. Strong demand by high net-worth families and individuals for luxury homes show a concentration of $10 million+ sales in cities on the west and east coasts of the country. Heading into 2016, prospective homebuyers in the Naples real estate market can expect higher prices and more competition. House values in the Naples area went up by double digits in the past 12 months, according to Zillow.
For home sales in the $10 million+ category, longstanding luxury real estate residential community Naples comes in at No. 6 following New York City, Beverly Hills, Los Angeles, Aspen, Miami Beach, and Malibu. Luxury market buyers prefer amenities in their homes, such as move-in ready condition, fully wired home environment, a LEED-certified green home, open floor plans, home gyms and home theaters. High net-worth individuals in the U.S. reflect approximately the top 1.5 percent of the U.S. population making a minimum household income of $200,000 per year and a minimum net worth of $5 million. Naples, as one of the most expensive housing markets in Florida for 2015, has seen its average home price rise by $21,000 in 2015, compared to last year.
In the $1 million+ category, Naples is the only Florida city to crack the Top 10 of U.S. cities with the highest number of luxury home sales during the last 12 months, ending in June 2015. In this category, the Top 10 cities are New York City, Los Angeles, San Francisco, San Jose, Chicago, San Diego, Naples, Houston, Atlanta and Washington, DC. Sales are leveling off in the $1 million+ category in two hot markets---Miami where demand is driven by wealthy international buyers and in San Francisco, where demand is mostly driven by the high tech industry.