Mid-Year Ultra-Luxury Report featuring Gary Dolch

THE $10M+ NATIONAL LUXURY REPORT

TABLE OF CONTENTS

SALES SOAR IN VACATION/SECOND-HOME AND LOW-TAX MARKETS DESPITE LIMITED INVENTORY AND ELEVATED MORTGAGE INTEREST RATES

Following prior year-end losses and pullbacks, financial markets made a remarkable recovery. While overall ultra-luxury real estate sales were down, specific areas fared well, particularly in low-tax areas and second-home markets, where activity saw a notable uptick. Overall, $13.85 billion in ultraluxury real estate traded across 806 transactions during the first two quarters of 2023, underscoring the resilience of the sector and a testament that ultra-high-net-worth buyers will transact notwithstanding challenging external factors.

There were some especially strong regional ultra-luxury markets during the first half of 2023. New Hampshire, for instance, emerged as a burgeoning ultra-luxury destination and Fairfield County (excluding Greenwich), Connecticut also enjoyed multiple $10 million+ sales.

High-net-worth buyers are increasingly choosing low-tax and vacation destinations like Dallas-Fort Worth and Houston, both of which saw transaction totals increase 200 percent year-over-year, and Jackson Hole, which witnessed a renaissance during the pandemic and had 60 percent more ultraluxury sales in the first two quarters of the year compared to 2022.

Another booming market is the Phoenix area, where buyers are increasingly drawn to its tax-friendly environment– $10 million+ sales are up 18.7 percent year-over-year. Finally, a primary driver behind ultra-luxury deals in Greater Los Angeles was the “mansion tax” deadline, which motivated buyers to act, resulting in the closure of a staggering 160 ultra-luxury deals during the first half of the year, amassing a sales volume of $3.21 billion, the most out of all markets analyzed.

These insights and many more are uncovered in our Mid-Year Ultra-Luxury Report, a compilation of national sales data in 2023 Q1 + Q2 for ultra-luxury sales $10 million+. The data serves as an invaluable tool to understanding the current interchange between wealth and ultra-luxury real estate, along with where, how, and at what price ultra-high-net-worth individuals are choosing to live, work and play. Compass is the #1 residential brokerage in the US, and the US is the primary residence for the overwhelming majority of the ultra-wealthy across the globe, making it vital for Compass to discern and support this population’s demand trends and behaviors.

The Luxury Division and luxury agents at Compass are experts in translating economic data into insights and opportunity on behalf of our ultra-high net worth clientele. In both stable and shifting times, knowledge is crucial to successfully navigating luxury.

“Years from now, we’ll praise those who acted boldly in 2023 to successfully acquire iconic luxury estate homes.”

Neal Ward, Compass San Francisco

Coconut Drive, Fort Myers, FL

The overall rankings of the nation’s top 10 ultra-luxury markets remained essentially unchanged year-over-year, with Greater Los Angeles, Manhattan, Miami and Palm Beach topping the list. There were some notable ranking movers outside of the top 10 markets, such as Jackson Hole rising from #27 in 2022 to #16 in 2023, doubling its total annual sales volume. Fairfield County, CT had no sales of $10 million+ in 2022, but made a big move into the top 20 for 2023.

The data collected for this report underscores the meteoric rise in demand during Covid for luxury properties in traditional resort and second home communities has not abated. Martha’s Vineyard had outstanding growth in 2023, soaring 207% in total annual sales volume. Across the country, California Wine Country had an admirable increase in total annual sales volume of nearly 30%, too.

An exceptional example of this Covid demand phenomenon is Arizona’s Scottsdale-Paradise Valley, where Compass recently launched. In the first half of 2020, Scottsdale-Paradise Valley had just one sale over $10 million. In the first half of 2023, the region had 16 ultra-luxury sales totaling $223.14 million. This is an astonishing increase of 1175%.

Ultra-luxury city markets experienced noteworthy gains, too, such as Greater Boston which enjoyed a 79% increase in total sales volume year-over-year, and Greater Seattle which saw an exceptional 116% increase in total sales volume year-over-year.

MID-YEAR $10M+ SALES SNAPSHOT

$13.85B 116% 207%

National Total Sales Volume

806 National Total Number of Sales

$10 million+

“I have not seen the luxury market react at this pace in my 38 years in this business.”

Robert Joffe, Compass Arizona

RANKING MARKETS BY $10M+ SALES

The following tables provide a snapshot of the total number and volume of $10 million-plus sales in Q1 and Q2 2023 in the top 20 US markets, ranked by performance. This data is complied from all public data across US residential real estate brokerages. For a complete summary of all Compass markets, kindly review the pages to follow.

NUMBER OF $10M+ SALES

TOTAL $10M+ SALES VOLUME

for luxury properties continues and supports a continued

“The first half of 2023 has kept pace with the prior 2022 period and even experienced increased activity in the Arizona luxury market. Inventory for the Phoenix, Scottsdale, and Paradise Valley areas has increased, however there has also been a significant increase in sales demonstrating that the demand for luxury properties continues and supports a continued strong market. Luxury buyers, typically purchasing with cash and more concerned with their balance portfolios rather than changing interest rates, are focused on location, amenities and the opportunity to add their personal touch to potential purchases. Smart technology and wellness amenities are top draws for the affluent homeowner, but today’s buyer is also looking for a home that will fulfill their lifestyle objectives such as golf, spa, hiking, biking, healthcare, etc. It is more than just the style of a home or location, it is the experience offered by the property, of which quality and sustainability are key priorities, that will likely set it apart.”

Julie Pelle

“I have not seen the luxury market react at this pace in my 38 years in this business. The $10 million+ market is relatively new for the Phoenix, Scottsdale, and Paradise Valley areas. It wasn’t long ago that I sold the most expensive home to date at $12.5 million. Today, that number is a regular occurrence. Post-pandemic numbers have skyrocketed and we are attracting uber-wealthy buyers from all over the country. Our healthy economy, incredible lifestyle, unique architecture and fabulous weather will continue to attract buyers, and there is no slowing down in sight. The ultra-luxury market is hotter than ever and people are buying what Arizona is selling.”

Robert Joffe

“All but nonexistent pre-2020, the ultra-luxury Arizona market dramatically evolved during Covid. In April 2021, Paradise Valley broke through $1000/sf. In February 2022, the Wall Street Journal article about millionaires flocking to Paradise Valley went viral. In 2023 Paradise Valley broke through $2000/sf. West coast proximity and the stunning Sonoran Desert have led to high demand for unique homes, expected to continue in 2023. The true ultra-luxury inventory remains a secret, known only to the few agents well-equipped enough to know the potential sellers who can produce a private sale.”

Laura Lee Cahal

$10M+ MID-YEAR SALES | 4-YEAR SNAPSHOT

19

“Demand

strong market.”

GREATER LOS ANGELES $55M

“At the halfway point of the year, I’m seeing the ultra-luxury market ramp up. The post-Covid lull is behind us, and the ultrawealthy have decided if they want a new home or need to relocate, they’re moving forward despite what’s going on with the economy. Two sales that stood out are Jay-Z and Beyoncé’s Malibu purchase and Michael Cantanucci’s Palm Beach purchase for $170 million. The ultra-luxury buyer demographic is growing. In addition to old money, finance, Hollywood, foreign and tech, we now have internet personalities making millions a week, creating another sector of new buyers.”

Carl Gambino

“The Los Angeles luxury market demonstrates resilience due to a scarcity of inventory priced at $10 million and above. Notably, there is an increasing presence of buyers from Asia seeking luxury properties here, and we are strategically promoting properties to cater to their preferences. Moreover, Los Angeles is emerging as a global destination for branded residences. I proudly represent Rosewood Residences Beverly Hills, the brand’s inaugural venture in Los Angeles, which has garnered exceptional reception. The discerning clientele in LA seeks access to renowned luxury brands.”

Tomer Fridman

“The ultra-luxury market has been gaining momentum, particularly in Southern California and even more specifically in Malibu. Though the year started slow, am sensing increased momentum with every client I connect with. Despite everything happening economically and politically, my beach community continues to prove itself as the most sought-after marketplace of the world’s most elite consumers, proven by Jay-Z and Beyonce choosing to call Malibu home with their recent world-record purchase. Our access to a particular way of life and climate outpaces shifts in the market. I believe we will continue to see growth in the second half of the year in Malibu and the coast as consumers from the city and other markets seek access to the exclusive lifestyle that Southern California offers.”

Chris Cortazzo

“Even with inventory increasing, 2023’s LA ultra-luxury buyer still has limited quality homes to choose from so sellers need to focus on the unique elements of their homes to separate them from the rest. In many cases, we have seen the ultra-luxury buyer looking for a primary bedroom on the first floor to accommodate their future needs. Security is an expectation, including layers to that security, like gates, cameras, hedging, and lighting—all truly significant to the ultra-luxury market.”

“The high-end luxury market in Los Angeles has seen unprecedented changes, resulting in a firm tamping down of activity in trades of homes priced above $10 million, due to controversial Measure ULA which voters approved last year. Although well-intentioned, the initiative’s designers did not consult our industry and did not foresee its impact on sales volume. We have seen significantly fewer closings above $10 million in the second quarter when compared to the first, so the funds that were promised to address homelessness are not being raised. Would-be sellers are hopeful ULA will be overturned, and we all hope for a more pragmatic housing solution in the future.”

Sally Forster Jones

“Ultra-luxury in Los Angeles is soaring, with prime properties encompassing substantial square footage and land attracting local and international buyers. The allure of California’s sunshine and lifestyle reinforces location as a key factor in real estate. Post-Covid, buyers remain focused on acquiring the largest home within their means, seeking the advantages of working and entertaining from the comfort of their own home, and it does not appear this trend will end anytime soon. The only slowdown is scarcity of finished properties, as developers face challenges obtaining permits for new projects.”

Ginger Glass

F. Ron Smith and David Berg

“The first half of 2023 can be summarized as quality over quantity. After a record 2022, 2023 inventory levels are limited, and only a handful of ultra-luxury homes have sold. As inventory levels increase, I see a strong buyer appetite for the most exclusive properties in the world’s most beautiful meeting of land and sea! Carmel by the Sea saw activity in both quarters, most notably the Q1 sale of Frank Lloyd Wright’s only waterfront home design for $22M*. After a record-breaking year in 2022, the Carmel Highlands has zero ultra-luxury sales to date. In Big Sur, Q2 of 2023 saw one $24.5 million sale on Garrapata Beach**, while buyer interest for the most exclusive properties continues to gain momentum. Some ultra-luxury sellers are taking the ‘pocket listing’ approach to selling their properties. We will see if this strategy pans out.”*

Jonathan

Spencer

“The ultra-luxury segment of $10 million+ started 2023 slightly improved from the last half of 2022. It’s not a fair comparison to look at the beginning of 2022 where the market was so much different with 15 sales. The five sales to start the year included the only oceanfront home designed by architect Frank Lloyd Wright selling for $22 million. As we start Q3, one just sold for $29 million, there are currently three in escrow, and only 11 active properties in this segment.”

Mark Peterson

“Scarcity of ocean and golf course front properties keeps our luxury market in high demand. Most of these properties stay with the same owners for generations, and when they are available, they are being sold for a premium. Our client acquired a 1920s Pebble Beach fairway facing estate this year that had been with the same owner for over 40+ years. They intend to do the same and become the next steward.”

Dana Bambace

Monterey County’s biggest sale of the year totals $24.5m. The Real Deal. Therealdeal.com sanfrancisco/2023/06/08/highway-one-home-near-big-sur-trades-for-24-5m/

$7.5M

“The $5 million+ ultra-luxury market in the San Francisco East Bay region has brought unexpected delights for mid-year 2023, defying expectations and showcasing resiliency in the face of economic fluctuations. Compared to the same period in 2022, we witnessed a remarkable 30% increase in $5 million+ trades and a noteworthy 25% increase in sold prices. Surprisingly, neither the rise in mortgage interest rates nor the volatility of equity markets has deterred our ultra-high-net-worth clients from pursuing property acquisitions. They possess the financial resources to forge ahead, undeterred by any economic headwinds.”

“The pricing trends in the East Bay area for luxury homes continued to appreciate during the first half of 2023 versus the second half of 2022, partly due to the appreciation of the stock market, although while the SandP appreciated by approximately 16%, the luxury market’s appreciation was only 3%. Given the Fed’s uncertain stance, there is still a fair amount of nervousness at the upper end of the luxury market. That said, the East Bay luxury market is very locally area-dependent. Hopefully, we should see clarity in the second half of 2023.”**

JouJou Chawla

“The luxury East Bay markets in Lamorinda had a slow start to the year but began showing signs of life in April. Lamorinda’s current luxury market sales, $3 million+, are down 55% from 2021 and 70% from 2022, but last year’s surge in sales was an anomaly, and the market clearly hit bottom in January 2023. In our $10 million+ ultra-luxury market, there was only one sale in Lamorinda for 2021, 2022, and thus far in 2023. This year’s sale closed at $12,450,000 (a record price). I believe Lamorinda’s current sluggish luxury market and flat ultra-luxury market are a direct result of the high cost of money and our wet winter.”*

Dana Green

“The ultra-luxury market for the East Bay has been on vacation in Europe this summer, with inventory and sales down, and sellers of high-end inventory hopeful that 2022 prices continue to linger. Luxury buyers are not as affected by interest rates and typically jump at the opportunity for a perceived deal or the perfect home for their desires. We have also seen that homes remodeled with high-end finishes are the most desired commodity, as high-end buyers are too busy for the disruption. As the Fed stops raising rates and rates settle into the 4-5% range, the market should be in a better place.”

Heafey Baum Group

Highest Buyer-represented Compass Regional Sale, 2023

Ann Marie Nugent

Represented by Teresa Baum and Matthew Heafey

“The all-cash high-end luxury buyer is still out in force in Marin County...”

“Lack of inventory and strong demand for beautifully renovated homes with inspiring outdoor spaces drive the ultra-luxury sector of the Marin County market. Buyers in this price point will pay top dollar for perfection. Sales of $10 million+ homes were down 50% in 2022, as many sellers are sitting on the side lines. The same holds true in 2023, as year-to-date has seen only five sales recorded on the MLS over $10 million. We are expecting more of the same in 2023 Q3 and Q4.”

Carey Condy

“The luxury market in Marin County remains steady. The market leveled off in the summer of 2022 into the early part of 2023. The winter storms caused a slow start to this year with very low inventory until late spring. Overall, we are still seeing demand for turnkey luxury homes in good locations. Buyers are still migrating from San Francisco for our great community, climate, and outdoor lifestyle. There has also been an increase of buyers relocating from the Peninsula to Marin County, particularly the southern Marin towns of Mill Valley and Tiburon-Belvedere.”

Shana Rohde-Lynch

”The high-end luxury market north of $10 million has continued to perform this year. The all-cash high-end luxury buyer is still out in force in Marin County and San Francisco markets.”

The Reinertsen and Sennett Team

“An increasingly capable and discerning clientele is being drawn to the coast of Orange County. Some are escaping urban settings, and others appreciate the ease of access from most of the West. The perfect weather and highly amenitized communities of Newport Beach and Laguna Beach are at the center of this coast. Though these beach towns cover over 17 miles of scenic coastline, they are not densely populated - and thus we do not have the inventory required to meet the increasing demand. It is an almost helpless situation, and one I expect will only become more competitive over time.”

Rob Giem

“Reports of the demise of the ultra-luxury market are not only premature, they are flat out wrong. Though the number of sales is down from the last two banner years in coastal Orange County, we are still running at a sales clip well above 2020 and prior years. The surprise - average sales prices (and price per square foot) in our ultra-luxury coastal market are up year-over-year. Increased appetite for prime luxury properties, thought to be a temporary Covid market shift, is proving to be permanent, undeterred by interest rate hikes and economic sentiment. Premium properties garner premium prices.”

Mike Johnson

“I believe in this current market the demand for view, land and home size with elevated quality in build will always be desired by those seeking to reside in coastal Orange County. This area has become increasingly desirable with our climatic wonderland and our array of local amenities.”

MWA

“Premium properties garner premium prices.”

“The Palm Springs luxury real estate market is booming, eclipsing previous trends with sales in the $20 million, $30 million, and even $40 million range, when our high-end used to range from $3-$7 million. Our main obstacle isn’t a lack of eager buyers but a low inventory of available properties. Given a higher stock of luxury listings, our sales would undoubtedly flourish even more. As we cast our eyes towards the horizon, the second half of the year is brimming with promise for the Palm Springs luxury real estate sector. This desert oasis attracts discerning buyers, creating a thrilling, promising chapter in our journey. Indeed, Palm Springs is fast becoming the beacon of luxury real estate.”

Valery Neuman

“While the fluctuation of mortgage interest rates doesn’t tend to directly impact luxury buyers, the indirect trickle-down effect seems to have them in a holding pattern. Luxury home investments in a secondary market are not a necessity and therefore lack urgency. Fluctuations of the stock market, interest rates and political unrest have dimmed the confidence of ultra-luxury real estate investors. However, as technology continues to evolve and enable increased mobility, we anticipate an influx of wealth due to affordability and increased quality of life here in the Palm Springs area.”

John Nelson

“In 2023, the ultra-luxury market has thrived, favoring new or renovated properties. Despite rising interest rates and stock market volatility, many view real estate as a secure asset. The market might slow in summer due to travel to cooler destinations, but a rebound is expected by mid-October. Ultra-luxury buyers, from tech to entrepreneurship, seek modern architecture and hotel-like amenities. Our marketing strategies have adapted, focusing on digital targeting while emphasizing service and local knowledge, affirming our market leadership.”

Keith Markovitz

“For luxury properties, cash remains king, so we are still witnessing demand for luxury homes in Palm Springs and the surrounding areas despite the increase in interest rates. In addition, as compared to many other high-end resort cities like Aspen and the Hamptons, our ultra-luxury properties in the desert remain at an attractive price per square foot. Historic and mid-century properties continue to be popular with celebrity A-list buyers, and we have yet to see their attractiveness to these buyers wane, even though inventory for these special properties remains low.”

Susan Canavan

“...cash remains king, so we are still witnessing demand for luxury homes in Palm Springs and the surrounding areas despite the increase in interest rates.”

“The San Francisco luxury market is spotty this year. Our team was successful in quickly selling a home for $18.5 million that checked all the boxes: lovely view, top location, modern floor plan, fine and recently remodeled finishes. We actually had three competing offers. Homes that aren’t so well-endowed are lingering, as buyers are being very choosy. Interest rates don’t matter as most purchases are all-cash, but negative press about San Francisco has hit the luxury market hard. I predict a much better second half of 2023 as people are reminded what a wonderful place to live San Francisco is.”

Nina Hatvany

“The 2023 luxury market in San Francisco has been the most challenging of my entire real estate career, and have been at it since 1989. The Bay Area has faced a number of obstacles, but in reality, so have most major markets. The ultra-luxury buyer has been sitting on the sidelines, but with the meteoric rise of AI and the far-reaching impacts it will have in many supporting sectors, I firmly believe the ultraluxury buyer mentality will rapidly change.”

Neal Ward

“The ultra-luxury real estate market in San Francisco in 2023 has been very quiet. Six properties over $10 million have sold in San Francisco. Two of those properties were over $20 million. The slowdown began at the end of Q2 2022, so these sales numbers are not surprising. The next six months will be very interesting and telling. My opinion is the upcoming fall selling season will be exciting. have some great inventory coming as do other agents. There will be some wonderful homes coming to market and buyers are primed to act.”

Max Armour

“Over the past four decades, my savviest and most successful friends and clients have made their best real estate investments when others were too timid to act. Many of those who waited missed out and later regretted their lack of courage and foresight. The financial media’s everincreasing anticipation of a looming recession has served to empty the playing field of all but the most prudent luxury home buyers. Years from now, we’ll praise those who acted boldly in 2023 to successfully acquire iconic luxury estate homes in San Francisco, such as 3630 Jackson Street.”

Steve Mavromihalis

“The San Francisco luxury market in 2023 can be summed up as ‘fits and starts’. We saw major headwinds and challenges throughout this year, and buyers are just now starting to collectively believe that the market is not collapsing. This may actually be one of the best buyer’s markets in years. San Francisco is one of the most unique cities in the world, and a city you can invest in for the long term. Its current issues are not real estate-related, but rather about the political changes happening.”

Butch Haze

“The 2023 luxury market in San Francisco has been the most challenging of my entire real estate career, and I have been at it since 1989.”

“The Montecito and Hope Ranch markets continue to exhibit resilience. Inventory remains low, but we experienced increased activity in the $10 million+ market this spring and summer, our traditionally busier seasons. In Montecito, there were 10 sales over $10 million in Q2, four of which were $15 million+, compared to seven $10 million+ sales in Q1. In Hope Ranch, there were three sales over $10 million in Q2, compared to only one $10 million+ sale in Q1. This is a testament to the strength of our luxury market and its rise in popularity among the ultra-high-net-worth demographic.”

Luke

Ebbin

“The hot market continues here in Montecito and Santa Barbara. We are seeing more buyers than sellers and the historically low inventory is a significant part of what’s driving the market right now - keeping asking prices ambitious and closing prices high at just under 100% of the original asking price. We have never seen a better time to sell and can confidently say that people who can afford to live anywhere choose to make our community home. For buyers, we focus on investment-grade properties that hold their value regardless of what is happening with real estate across the country.”

Randy Haden and Molly Haden

“When is your life more important than your lifestyle?

I believe this is the elemental question that has been answered by our heated ultra-luxe Montecito/Santa Barbara real estate market. Montecito/Santa Barbara provides high-net-worth buyers a sanctuary, where no commute is more than 10 minutes, organic produce is plentiful, uncrowded beaches are easy to find, and a peaceful and healthy lifestyle awaits. Montecito/ Santa Barbara also provides a financial safe haven to diversify one’s portfolio during uncertainty, plus great weather, stunning architecture and proximity to Los Angeles and San Francisco.”

David Michael Wieger

$10M+

MID-YEAR SALES | 4-YEAR SNAPSHOT

24

“We have never seen a better time to sell and can confidently say that people who can afford to live anywhere choose to make our community home.”

“The Silicon Valley/Bay Area is a global hub for technology innovation, startups and many major tech giants. This has created one of the wealthiest regions in the world, and one of the strongest real estate markets in the US. The 2023 luxury market has been very robust and is projected to continue throughout the year. A few of the contributing factors to this frothy market is the vast wealth, paired with the local spirit of optimism, opportunity and success. Continued low inventory also adds to the stability and appreciation of luxury real estate.”

David Welton

“Unlike other luxury areas, the Los Altos and Los Altos Hills markets have seen a lack of inventory, coupled with the fact that luxury buyers are very selective. The home has to meet their criteria and if it doesn’t, the buyer will wait for a home that does. There is definitely no sense of urgency in our markets at this time, and I don’t see that changing in the near future.”

Kathy Bridgman

“The Silicon Valley luxury market proved resilient despite ongoing challenges of the pandemic and economic headwinds of rising interest rates, inflation and stock market fluctuations. The tech sector continues to have the largest influence on the housing market and there is excitement about the potential of artificial intelligence. Demand is strong for homes on the mid-peninsula and, with historical constraints on housing supply, prices should remain stable. Silicon Valley and the Peninsula are among the most desirable places to live in the Bay Area and we remain bullish on the long-term value.”

Tom LeMieux

“The tech sector continues to have the largest influence on the housing market...”

“In spite of the uncertainty we hear in the news, the ultra-luxury market has a pool of buyers who are ready to find the perfect Wine Country home just over an hour from the Golden Gate Bridge. The Bay Area has a strong demographic of tech and financial services buyers who want the best and are looking for exquisite homes, unique settings, newer construction, high-end finishes, and turn-key experiences to enjoy during the summer season as well as year-round. There have been some record sales for locations with ease of access to San Francisco and proximity to Wine Country amenities.”

Maurice Tegelaar

“The ultra-luxury market in Napa Valley is better than expected. After a long, cold, rainy winter, there have been almost two sales of $10 million+ per month, which is very strong. Buyers are looking for value. Most sold properties year-to-date were on and off the market for years, and ended up trading well below their original asking prices. If sellers are realistic about pricing, buyers are out there and ready. The biggest challenge in the second half of 2023 will be to insure these properties, as insurance simply does not exist right now or is prohibitively expensive.”

Bart Moore

“Historically, the Wine Country luxury market has been driven primarily by buyers from the San Francisco and Silicon Valley regions. However, there has been a recent surge in interest from international buyers who see the region as an attractive destination for second homes, property development opportunities, and a stable investment option due to its proximity to the Bay Area. The allure of Wine Country’s prestige and accessibility further enhances its appeal to these discerning buyers.”

Mark Stornetta

“In the ultra-premium Wine Country market, buyers are getting younger and younger, often with low key demeanors and driving unassuming cars. Their goal is to find exceptional contemporary residences designed to provide an in and out living experience they cannot get in big cities due to lack of space or climate. Upon acquiring a property, these buyers often change their plans and make their new acquisition their primary residence, due to easier lifestyles. Sellers should prepare to have a very edited, if not staged home, with a minimalist approach throughout. Clutter is not relatable.”

Alain-Martin Pierret

“...there has been a recent surge in interest from international buyers who see the region as an attractive destination for second homes...”

“Two distinct types of buyers are emerging in Lake Tahoe’s ultra-high-end market. One group is drawn to the turnkey convenience of amenity-rich communities, such as Martis Camp and Clear Creek. The other group prefers private lakefront properties that offer the privilege of a pier and buoy access, along with stunning views. Buyers in both groups express a preference for newer, modern homes that allow them to take full advantage of the incredible beauty of Lake Tahoe and the incomparable mountain lifestyle. Post-pandemic, the Nevada side of the lake has experienced a remarkable surge in luxury buyer demand, as clients seek to capitalize on the taxfriendly nature of the state.”

Jamison Blair

“This year’s listing season had a slow start due to heavy snowfall, resulting in record-breaking conditions in Tahoe. This spring/summer selling season has seen some beautiful luxury properties come to the market which is exciting for buyers. Moreover, sellers have adopted a realistic approach when it comes to pricing.”

Sally Gardner

“2023 began with speculation as to how the real estate market would react to the Fed dramatically raising rates to curb inflation. While the ultra-wealthy may have paused briefly, they quickly recognized the power of cash and took advantage with investment shifts to real estate as a hedge against inflation. That mindset appears to be paying off as mid-year reports show slowing of CPI and rebounds in both the NASDAQ and SandP 500. Lake Tahoe is a worldclass destination with a finite supply of ultra-luxury properties, and there’s been no shortage of attention this year from affluent buyers.”

Mark Salmon

“Lake Tahoe is one of the most beautiful places in the world. On the Nevada side, Incline Village is a tax haven for the ultra-wealthy, and inventory in this ultra-luxury market is always tight. We had four significant sales this year, which is pretty average. We were hoping for a little bit more good inventory. With talks of recession dominating the news, we thought we would see a downturn in the high-end market, but with very low inventory, we have only seen a drop in the lower end. New construction or the option to build new have been most desirable. Ultra-luxury buyers want modern and new!”

Mary Kleingartner and Ryan Mitchell

“Lake Tahoe continues to attract those seeking an extraordinary blend of natural beauty, luxury, and a lifestyle like no other.”

in San Diego

“With limited new construction inventory in the Rancho Santa Fe market, buyer demand has been healthy in the ultra-luxury home sector. In this high-end segment, buyers expect impeccable craftsmanship, exquisite interior design and a seamless fusion of indoor and outdoor living spaces. These properties often feature luxurious amenities like zero-edge infinity pools, expansive gardens, and state-of-the-art home theaters, creating an oasis of luxury and leisure. We expect this demand to continue throughout 2023. In our market, we haven’t noticed any impact from rising interest rates on sales.”

Delorine Jackson

“The luxury market is strong! We have regular showings of two of our North County Coastal $10 million+ listings. Are these homes taking more time to market and sell? Absolutely. Are interest rates impacting the market? 100 percent. That said, we have offers, cash buyers are coming to the table, and our team is using this time as an opportunity to develop our skills and be ready to crush once interest rates come down! This is the time that we as agents get better, our skills get better, and we are getting belly-to-belly with our clients to build stronger relationships for the future! Let’s roll!”

Seth O’Byrne

“The ultra-luxury market in San Diego appears relatively immune to the headwinds facing our economy, equity markets, and global stability, and we are on pace to meet or exceed last year’s sales of homes over $10 million. San Diego’s sunshine and record-setting influx of investment in tech, life sciences, and biotech are a stronger gale force. In conjunction with this multi-billion dollar windfall, we have seen unprecedented investment in the construction of $20 million+ homes. Our recent $22.5 million sale of La Jolla’s newly-constructed Ora House is just the tip of the iceberg.”

Brett Dickinson and Ross Clark

30 $10M+ MID-YEAR SALES |

4-YEAR SNAPSHOT

“The ultra-luxury market

appears relatively immune to the headwinds facing our economy, equity markets, and global stability...”

6722 Calle Ponte Bella, Rancho Santa Fe Price Upon Request Delorine Jackson | Realtor® | M:

“Ultra-luxury in Aspen is not defined between the walls of a home. Aspen ultra-luxury is a four-season recreational and cultural life enhancement. Our premier properties continue to sell to those who value quality time above everything else. Reality exists even in paradise. Aspirational sellers will own their homes for quite some time. Genuine sellers will enjoy the fruits of their reasonability.”

Steven Shane

“Aspen is idyllic and world-class: gold medal skiing, hiking/biking trails, and fly-fishing, coupled with sophisticated culture, dining, and shopping, plus blue skies and summer temps in the mid-70s. It’s no wonder ultra-luxury buyers from Hong Kong to London to Los Angeles find our mountain hamlet appealing. The first half of 2023, while predicted to slow, was rather robust. 32 sales over $10 million in the Aspen Valley, resulting in $650 million+ in transactions and the overall price per square foot rising to $3,763/SF. With the financial markets near historic highs and inventory limited, 2023 should remain strong.”

Doug Leibinger

“Aspen continues to be an ultra-luxury luxury market defined by the healthy mountain living, great community and cultural society that brings everyone together. We find that our buyers not only like the quality of homes and land, but the community that makes Aspen so special. Don’t forget, Aspen has a limited market of homes and land because we are an island surrounded by National Forests. Most feel it is important to buy before no inventory is left.”

Heidi Houston

“The Aspen luxury market has slowed, but numbers can be misleading. While $10 million+ inventory is five times what it was at this time in 2022, sales activity is strong and includes the highest sale in years, at $65 million. 38% of the $10 million+ inventory has been listed for over 180 days and 20% listed for over a year. Sellers with unrealistic expectations as to their properties’ worth distort true supply/demand numbers. Today’s affluent buyers are discerning and knowledgeable, and snap up beautifully appointed homes. Aspen remains one of the most desirable luxury communities in the world.”*

BJ Adams

MID-YEAR SALES | 4-YEAR SNAPSHOT

32

$10M+ Sales, Q1 - Q2 2023

Total $10M+ Sales Volume, Q1 - Q2 2023

“It’s no wonder ultra-luxury buyers from Hong Kong to London to Los Angeles find our mountain hamlet appealing.”

$13M

“As we enter the second half of 2023, the Boulder ultra-luxury market continues to strengthen. We are seeing significant buyer demand from relocating buyers who are new to the area and seeking the Boulder lifestyle, along with second home buyers who enjoy spending part of the year here as well as longtime Boulder locals who are reinvesting into our market. With limited supply and extraordinary demand, Boulder ultra-luxury is as busy as it has been in years.”

Zach Zeldner

“Bespoke $10 million+ properties are selling at the same rate as in 2022; the pace of ultra-luxury sales has cooled off from our pandemic surge in 2020 and 2021. Front Range mountain view estates, penthouses and serene rural retreats have unprecedented price tags right now, ranging up to $25 million. With the exception of during the pandemic, buyers in our area historically have been slow to adopt new luxury high watermarks.”

Catherine and Andy Burgess

“Boulder has recently matured into an ultra-luxury real estate market, and 2023 demands remain consistent. The high-net-worth buyers moving to Boulder are those prioritizing a lifestyle of health and outdoors.”

Cari Higgins

“2023 produced a significant milestone for the Boulder market with a record-breaking sale of an estate priced at $13 million, demonstrating affluent buyers’ willingness to invest substantial amounts for homes with prime locations, breathtaking views and exquisite design. Our ultra-luxury sector experienced exceptional growth with double the sales above $9.5 million in the first six months of 2023 as compared to 2022. Astute dwellers recognize Boulder’s beauty, outdoor amenities, epicurean excellence, and quality of life and pay a premium to live in a city that was again named a Best Places to Live in the US in 2023.”*

Stephanie Iannone

2 $10M+ MID-YEAR SALES | 4-YEAR SNAPSHOT

“With limited supply and extraordinary demand, Boulder ultra-luxury is as busy as it has been in years.”

“Through the first half of 2023, the luxury market in greater Breckenridge has held up surprisingly well, with a comparable number of sold and under contract listings as in 2022, and just a slightly lower sales volume. Considering the steep increases in prices we experienced, coupled with interest rates doubling since last spring, we can safely say the luxury market in greater Breckenridge is alive and well. Looking at our active luxury listings, the number is sharply higher year-over-year, as are the average and median asking prices, all indicators of a strong, if not stellar second half of 2023.”

Marc

Warshawsky

“The Summit County ultra-luxury market continues to show remarkable strength for sellers with properties in areas that still qualify for a short-term rental license. These sellers are able to receive compelling offers within a few weeks of being on the market. Meanwhile, for properties situated outside of the confines of short-term rental friendly neighborhoods, aggressive pricing strategies and a bit more patience are now required. Our community has continued to experience an influx of buyers from nearby markets, eagerly seeking their own slice of Summit County heaven.”

Tanya Delahoz

“Breckenridge is known for its small-town vibes, breathtaking mountain views, and world class ski resorts. It is still establishing itself as an option for luxury real estate. In the first half of 2023, there have been no sales exceeding $10 million in Summit County. There are currently seven properties listed for over $10 million. Most of these have been on the market for over 8 months. In 2021, a new record sale price of $17 million sparked a handful of new spec homes listed for over $10 million. However, as of Q1 in 2023, 75% of those homes have been withdrawn from the market without selling.”

Betsy Repaske

“Our community has continued to experience an influx of buyers from nearby markets, eagerly seeking their own slice of Summit County heaven.”

“The Denver luxury real estate market is looking bright for 2023. Despite the recent global crisis, the ultra-wealthy are still optimistic and investing in Denver’s finest properties. Colorado’s appeal lies in its outdoor activities and open spaces, which attract the ultra-wealthy. Home entertainment has also become important, with the affluent seeking properties that can accommodate lavish gatherings. Denver is set to captivate discerning buyers in both investment and indulgence. The ultra-luxury segment in Denver is set to redefine opulence in 2023 and beyond.”

Lori Abbey

“Over the last two years, Denver saw a huge influx of people moving here from places like New York and California. While that has slowed, Denver metro luxury prices are especially strong and inventory remains very low. For sellers, strategy is paramount. If a property is photographed and marketed exceptionally well, it sells in the first few days, often over ask with competing offers, especially in sought-after suburban neighborhoods. If a property is overpriced or in need of extensive repairs, it sits. Overall, the Denver luxury market is robust and if forecasts hold true, that will continue into 2025!”

Helm Weaver Helm

| 4-YEAR SNAPSHOT

“Denver is set to captivate discerning buyers in both investment and indulgence.”

“Simply put, there are more buyers looking to secure a piece of our paradise than there are looking to leave.”

“There is an undeniable slowdown in the Aspen Snowmass market due to increased market volatility. That aside, the demand to live in the Roaring Fork Valley continues to outweigh the supply of inventory. Simply put, there are more buyers looking to secure a piece of our paradise than there are looking to leave.”

Sam Augustine

Sales Total Sales Volume AGS MLS Snowmass Village Single Family Home, Duplex, Half Duplex, Condo, Townhouse, Land 1.1.20 6.30.20, 1.1.21 6.30.21, 1.1.22 - 6.30.22, 1.1.23 - 6.30.23. 2020 0 $0 2022 4 $55.87M 2021 1 $12.5M 2023 4 $54.56M YoY % Δ N/A N/A YoY % Δ 0% -2.35% YoY % Δ 300% 347% $54.56M 4 $10M+ MID-YEAR SALES | 4-YEAR SNAPSHOT 190 Aspen Way, Snowmass Village Price Upon Request BJ Adams | Licensed Associate Real Estate Broker M: 970.379.2114 SNOWMASS VILLAGE COLORADO $2.66M Highest Listing-represented Compass Regional Sale, 2023 Represented by BJ Adams & Nancy Patton Highest Buyer-represented Compass Regional Sale, 2023 Represented by Sam Augustine $1.3M FEATURED LISTING

“Neighboring the city of Aspen, and only 8 miles west as the crow flies, throughout the years, Snowmass has seen a 45% discount compared to Aspen. This has garnered attention as of late, especially for those high-net-worth-individuals wanting larger properties which offer ski in/ski out amenities, as there are a multitude of available options within Snowmass. In addition, modern offerings in the condo sector have come available, such as the Cirque X Viceroy residential development which sold 90% of their product within the first two weeks of sales at an average price tag of $2,569 per square foot. Records are being set in Snowmass, defying a waning market.”

$10M+ Sales, Q1 - Q2 2023 COLORADO

Carlie Umbarger

“Steamboat has continued to see an increased demand for luxury properties. After sales volume and prices more than doubled in the last few years, the number of home sales has been on the steady decline in 2023. While the number of transactions is diminishing, the purchase price of Steamboat properties is still increasing. Why? Because the Steamboat market has a finite number of properties and demand is still at an all-time high. The desire to own property in a real western town with a world class ski resort that has put nearly $200M towards mountain improvements continues to escalate. This clamor to be in Steamboat coupled with an inventory crunch will continue to keep property prices elevated for the foreseeable future.”

Cheryl Foote

“This clamor to be in Steamboat coupled with an inventory crunch will continue to keep property prices elevated for the foreseeable future.”

“Ultra-luxury in Telluride continued to outperform expectations. The first half of 2023 has seen a far greater amount of sales momentum activity in the market segments of $10 million+ than in previous years. While transaction volume lessened over the first half of the year, average selling prices and sold price per square foot continued to climb. The ski-in/ski-out community Mountain Village saw particularly strong sales of larger trailside estates. Mountain views, quality of design and construction, privacy and proximity to amenities are major considerations for buyers.”

Bill Fandel

“The story of high quality ultra-luxury properties in the Telluride region remains the same as it has been over the last several years —there is extremely low inventory and high demand. When a truly exceptional property becomes available there is often a queue of qualified cash buyers who are ready, willing, and able to purchase a property of the highest caliber!”

Ken Grodberg

“Extraordinary properties in Telluride continue to trade with a great deal of alacrity. Although overall market stats are down year over year, the market remains at 5% over the 5-year average for dollar volume of transactions.”

Jim Lucarelli

MID-YEAR SALES | 4-YEAR SNAPSHOT

“When a truly exceptional property becomes available there is often a queue of qualified cash buyers who are ready, willing, and able to purchase a property of the highest caliber!”

“After a low inventory year for newer homes above $10 million in 2022, we’ve seen improvement in the first half of 2023, during which 6 homes sold and others went into escrow. As ultra-luxury buyers sharpen their focus on high-end homes, I expect continued strength in this segment of the market. Interest rates push some buyers to buy hard assets as a hedge against inflation. Turnkey newer homes continue to dominate sales activity as construction costs and timelines are an impediment to remodel and development options. Compass played a strong role in 33% of the ultra-luxury sales year-to-date.”*

Tye Stockton

“Vail and Beaver Creek remain an attractive lifestyle investment in 2023. Demand has not softened for the high-end luxury market. Buyers continue to seek out quality homes in our resort community with a majority of buyers paying cash. With a scarcity of homes for sale and sellers not affected by economic conditions, home prices remain strong. The average price per square foot is up 6% from the first half of 2023 compared to the first half of 2022. A peek into the second half of 2023 shows the trend continues, with a property in Vail currently under contract asking over $4,094 a square foot.”***

Brad Cohn

“The luxury market in the Vail Valley is known for its world-class skiing, stunning natural beauty, and posh amenities, making it an attractive destination for affluent buyers looking for exclusive vacation properties. In recent years, the Vail Valley has seen an increased demand for high-end properties, driven by location, new construction and beautifully remodeled homes that have created a higher price tag never seen here before. Ten years ago the market only saw three properties sell above $10M, while 5 years ago, the market expanded to 13 sales at that range or higher. In the last three years Vail has seen many luxury properties selling at that price. There are currently 39 active properties listed over $10 million in the Vail Valley creating an ultra-luxury market that buyers are excited and willing to invest heavily in this area for their future.”**

David Adkins

“Despite uncertainty in economic markets and adjustments in interest rates, the ultra-luxury market has remained strong. The Vail Valley has seen numerous properties above the $10M mark transact and go under contract in the first 2 quarters of this year and as recently as this week a home in Vail going under contract at a list price of $15,899,000 or $5,160/sf. When things are uncertain, buyers typically retreat to luxury. The Vail Valley has historically been a fantastic place to store wealth and has continued to set record pricing.”

Ben Finn

“The ultra-luxury end of the market which consists of properties over $10 million has been quiet, but the buyers of these properties are purchasing what they want as lifestyle properties and as long term investment opportunities. Greenwich remains a coveted destination for ultra-luxury buyers looking for a sophisticated backdrop for cultural activities, philanthropic endeavors, athletic activities, fine dining and elevated shopping in one the most desirable towns in the US.”

Shelly Tretter Lynch

“Greenwich, Connecticut has always been known for its affluent community and desirable lifestyle amenities, which contributes to its strong appeal among luxury buyers from all over the world. 2023 has been no exception. Buyers are attracted by the area’s scenic beauty, proximity to New York City, and high-quality services make it an attractive location for the luxury home buyers. These factors create a consistent demand for luxury properties in Greenwich, regardless of temporary market fluctuations.”

“With more than one dozen homes asking $10 million+ closed or under contract in 2023, the luxury market in Greenwich continues apace. As always, the ultraluxury buyer remains discerning and recognizes value when they see it. Buyers in this category do not fit a singular profile, but span a broad range of ages and may be purchasing a primary home, or adding to an otherwise extensive real estate portfolio. From centenarian manor houses to modern smart homes, and every architectural style in between, Greenwich has something for everyone.”

Julie Grace Burke

“Greenwich remains a coveted destination for ultra-luxury buyers looking for a sophisticated backdrop for cultural activities, philanthropic endeavors, athletic activities, fine dining and elevated shopping in one the most desirable towns in the US.”

Russell Pruner

“Not only do these properties provide the ultimate in luxury living, they are also stable assets that deliver long-term value appreciation while providing a hedge against inflation. In virtually every luxury market, there’s always a buyer for the best house in town. In Greenwich or Darien, there’s likely multiple buyers...”

Kevin Sneddon

“Litchfield County has a very small inventory of homes at the $10 million market, this is actually a testament to the attractiveness of this marketplace - owners don’t want to part with these estates. I am actively marketing a substantial property in Washington, and the reaction has been very strong. Buyers are seeking a quieter location than the Hamptons while still remaining within that coveted two-hour radius to New York City. They want turnkey, ultra-luxury finishes with no work needed. Marketing to this buyer has gone next-level: we are currently offering helicopter aerial tours of the property.

Rick Distel

“The Fairfield County high-end market remains strong, and bidding wars are still occurring. With three homes going under contract in the month of June and only 20 remaining active, inventory remains a problem. If a home is priced right, even one over $10 million, there are ready buyers and it will sell. High-net-worth individuals are looking for special properties and whether it is a home with water views, a tennis court or extra acreage - they are willing to pay to get what they want.”

Deidre Andreoli

“Halfway through 2023, the ultra-luxury market in Fairfield County has exceeded expectations. Limited inventory has driven expansion and defied predictions. Despite rising interest rates, buyer and seller behavior remains robust. Mortgage rates, stock market volatility, and political uncertainty have had minimal impact. Standout sales, particularly in water-related homes, command remarkable prices. Much like a timeless elegant watch, ultra-luxury real estate never goes out of style. The second half of 2023 looks promising, and the demographic is expected to remain stable in 2024.”

Karen Scott

“While market conditions & consumer confidence play a role, ultra-luxury real estate is about people with generational wealth acquiring legacy properties.”

“The Oldfather Group anticipate 2023 to be a vibrant year for Delaware’s luxury real estate market. The appeal of this region, combining natural beauty with serene living, is attracting discerning buyers from across the nation. Our expectations are set high, not just in sales figures but also in the ongoing evolution of this market into a go-to destination for luxurious, tranquil living. Mid-year we carry 3.6 months supply of inventory with sales velocity remaining strong at all price points.”

MID-YEAR SALES | 4-YEAR SNAPSHOT

“We anticipate 2023 to be a vibrant year for Delaware’s luxury real estate market.”

“I don’t anticipate much change in the second half of 2023. It has been a solid start to the year for the ultraluxury market. There is still an extraordinarily strong emphasis on the value of an amenity-rich home which flourished as a result of the pandemic. The absence of inventory keeps our market conditions seller friendly. We had 12 offers on a property listed for $19+ million in December.”

Cara

Pearlman

“The luxury market in the DMV remains an attractive investment during inflationary times. These properties tend to hold their value well and are considered the “Growth Stocks of Real Estate” for the area. They consistently appreciate over time due to their exclusivity, prime locations near our Nation’s Capital, and limited supply. The average sales price has increased in the following DMV luxury neighborhoods during the last 5-years (pre-COVID to present), Georgetown (DC) +42%, McLean (VA) +20%, Potomac (MD) +216%*.”

Janice Pouch

“The absence of inventory keeps our market conditions seller friendly.”

“South Florida continues to be the shining light of the U.S. real estate market. Higher interest rates, political uncertainty, and financial market volatility have actually been a catalyst for people to seek out the stability of South Florida. The booming local economy and low tax rates are a driving factor providing certainty to high-net-worth individuals and luxury buyers. Demand remains strong and the inventory remains extremely low, which should fuel price increases going forward.”

Liz Hogan

“I believe we will see a stronger second half of 2023 vs the second half of 2022. In 2022, we experienced a slumping stock market, rising mortgage rates, and commensurate geo-political strife. Now, in 2023 we’re seeing tamed inflation, a pause in rate hikes, and strong unity of NATO. This is giving buyers more comfort and confidence in making big purchases. In Miami, we continue to have a strong market due to our friendly business climate, low taxes, world-class sophistication and culture, along with year-round amazing weather. All of these factors will provide a boost for the second half.”

Ivan Chorney

“The Coral Gables luxury market, particularly Gables Estates, remains robust in 2023. Despite rising interest rates, demand remains high due to relocating families and limited inventory. The entry-level prices continue to climb. Despite this, the luxury market continues to produce top-end properties at high prices, with several $20 million+ homes available to ultrawealthy buyers. Predictions suggest a stable, if not appreciating, market into the second half of 2023.”

Audrey Ross

“South Florida’s ultra-luxury market remains fairly resilient. Despite witnessing roughly half of the $10 million+ sales over the last 12 months (mid-July 2022 – mid-July 2023, 133 sales) as we witnessed in the preceding 12 months (mid-July 2021 – mid-July 2022, 234 sales), the average price-per-square-foot has remained stable. Significant properties can even set a new record in this market. Many of my wealthy clients believe that residential real estate is a great store of value that offers tax advantages and can be utilized or rented out to generate cash flow. We will continue to see Florida lead the way with high-net-worth individuals moving to the state.”

Ben Moss

“Demand remains strong and the inventory remains extremely low, which should fuel price increases going forward.”

“Northeast Florida is a hidden gem for luxury real estate with relocations from high tax states in high demand. We are known for our beautiful coastal landscapes, upscale amenities, 70+ golf courses, and an extensive coastline with proximity to several water bodies. Ponte Vedra Beach’s luxury waterfront homes and the new construction of waterfront properties are in high demand with 2023 bringing a new record oceanfront sale at $16.25 million.”

Hana Hunter

“According to the US Census Bureau, Jacksonville is the fifth fastest, growing metropolitan statistical area in the country. We have a strong job market with four fortune 500 companies in our metro. Our marketplace is vibrant which attracts opportunity and fuels the luxury market. North East Florida continues to be an appealing place to live whether it be a primary or secondary home when comparing our luxury pricing to other Florida cities.”

Jennifer Sexton

SALES | 4-YEAR SNAPSHOT

“Luxury waterfront homes and the new construction of waterfront properties are in high demand.”

“The 30A corridor of Florida has been dubbed the Hamptons of the South, and rightfully so with our luxurious homes, 24 miles of sugar white sands and emerald green waters; but thankfully with no state income tax for residents. The economic headwinds have had little impact on pricing for the super luxury market which remains strong and stable. However, volume is 50% of the first half of 2022. I remain optimistic this sector will finish the year strong as affluent families acquire what is undeniably a strong investment, not only financially but in the memories made with their loved ones.”

Kendall Hood

“As we reflect on the first half of this year, the luxury real estate market may not have witnessed a flurry of sales thus far. However, rest assured that prices have remained stable, holding firm with a remarkably consistent average price compared to last year. The allure of Florida’s Gulf Coast endures among discerning luxury buyers, who continue to regard it as an exceptional destination for investment and the creation of extraordinary properties that will serve as cherished family legacies for years to come.”

Tanika O’Brien

“30A, known as the ‘Hamptons of the South,’ remains a sought-after destination for wealthy Southerners, and is now drawing buyers and renters from the north, too. This increased demand has driven up prices, as seen in our recent $19,000,000 sale, the most expensive year-to-date in our market, with its rental projections exceeding $1,000,000.”

Jonathan Spears

“The allure of Florida’s Gulf Coast endures among discerning luxury buyers.”

“With interest rates volatile and rising in 2023, most of our buyers in the $10 million+ space have opted for a simpler solution to a traditional mortgage and in lieu of paying cash, by leveraging a portfolio loan or a line of credit against their own assets. High-net-worth buyers have been using this strategy for decades, but in the last six months nearly all of our high end buyers have leveraged a relationship with a bank for a portfolio type loan. When a buyer goes this route, they can typically close in as few as 10 days, similar to a cash deal, and the transaction functions like a cash sale. A solid relationship with a wealth manager and working with a real estate agent who understands how to structure this type of deal are key.”

Holly Meyer

“Palm Beach County continues to be an exciting place to live, work and vacation due to the favorable climate and coastal lifestyle. In 2022, Palm Beach County’s population continued to surge and welcomed 13,000 new residents.

Many of our clients are purchasing a home in Palm Beach as their third or fourth home, while others are making Palm Beach their primary residence for a variety of reasons.

A meaningful percentage of $10 million+ sales are completed in private transactions, and for rare and important homes, demand continues to overwhelm supply. Homes that are waterfront, renovated, or new construction are consistently carrying a premium, while raw land and properties that need substantial renovation are taking longer to sell.”

Kyle Blackmon

$10M+ MID-YEAR SALES | 4-YEAR SNAPSHOT

54

“Homes that are waterfront, renovated, or new construction are consistently carrying a premium.”

“The demand for ultra-luxury waterfront homes has seen a dramatic rise in the Tampa Bay market in 2023. Records are being shattered with each new sale. A “builder spec” home just closed for over $12 million, setting a record for Tampa‘s Beach Park neighborhood. Tampa’s first 5 Star Hotel / condo project, The Edition, opened with great success and quickly sold out, further demonstrating the demand for luxury in Tampa Bay. We continue to see strong buyer migration from California, Illinois, New York, and the rest of the Northeast.”

Jeff Shelton

“Records are being shattered with each new sale.”

“In this sector, it’s a want and not a need for the luxury buyer. This has led buyers to be hypercritical and price sensitive if the property is in need of renovations. However, we are still seeing premium properties obtain premium pricing, with 2 of the highest sales ever on the Space Coast transacting this year.”

Dewayne Clyde Carpenter

“Premium properties obtain premium pricing, with two of the highest sales ever on the Space Coast transacting this year.”

growth continues in South Florida despite apparent market

“Ultra strong price growth continues in South Florida despite apparent market and geopolitical concerns. A Harbor Beach property sold in April of 2021 for $7.5 million, and we resold it exactly two years later for $14 million. A home in Sunrise Intracoastal with 108’ of water frontage sold for $29 million, over double the previous community price record. We even sold a point lot estate with iffy dockage for an all-time record price, it just came back on the market for a lofty $28.5 million asking price.”

“Pricing a high-end luxury property in the current market requires a close analysis of the current actives and days on the market. This information allows us to strategically price homes to sell. We recently listed a gorgeous, new construction home for $10.9 million, and it was sold for full price in less than 60 days. Buyers do exist in this climate, but they will wait for when the price is right to take action.”

Liz Caldwell

| 4-YEAR SNAPSHOT

“Ultra-strong price

and geopolitical concerns.”

Tim Elmes

“Naples has emerged as a hidden gem of the ultra-luxury real estate market. Naples exudes an irresistible allure, drawing in discerning individuals seeking primary residences or lavish secondary homes. With the imminent arrival of three illustrious luxury branded residences, including Four Seasons, Rosewood, and Ritz Residence Naples, Naples continues to redefine luxury living with unmatched grace and sophistication.”

Dennis Bowers

“The $10 million+ market continues to be very strong in Naples, FL. What is not evident by searching the MLS, or other sites, is the large number of $10 million+ sales that have taken place in pre-construction, beachfront developments. We are experiencing new development projects unlike anything seen in Naples since the 90’s. We currently have a Four Seasons, with 205+- residences over $10 million, Ritz Residences, with many of the 100 residences are over $10 million, and Rosewood, with 42 residents from $12.5 million to $45 million. In the past several years condos made up less than 10% of closed sales over $10 million. That will change over the next few years.”

Joe Belz

“The luxury real estate market in Naples, Florida, in 2023 is thriving. Half way through 2023, statistics show closed sales for the luxury market are expected to remain the same or even exceed 2021 and 2022 closed sales. The Naples, affluent buyer has not been as affected by the mortgage rates and stock markets like other market segments. Additionally, with the recent hurricane, developers in Naples are continually striving to meet the demands of the luxury buyer, resulting in the introduction of innovative and luxurious projects.”

Lauren Brooker

$10M+ MID-YEAR SALES | 4-YEAR SNAPSHOT

28

“We are experiencing new development projects unlike anything seen in Naples since the 1990’s.”

Darda, The Darda Group | Realtor

“The 2023 Atlanta Luxury real estate market is not unlike dating in the new millennia. Buyers and sellers heavily consider all of their options creating a slower pace of sales compared to 2022. While the Atlanta market continues to demonstrate robust strength, the dramatic rise in mortgage rates and continued lack of quality inventory have put many on the sidelines for the short term. Good news is that the majority of the homes sold at $4 million+ are cash purchases. This insulates the luxury buyer from rising interest rates and is why the upper end of the Atlanta market outperforms.”

Nicholas Brown (BrownDaniel Group)

“The Atlanta market continues to demonstrate robust strength.”

buyer...”

“When investing in a multimillion-dollar property in Maui, the surrounding environment is critical to ensure you’re making a wise financial decision. Thankfully, this luxury market offers an array of remarkable homes, condos and land surrounded by Maui’s breathtaking beauty. Luxury buyers are drawn to the island by its gorgeous white sand beaches, stunning ocean views, lush natural landscapes, crystal-clear waters, and warm hospitality. It’s no surprise that many are drawn in to experience the epitome of refined living in one of the world’s most desirable destinations. As many locals will say, “Maui no ka ‘oi,” or, “Maui is the best.”

“As we enter the second half of 2023, it is evident that Kauai’s ultra-luxury market has definitely cooled as a result of stock market volatility, an unpredictable economy, and significant global events. The first half of 2023 produced just six sales over $5M, as compared to 22 during the same period last year. This year, Kauai’s highest residential sale to date is $7.9M. Although, just within the last month two properties priced over $10M have gone under contract, confirming that even in a challenging economy, Kauai remains a popular escape for the high-end buyer seeking the endless beaches, sublime mountain backdrops and quiet, low-key lifestyle of our beautiful island home.”

Susan Higgins

“In my experience in the luxury market, I’ve observed that luxury buyers tend to transcend the constraints of the standard economic environment. Their wealth empowers them to pursue their desired properties, irrespective of mortgage rates, stock market volatility, or political uncertainties. In the first half of 2023, I have been busier than at any other point in my career, fueled by the return of past and new luxury market clients seizing the opportunity at hand. Taking advantage of a slower market and absent the chaos of the multiple offer and hyper active market that preceded this market, in the first half of 2023, my clients have been able to intelligently and deliberately conduct their home searches. This has resulted in a record number of transactions for me and a career high in terms of average sales price and total sales volume”

Michael Shower

$10M+

MID-YEAR SALES | 4-YEAR SNAPSHOT

27

Dennis and Martha Rush

“...even in a challenging economy, Kauai remains a popular escape for the high-end

3222 Diamond Head Road, Honolulu Price Upon Request

“Sun Valley has emerged as a sought-after real estate destination, drawing the attention of affluent buyers. The market has witnessed remarkable price increases, setting new records and creating a highdemand environment. The luxury segment, in particular, is experiencing unprecedented growth, marked by soaring prices per square foot and list prices. The region’s exceptional amenities, such as world-class skiing, arts, culture, and year-round outdoor activities, attract buyers from major cities nationwide and around the world. As a result, Sun Valley is undergoing significant development, with excessive money going into new home construction, hotels, and commercial projects re-shaping the valley’s landscape. Amidst these changes, Sun Valley’s timeless charm and captivating beauty endure, making it an irresistible choice for those seeking a luxury mountain retreat or a permanent residence.”

“Despite current financial times, the luxury market in Sun Valley is still strong. Luxury buyers are looking for what our community has to offer: a culturally rich place to plant roots that is safe and separate from what many see as problematic in larger cities. We have it all!”

Linda Badell

“The market has witnessed remarkable price increases, setting new records and creating a high-demand environment.”

“In the North Shore of Chicago, a conservative market with less dramatic swings, demand still exceeds supply in the ultra luxury market-dominated by lakefront properties. The affluent buyer surplus in 2023 is part of a demographic trend of buyers seeking idyllic environs, high-quality-of-life & education in one of the best “value” markets in the US. An additional luxury here is the freedom of the small town lifestyle. The ocean-like expanse and exceptional beauty of Lake Michigan with its increasing worth as a fresh water resource has accelerated demand with lakefront prices at historic highs in 2023.”

Paige Dooley

“Despite a significant dip in luxury home sales around Chicago in the first half of 2023, the ultra-luxury market still presents promising opportunities. Buyers in this segment seek amenities that reflect their refined tastes and discerning lifestyles. Exquisite architectural designs, spacious layouts, and state-of-the-art smart home technology are highly sought after. Additionally, wellness features such as private spas, fitness centers and outdoor retreats have gained popularity. High-end buyers value privacy, security, and exclusivity, leading to an increased demand for doorman buildings and concierge services. As the year progresses, the Chicago ultra-luxury market holds the potential for a resurgence, enticing affluent buyers with exceptional properties that cater to their desires for opulence, convenience, and unparalleled living experiences.”

Rafael Murillo

2 $10M+ MID-YEAR SALES | 4-YEAR SNAPSHOT

“Demand still exceeds supply in the ultra-luxury market, dominated by lakefront properties.”

“Luxury buyers in the North Shore have a penchant for high-end appliances, especially in a chef’s kitchen, along with upscale bathrooms that offer a touch of indulgence. They appreciate the convenience of swimming pools and spaces that seamlessly blend indoor and outdoor living. Newer construction properties catch their eye, while wine cellars and exercise rooms add a touch of sophistication to their living spaces. In this digital age, practicality takes precedence, with a focus on functionality that can be easily accessed via their smartphones. Having multiple electric chargers available is an added perk that resonates well with techsavvy buyers. Privacy and security are essential aspects they seek in their homes, offering a peaceful retreat from the outside world. While the luxury market experienced a slight slowdown in the past two years, it’s steadily picking up again. Buyers have become more selective, seeking perfection in their properties. Gone are the days of hurried decisions during the Covid craziness; instead, buyers are taking their time to find the right home that suits their needs and preferences.”

“Buyers have become more selective, seeking perfection in their properties. Gone are the days of hurried decisions during the Covid craziness...”

“The Barrington area market has shown that luxury buyers are still very bearish on this affluent community, just 45 miles northwest of Chicago. In the last 5 years, sales were strong in the $2.5 to $4.9 million range in the surrounding area. Last year we saw three sales over $3 million, and none over $2.75 million in 2021. However, the first half of this year has seen over a 100% increase in sales over $5 million with two homes going under contract, one listed at $5.5 million and one at $5.9 million. While luxury is a lifestyle, not a price point, we have not been affected by rising interest rates or a lack of inventory. Priced and marketed by a luxury expert, our sellers are seeing positive results. Buyers are benefiting from an undervalued market in an iconic community, first-class dining and shopping and miles of meandering roads, quaint village homes and equestrian estates.”

“While luxury is a lifestyle, not a price point, we have not been affected by rising interest rates or a lack of inventory.”

Heidi Seagren

“The 2023 supply of homes remains the lowest in over a decade, and with continued pent-up buyer demand, sellers are benefiting from some of the highest sale prices in over ten years. Despite various macro-economic factors, buyer demand in Hinsdale is historically very consistent, driven by our local amenities and convenient access to Chicago and two major airports. Additionally, the surge in new construction costs for luxury homes is approximately $800 - $1,000 per square foot in our market, almost three times what it was ten years ago. This has also contributed to the increased demand for existing homes that the luxury buyer is choosing to renovate versus build. We can reasonably expect home prices to continue to increase until all of the buyer demand has been met.”

“Sellers are benefiting from some of the highest sale prices in over ten years.”

Julie Sutton

“As the first half of 2023 unfolds, the luxury market has shown remarkable strength, particularly in the realm of lakefront properties. The allure of serene lake views, access to water, and mature landscapes has made these properties highly desirable. Indiana’s lower cost of living and taxes only add to the appeal. Central Indiana, with its vibrant development landscape, is on the rise, attracting investors who are channeling their resources into the community.”

Jamie Boer

“Interestingly, empty-nesters are a prominent segment of our ultra-luxury buyers. They seek to upsize in our market, desiring a gathering place for their friends and families. With discerning taste, they prioritize the quality and features of their homes. Outdoor living with amenities such as pools and tennis courts is nonnegotiable. Privacy is of utmost importance while still valuing connectivity to nearby neighborhoods and conveniences. When it comes to aesthetics, buyers fall into two distinct camps: ultra-modern or traditional estate.”

Carrie Holle

“The ultra-luxury market exudes strength, creating an advantageous landscape for sellers, especially in the Indianapolis suburbs Carmel and Zionsville, renowned retirement destinations. Ultra-luxury buyers, with their significant wealth and refined tastes, continue to invest in luxury real estate. Prices are showing no signs of cooling off, and Indiana has been included in the list of cities projected to experience significant price increases, with its limited supply in this exclusive market segment suggests even greater potential rewards in the near future.”

Jennil Salazar

$10M+ MID-YEAR SALES | 4-YEAR SNAPSHOT

Source: MIBOR connectBLC system, Regions include Metropolitan Indianapolis Area consisting of the 16 central Indiana counties of Bartholomew, Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Jackson, Jennings, Johnson, Madison, Marion, Montgomery, Morgan, Putnam, and Shelby, based on residential property sales,

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“As the first half of 2023 unfolds, the luxury market has shown remarkable strength, particularly in the realm of lakefront properties.”

“Rising interest rates have not had a dramatic effect on the ultra-luxury market in Kansas City. The number of ultra-luxury homes sold so far in 2023 increased 10% year-over-year compared to last year at this time, but they are taking a bit longer to sell, with average days on market up 18% to 70 days. Contributing factors to the strength of ultra-luxury in Kansas City include our strong economy, low unemployment, and affordability. Popular amenities include our vibrant downtown, gated communities, and homes with resort-style swimming pools, home theaters, par 3 golf holes and pickleball courts.”

“The Midwest typically does not have the dramatic swings of the East and West Coast markets. The Greater Kansas city market only occasionally touches the $10 million mark. We currently have one property listed for $10 million. In the ultra-luxury areas, the first half of 2023 recorded 8 sales in the MLS ranging from $3 million to $6 million. There is very little turnover in this market. The tremendous activity of the preceding two years has resulted in an intense lack of inventory which is keeping prices strong. The luxury buyers in our area are not impacted by rising mortgage rates. As other markets have slowed this year, our upper bracket, high end properties will remain sought after throughout the remainder of 2023.”

Nancy Ward

Kristen Malfer

“The tremendous activity of the preceding two years has resulted in an intense lack of inventory which is keeping prices strong.”

“After a couple of extraordinary years with record sales, the first half of 2023 ultra-luxury market is down in 2023. The number of unit sales year over year for the first half of the year is down by about 50% in Washington, DC and Northern Virginia, and down about 12% in Maryland. That being said, prices seem to be holding firm, with several record prices obtained for “turn-key” properties in some of Washington’s most coveted neighborhoods. The interest rate environment has certainly contributed to lower inventory. When interest rates stabilize (or go down), we expect volume to pick back up.”

Hans and Steve Wydler, The Wydler Brothers

“With a modest price per square foot of $518, the Washington D.C. real estate market is notably more affordable than most other prominent cities and government centers, particularly with its stable, resilient environment. Properties in the submarkets of Capitol Hill, American University Park, and Chevy Chase D.C. actually increased by 2.2% during the 2008 recession, which very few other markets in the country can claim. With international-investment hubs like Hong Kong averaging $3,037/sf, Singapore at $1,937/ sf, London at $1,632/sf, and New York City at $1,393/sf, Washington real estate is ”on sale” by comparison and overdue to become the next investment real estate hot spot. With the substantial increase in property values in our market over COVID, Washington now has many more $5 million+ options than it did even just a few years ago, we still have considerable room to grow in the luxury market.”*

Laura W Steuart

“Luxury sales in DC remain strong but are down roughly 25% from this time last year. As with other parts of the market, low inventory of luxury product remains the headline. Sales reflect the continued influx of high-net-worth individuals to our Nation’s Capital from Seattle, Dallas, Miami, New York, L.A. and beyond. Upper bracket buyers in D.C. have demonstrated an increased appetite for high quality design and construction - this has significantly raised the price ceiling for our market.”

Lee E Arrowood

“The competition in all price points remains fierce. Our luxury buyers will not yield on location or home configuration, and demand a fair price. In representing the luxury buyers, we must employ every tactic at our disposal, especially sourcing under the radar inventory through old fashion gumshoe activities and proactive networking. In addition, knowing the players on the other side and understanding the seller’s value proposition is likely never just about price. We had a successful buyer transaction in a neighborhood with extremely tight inventory.  Once we learned the unique needs of the seller, we hand-delivered the offer well ahead of an expected deadline or agent’s offer presentation guideline. In this particular case, the seller decided to work with our offer immediately and essentially shut down all of the other interest. The connection between parties is what made the difference. And sometimes that is a little extra magic that’s needed to make it a successful transaction!”

Dana Rice

“When interest rates stabilize (or go down), we expect volume to pick back up.”

“The ultra-luxury market in the Baltimore metro area has seen exponential growth thus far in 2023. Fueled predominately by those relocating from out of state, these incoming consumers are attracted to the quality of life enjoyed in suburban Baltimore and its surrounding areas and find themselves surprised by the relative affordability of exceptional properties. This is especially the case with landed estates and equestrian properties, which in many instances, are surprisingly convenient to urban offices, and transportation hubs. The biggest challenge facing the ultraluxury buyer is a lack of inventory to satiate their demand. Increasing interest rates have had no impact on this sector other than incentivizing more buyers to be liquid buyers.”

Jeremy Batoff

“Howard County, Maryland is the perfect fusion between DC & Baltimore and offers an affordable ultra-luxury market with homes ranging from $1.5 to $3 million. 17 homes sold thus far, the highest at $3 million, $2.8 million in 2022, raising the average just slightly year over year. Average days on market is similar to 2022 and in my opinion, we may end the year with similar numbers. 2022 average days on market was 33 in this segment, which is incredible. 2023 we are at 48 days on market for what’s sold, and 36 for what is currently pending. Cash buyers are fueling this strong market contributing to resilience amidst all of the external circumstances. This makes Howard County a very desirable choice for those considering central Maryland.”

Veronica

Sniscak

“For the longest time our Greater Annapolis market was unable to crack the $7 million ceiling. Since the pandemic, we’ve broken that proverbial ceiling and have seen several transactions up to $12 million. Buyers are willing to spend more on lifestyle and quality. Combine that with our historical inventory shortage and we’ve got a recipe for a solid sellers market in the foreseeable future. Our residents looking to become sellers in the near future should be emboldened by the market activity to go for it.

On the Eastern Shore of Maryland, we’ve seen a similar surge in pricing and sheer number of high end sales. If our buyers there aren’t coming from the DMV they are coming down from Philadelphia, New York City, and California mostly, looking for a lifestyle change. ”

Shane Hall

“The luxury market in the Annapolis area remains very strong as we enter the second half of 2023. The ultra-luxury market is driven by lifestyle and we have 533 miles of shoreline in the county. We are continuing to see an influx of luxury buyers seeking waterfront homes within an hour of Washington, DC and we’re continuing to see luxury buyers from the West Coast. We are still very much in a sellers market for luxury homes and I don’t see that adjusting anytime soon.”

Betty Batty

“The biggest challenge facing the ultra-luxury buyer is a lack of inventory to satiate their demand.”

“As we close out the first half of 2023, we have seen a dramatic increase of available 10 million+ properties on Cape Cod (13 vs 4 in the last report). Buyers remain selective and discerning at this price point and continue to wait and see how the economy will play out in the second half of the year. We are seeing high end sellers reducing prices to attract interest and closed properties selling at 5-10% discounts off of asking prices. My sense is that this will continue until there is better clarity on interest rates.”

Chris Rhinesmith

“The luxury waterfront market saw unusually high sales volume over the past several years, driven in part by the circumstances of the pandemic, where affluent buyers throughout Greater Boston were seeking solace in space and privacy. While sales velocity has certainly calmed since, qualified buyers remain active and present in our market, though they are patient, more selective and almost unanimous in their preference for stylish, current and turn-key opportunities.”

Brian Dougherty

“It is interesting to review the past four years for the ultra-luxury market on Cape Cod. In 2020 at the start of the pandemic, there were only 4 sales over $10 million. We spiked to 11 sales in 2021, which was outstanding for our area, and dropped to 8 sales in 2022. To date in 2023, we have only sold 2 properties with 1 sale pending, and there are 13 homes available with two in excess of $20 million. Many of these buyers are acquiring homes worldwide and now that travel is more accessible, our competition has increased. It appears many are taking a wait-and-see attitude.”*

Joan Witter

$10M+ MID-YEAR SALES | 4-YEAR SNAPSHOT

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“We are seeing high end sellers reducing prices to attract interest and closed properties selling at 5-10% discounts off of asking prices.”

178 Queen Anne Road, Chatham Price Upon Request Brian Dougherty | Licensed Real Estate Salesperson | M:

“This mid-year 2023, Nantucket Island solidified its position as a premier ultra-luxury real estate market not only in Massachusetts but also all of New England. There is increasing demand for waterfront properties, and Nantucket’s breathtaking beaches and ocean views create an idyllic coastal lifestyle. Discerning high-net-worth buyers seek properties that offer direct beach access, privacy, and most recently, wellness, reflecting the growing desire for a holistic and balanced lifestyle to rejuvenate and prioritize well-being within the comfort of their own homes.”

Marybeth Gilmartin-Baugher

“Nantucket consistently provides an ambiance of luxury to the most discerning of individuals looking for a discreet and understated lifestyle. The average price point has risen to $4,371,168.”*

Shelly Tretter Lynch

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“Discerning high-net-worth buyers seek properties that offer direct beach access, privacy, and most recently, wellness, reflecting the growing desire for a holistic and balanced lifestyle to rejuvenate and prioritize well-being within the comfort of their own homes.”

“The ultra-luxury market on Martha’s Vineyard has seen minimal change in activity YOY for the first half of 2023, with market statistics even ticking upward slightly from 2022. Buyers in this category are overwhelmingly buying with cash so have been less affected by movements in interest rates. Properties with the “wow” factor, be it an incredible waterfront home or an expansive property in one of the premier enclaves of the island, are still the ones most sought after. And, buyers here will act decisively if the right property becomes available.”

“Buyers in this category are overwhelmingly buying with cash so have been less affected by movements in interest rates.”

Peyton Wallace

“The Back Bay market over $10 million has seen exponential growth over the past several years as a result of two drivers: level of renovation and amount of living space. Most buyers are willing to pay a premium for a renovated property, and the amount of square footage needed for buyers continues to increase. 2,500 squarefeet is often a minimum requirement with at least three bedrooms. Educating clients on what a property offers, such as views, outdoor space, and amenities, is important. Based on current trends, $10 million is the new $5 million, and $20 million is the new $10 million.”

“Most buyers are willing to pay a premium for a renovated property, and the amount of square footage needed for buyers continues to increase.”

Jeannemarie Conley

“The Massachusetts Millionaire’s Tax Bill that passed last year has had a significant impact on the ultraluxury market. We’ve seen sellers and buyers retract from their searches in affluent Boston suburbs and look to more tax-friendly states like Florida. During this spring market in Weston, there were 3 times as many ultra-luxury properties on the market vs. last year, and two times more in Wellesley.”

Lisa Curlett, Maura Dolan and Tricia Parmele of Beyond Boston Properties

“Welcome to Wellesley, known for its bucolic neighborhoods, vibrant town center filled with boutiques and restaurants, and one of the most educated communities in Greater Boston. This highly sought after college town offers a perfect mix of historic homes, luxurious estates, and convenient access to the city with a commuter rail and proximity to all major routes.”

Lynn Donahue, Stephanie Burns, Donna Maley of Donahue Maley Burns Team

MID-YEAR SALES | 4-YEAR SNAPSHOT

“We’ve seen sellers and buyers retract from their searches in affluent Boston suburbs and look to more tax-friendly states like Florida.”

“Minnesota has a number of properties in the 10 million+ strata, most being on Lake Minnetonka, that have been recently built or have been owned for a long time and have not been offered for sale because Minnesotans tend to keep their prime real estate to share with future generations. Whether it be a second home or primary residence, ultra-luxury properties in this market are highly sought after. However, as we head into 2023, lack of inventory becomes an ever growing challenge. Furthermore, buyers seem to be taking a pause due to uncertainties. Taking advantage of this lull, our team is moving full steam ahead with very targeted marketing to connect high net worth individuals with some beautiful estates.”

John F. Adams

“Last year, our highest priced sales were cash transactions on Minnesota lakes. Water frontage properties continue to increase in demand. Homeowners are taking advantage of selling for top dollar, and Minnesota buyers are willing to pay a premium to be on water. In the current market with higher interest rates, paying cash for luxury real estate is a common move for sophisticated buyers. They are investing not only in limited lakeshore opportunities, but also in a lifestyle.”

Sarah Polovitz

“The St. Louis luxury market continues to be strong. It is extremely important these properties are market ready, priced competitively, and launched correctly to demand top dollar! Inventory continues to be low in the St. Louis Central Corridor. It is critical to hire an experienced agent in this niche market to advise and guide you through the process.”

“The St. Louis luxury market continues to be strong.”

Dooley

“The Lake Winnipesaukee luxury waterfront real estate market has witnessed a remarkable surge in price points, shattering the record-breaking price four times in the past year alone. High-end luxury properties have experienced nearly a doubling in prices over the last three years, indicating a substantial appreciation in value. This remarkable growth can be attributed to heightened demand, limited inventory, and the rise of exquisite new construction properties. Additionally, the inclusion of furnishings, lake toys, and even boats and cars in turnkey sales adds convenience and enhanced value for luxury buyers, a trend that continues to gain momentum.”*

“High-end luxury properties have experienced nearly a doubling in prices over the last three years, indicating a substantial appreciation in value. ”

Brie Stephens

“Our South Jersey luxury real estate market is on fire, as there is no shortage of fuel. Clients are actively searching for stable and tangible investments to secure their funds. This quest for a steadfast and substantive investment solution is fueled by other factors, including the ongoing and unquenchable demand for suburban homes in the ever-vibrant luxury New Jersey real estate market. I firmly believe and well-founded projection that this relentless pursuit of stable investments will lead to a steady increase in the luxury sector, presenting an array of unprecedented opportunities. Still the significance of location continues to be a key determining factor in the minds of buyers and investors alike. Our proximity to NYC and Philadelphia will keep our flame going for many.”

Melissa Young

“The epitome of luxury living in South Jersey lies within the secondary homes nestled along the pristine shores of Avalon, Stone Harbor, Cape May, Margate, Longport, and Long Beach Island to name a few. However, for the discerning buyers seeking an unparalleled lifestyle in proximity to Philadelphia, a collection of exquisite legacy estates awaits. These hidden gems not only offer a remarkable investment opportunity but also boast an unrivaled display of visually captivating craftsmanship, elevating the art of living. Currently there is only one home listed actively on the market over $10 million in the Moorestown area, but oftentimes these homes are quietly available and discreetly sold to the new owners. There is more inventory than one might think.”

Naoji Moriuchi

“Our South Jersey luxury real estate market is on fire, as there is no shortage of fuel.”

“With the greater Central New Jersey market slowing slightly at the end of 2022, as we got into 2023 the market resumed full steam ahead. The luxury space in our market has continued to rise in value with Manhattanites looking to escape the city full time or in a part time basis. The market segment will remain extremely strong as long as the inventory continues to be at all time lows.”

Bill Kilbride

“The market segment will remain extremely strong as long as the inventory continues to be at alltime lows.”

“We have observed that the impact of interest rates on high-end buyers is minimal, as the majority of our clientele, with budgets exceeding $10 million, opt to purchase properties using cash. These extraordinary homes not only offer personal enjoyment, but also serve as a secure asset class, effectively diversifying our clients’ wealth portfolios. We find these buyers highly value the convenience of acquiring fully furnished, turnkey new construction residences. By bypassing the arduous 2-3 year process involving architectural planning, construction, and design, they can immediately enjoy their new home with their family, without sacrificing additional summers. The significance of these $10 million+ legacy properties includes their prime locations on rare and coveted lots, making them ideal assets to be cherished and passed down to future generations.”

“We have observed that the impact of interest rates on high-end buyers is minimal.”

Nick and Kari Giuffre

“Northern New Jersey continues to be a sweet spot in the northeast for luxury buyers, with its green space, large properties, strong educational institutions, athletics programs and outstanding proximity to NYC. The luxury market has benefited from the shortage of inventory, and it is still a seller’s market. My luxury homes are drawing in high-end buyers and sellers are receiving offers, but not in the volume they were previously.”

Diane Cookson

“The Northern NJ Luxury Market maintains its strength, reflecting trends from the first half of 2022. While inventory is gradually increasing, rising interest rates have not impacted the luxury buyer’s affordability. Instead, they are influenced by alternative investment opportunities. As a result, the market is expected to remain stable, but the growing inventory levels may exert pressure on pricing in the second half of the year and into 2024.”

Mary Premtaj

“The luxury market has benefited from the shortage of inventory, and it is still a seller’s market.”

“With uncertainty in the market earlier in the year, luxury buyers seemed to be out looking but few were actually putting in offers. Those buyers are still out there and now ready. They are circling back to many of the same high end properties they first viewed months ago and deals are being made.”

Jillian Woods and Barbara Wilding

“With uncertainty in the market earlier in the year, luxury buyers seemed to be out looking but few were actually putting in offers”

“East Hampton shines as a testament to timeless luxury. As the market navigates the tides of change, highend in East Hampton property remains an unwavering symbol of opulence and stability. Prices have held steady since the de-escalation of COVID, and the enduring allure of this prestigious enclave stands as an idyllic haven where discerning individuals can indulge in the epitome of refined living. The value of East Hampton luxury transcends fleeting trends and endures.”

“We are seeing a healthy level of interest on high end properties, even in this unpredictable post-covid market. Buyers are making lifestyle decisions, and investing in scenarios they can enjoy.”

Chris Coleman

“Prices have held steady since the de-escalation of COVID, a testament to the enduring allure of this prestigious enclave.”

“Buyers at the ultra-luxury end of our market are interested in several key features. Of course, a luxury product, but also absolute privacy, are more and more common today as is the desire for natural resources, specifically, water. Rivers, lakes, and large ponds are increasingly in demand by the most sophisticated buyers and land owners.”

Anderson

“Rivers, lakes, and large ponds are increasingly in demand by the most sophisticated buyers and land owners.”

“While the inventory in the ultra-luxury sector on Long Island has risen slightly (up 6% in 2023 from 2022 levels), the number of properties currently closed or under contract has more than doubled in just the first 6 months of 2023 vs all 2022 in listings over the $10 million price point. The North Shore of Long Island’s Gold Coast has seen by far the most demand where buyers are seeking privacy, waterfront and acreage. Trophy homes that offer classic, timeless elegance with an end goal of creating a resort-like setting and lifestyle are certainly making a comeback.”

“Luxury continuously redefines itself, so does the real estate market and, with it, the ultra-luxury consumer. By and large, ultra-luxury property buyers are experienced real estate purchasers, and the purchase is about their wants rather than their needs. There is a desire to feel a connection with property, for a selected lifestyle. Legacy estates are waning, they are looking for new construction, with premium, exclusive views, state of the art unique amenities. Inventory remains low, demand is high for estates that flow in a way that relaxes and invigorates with comforts to create immediate harmony for both owners and guests.”

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MID-YEAR SALES | 4-YEAR SNAPSHOT

“Trophy homes that offer classic, timeless elegance with an end goal of creating a resort-like setting and lifestyle are certainly making a comeback.”

Lisa Fasano

Traci Conway Clinton

“In 2023, buyers in the $10 million and above market prioritized move in ready, beautifully renovated apartments and townhouses in their quest for immediacy of enjoyment and access, a hallmark of the Covid era. However, these buyers have become more circumspect and deliberate in their approach, negotiating harder than they have over the past years with varying levels of success while the market finds its new level. The impact of this approach has been mitigated due to the profound scarcity of available inventory, resulting in continued elevation of pricing in the most desirable neighborhoods and buildings.”

Jim St. Andre

“It’s the summer of whisper listings. The big sellers are ready to sell but want to wait until Labor Day. The big buyers are ready to make big purchases but aren’t seeing the inventory, or the deals, they will activate for. Relationships drive this market: you have to know the brokers who have the real, quality whisper inventory–at this price point, it’s a very select community.”

Nick Gavin

“The ultra-luxury market in Manhattan has continued to defy macroeconomic conditions and we are still seeing significant sales across these high-priced homes. Given the limited inventory, there is a notable number of privately sold transactions, including a West Village penthouse that sold for $11,500 per square foot, indicating that Downtown Manhattan’s price points are reaching unprecedented levels.”

Stephen Ferrara, The Hudson Advisory Team

“The $7 trillion stimulus of 2020-2022 pales in comparison to the greatest stimulus in history: roughly $84 trillion in global wealth will transfer to younger generations through 2045. We are seeing this buyer pool in our markets daily.”

Leonard Steinberg

“Buyers have become more circumspect and deliberate in their approach, negotiating harder than they have over the past years with varying levels of success while the market finds its new level.”

“Despite speculation of its demise, the ultra-luxury market in Westchester County and the Hudson Valley continues to exhibit strength. 2023 is actually ahead of 2022 for total transactions over $10 million. Properties with large acreage or waterfront dominate the ultra-luxury space. 2018 remains the high watermark with David Rockefeller’s Hudson Pines in Pocantico Hills as the highest ever reported sale at $33 million. Relatively immune to interest rates and other market fluctuations, the ultra-luxury buyer seeks rarity and has the ready resources to act swiftly when opportunity arises.”*

David Turner

“Ultra-luxury buyers are taking more time when purchasing. These are big life decisions, and they are being selective before acting, which is really just a return to normalcy. Relocations are back on the rise, led by international and California ultra-luxury buyers seeking Westchester’s desirable lifestyle. In addition, the embassies are actively purchasing here, to be close to the UN. Unsurprisingly, local “trade ups” have reduced, as these individuals are reluctant to surrender their two percent interest rate.”

Heather Harrison

SALES | 4-YEAR SNAPSHOT

“Properties with large acreage or waterfront dominate the ultra-luxury space.”

“The Carolinas persist as favorable relocation destinations for buyers from more expensive areas such as California, Illinois, and New York, a pattern that’s not anticipated to wane shortly. Nevertheless, these buyers usually reach a spending limit under $6 million. Therefore, while the Carolinas see a rise in high-end buyers, their ultraluxury spending capacity substantially trails other markets, with the majority of these premium buyers capping their budgets between $5 and $6 million. The market for homes exceeding $6 million markedly dwindles, and transactions above $10 million are virtually absent across the region.”

Gina Lorenzo

“While we have seen a little cooling from the frenzy of 2022, the demand for luxury properties still far exceeds the inventory. North Carolina has experienced incredible growth as we are welcoming new residents from California, Florida and New York, who are attracted to our reasonable cost of living, proximity to beaches and the mountains, moderate climate and abundance of job opportunities. Our market has been inflated due to these folks seeing great value here, causing our sales prices to rise. Given our current supply, we do not anticipate a change in the near future and once interest rates begin to fall, we expect things to go crazy again and we are ready for it! It is more important than ever to be connected with an agent who is established in the luxury space, as many properties are still being privately sold and a good relationship with other top agents is absolutely critical.”

SALES | 4-YEAR SNAPSHOT

“It has never been more critical to seek the advice and partner with an experienced realtor. Desirable cities are experiencing low inventory. Without proper guidance and strategy sellers risk leaving money on the table and buyers lack direction to win in multiple offer situations.”

Meghan Hampton & Cat Long (Hampton + Long Team)

Tracey Cook & Ashley Pizzo (Cook Pizzo Team)

“While we have seen a little cooling from the frenzy of 2022, the demand for luxury properties still far exceeds the inventory.”

“The Raleigh and Cary areas continue to lead the Triangle in record-breaking sales for luxury homes, and the high-end builders can’t keep up with the pace of demand. Our luxury segment continues to evolve and grow as we attract affluent clients from all over the country, and even globally. The area offers an exceptional quality of life with mild four seasons, award-winning restaurants, stellar performing arts, world-class medical facilities, and a platform of exceptional educational institutions. I am amazed at the acceleration of luxury sales, and I see no end in sight, as others are finding out all that the Triangle has to offer!”

Linda Trevor

“The Triangle region of North Carolina, consisting of Chapel Hill, Raleigh and Durham, continues to attract affluent buyers from all over the country, but primarily California, metro New York and New Jersey, Florida, and the DMV — District of Columbia, Maryland and Virginia. New residents are attracted to the moderate year-round climate, low taxes, world renowned medical facilities, and a strong, stable economy based on three major Universities and the Research Triangle Park, with its strong emphasis on high tech and pharmaceutical R & D industries. Typically flush with cash from sales of luxury properties in higher priced markets, affluent buyers in the Triangle includes those with multiple homes, “trailing (grand) parents” following adult children and grandkids, and executive career relocations— many times for a low stress, work-from-home lifestyle. An airport with logistical ease geographically, within the terminals, and to major domestic and international destinations also a significant draw. Demand for new construction homes remains strong among the affluent as well as homes in golf club and “lifestyle” communities. Home prices have been buoyed by limited inventory. Overall, the Triangle Region is a very “soft landing” for affluent clientele seeking a casual yet elegant lifestyle, abundant access to travel and leisure amenities, and premier medical care.”

Gretchen Castorina

“The Raleigh luxury market is booming and continues to grow and expand with buyers migrating from all over the country who are attracted to the area because of the university system, low taxes, and lifestyle the region provides. Despite inflated interest rates, we are continuing to see prices climb throughout the Triangle. Raleigh’s strong job economy along with an incredible job market has made our city a great place to invest and call home. Due to these contributing factors, 2023 luxury sales in the RaleighDurham area are still moving fairly quickly. New construction sales are out-performing resales and we are finding that luxury home buyers are willing to place a premium on real estate due to its predictability and the growth opportunity that Raleigh presents. As one of the top markets in the country, we are happy to report that our market has stabilized from 2022 and continues to grow.“

Gretchen Coley

0 $10M+ MID-YEAR SALES | 4-YEAR SNAPSHOT

“The Raleigh and Cary areas continue to lead the Triangle in record-breaking sales for luxury homes.”

“Although we have yet to see any properties trade over $10 million in the Philadelphia Center City area since 2018, there has been a notable uptick in ultra-luxury condominium sales with four trading in 2023 over $8 million to date.

The highest demand we are seeing for the ultra-luxury properties is with our new construction condominiums which have a 10-year tax abatement in effect making that a significant draw for buyers in addition to the properties being new and customizable. In the past year, we have also seen more inventory in the $10 million+ market which will hopefully fuel even higher purchase prices in our market.”

“The highest demand we are seeing for the ultra-luxury properties is with our new construction condominiums.”

Kristen Foote

“The Pittsburgh region continues to have a higher demand year after year for luxury homes. The economic factors we are seeing throughout the country have little to no effect here. We have tremendous job opportunities fueling this demand along with our amazing culture and history. The lack of inventory, especially in our luxury market continues to push our values even higher year after year. Any decline in year to year transactions is simply due to availability. Buyers from surrounding states look to our area for “affordable” luxury homes, especially retired clients. Pennsylvania has some of the most tax-friendly retirement policies in the country.”

“The Pittsburgh region continues to have a higher demand year after year for luxury homes.”

Joe Yost

“The luxury market continues to surge as the return on investment in real estate is second to none. As the smallest state in the nation, our market is undeniably a coveted discretionary, second home destination. Best known for areas like Watch Hill and Newport, many hidden gem neighborhoods such as Quonochontaug and Weekapaug allow the utter anonymity of buyers in places where simply put….. you can be you. Luxury is not about the price, it’s the whole picture: investment, enjoyment and owning your personal defined, unique piece of paradise.”

“The luxury market continues to surge as the return on investment in real estate is second to none.”

Lori Joyal

“The ultra-luxury market in Middle Tennessee remains robust, fueled by a steady influx of companies and families relocating to the Nashville area from luxury markets in California, Illinois and New York to name a few. In 2012, we had 2 properties priced over $10 million, but today that number has surged to nearly 20. As an example of this growth, my highest listing is at $38 million, and I have another estate under contract for $28 million. Nashville and its surroundings have long been undervalued, but with the surge in corporate relocations and businesses establishing roots here, there is an increasing demand for exquisite estates, legacy farms, and upscale condominiums that offer luxury amenities and views of the Music City skyline. This migration has been transformative bringing in talent from all over the world and truly reshaping the real estate landscape in Nashville.”

Erin Krueger

“Nashville’s ultra-luxury real estate market is a discreet haven for high-net-worth individuals. Nashville’s allure lies in its rich musical heritage, its flourishing economy, world-class amenities, and an unparalleled quality of life. This extraordinary combination fosters an environment where affluent individuals are drawn to establish their roots, indulging in the city’s opulent offerings while relishing in the warmth of its Southern hospitality.”

Lacey Newman

| 4-YEAR SNAPSHOT

“Nashville and its surroundings have long been undervalued.”

“The Austin luxury market has proved resilient amid rising mortgage rates, stock market volatility, and political uncertainty. High-net-worth individuals are often less sensitive to interest rate changes, but stock market fluctuations can affect purchasing power and cool the market. However, during volatile times, some investors see real estate as a safe haven, particularly in thriving markets. Factors like Austin’s tech boom and population growth impact our market, and we’re seeing cross currents including positive activity alongside hesitance. We think luxury will improve into the election in 2024.”

Gary and Michelle Dolch

“Austin’s ultra-luxury market thrives with the continued migration of thousands of executives, VCs and celebrities. With more inventory available in 2023, strategic buyers often retreat when sellers will not adjust pricing at the top of the market. For the most discriminating buyers, the “perfect” property is often elusive, and it’s been a challenge for Austin to keep up with bigger feeder markets’ appetites for epic opportunities. That said, it is an exceptional time to invest in Austin’s finest, especially with cash in hand, perhaps while you wait for the “unicorn” to be remodeled or built.”

Monica Fabbio

“In Austin, a new wave of discerning luxury buyers seek new and unique features. They desire waterfront lots or sweeping Hill Country views, luxurious finishes like intricately designed wallpapers and unique marble, and manicured outdoor entertainment spaces to create an immersive living experience. Since Covid, health-conscious buyers prioritize sports amenities like tennis, pickleball and basketball courts, and wellness features like saunas and cold plunges. Exclusive golf club communities, like Barton Creek, remain in high demand as they add an elevated social environment.”

Dara Allen

“Austin’s ultra-luxury market thrives with the continued migration of thousands of executives, VCs and celebrities.”

“In 2023, we’re continuing to see great demand for new construction ultra-luxury homes in Park Cities. Inventory levels are incredibly tight due to the limited amount of ultra-luxury listings available in Park Cities and Preston Hollow. Ultra-luxury buyers in Dallas-Fort Worth increasingly expect high-end finishes and lots sized to at least an acre. We’re also seeing a strong buyer pool and a significant amount of private sales, which means it’s more important than ever to find an agent who’s tapped into an ultra-luxury network like we have at Compass.”

Jonathan Rosen

“Sales of homes priced over $10 million in Dallas-Fort Worth have been stronger than ever in 2023. Prices are continuing to rise in the Park Cities, contrary to what’s being reported in other markets outside of Texas. Ultra-luxury buyers are continuing to move to Dallas-Fort Worth due to the relative real estate value, diverse economy, and tax benefits, a trend we’ve seen since the peak of the pandemic. Preferences of the ultra-luxury buyer have evolved to prioritize quality and oversized lots over competitive prices on a priceper-square-foot basis. The shortage of oversized lots in the Park Cities has led to a lack of inventory at ultra-luxury price points.”

Michelle Wood and Amy Detwiler

“The luxury real estate market has been affected by the strain of higher interest rates. I am telling my buyers, the time to buy is now. Once interest rates start to come down, the buying frenzy will begin again with all the pent up demand, and multiple offer situations will be back in force, forcing buyers to bid over ask. Your interest rate may be a bit higher now, but you can purchase your favorite home at list price and not have to compete in the marketplace.”

Christy Berry

3 $10M+ MID-YEAR SALES | 4-YEAR

SNAPSHOT

“Ultra-luxury buyers are continuing to move to Dallas-Fort Worth given the relative value and tax benefits...”

2102 Cedar Elm Terrace, Roanoke Price Upon Request

Rosen Real Estate Advisor

“The luxury market in Houston was strong in 2022 and this trend has continued for the first half of 2023. The overall market has leveled off some with rising interest rates and fluctuations in consumer confidence; however, inventory has remained low and people who need a house are still buying. Demand has even created multiple offer situations and pushed prices upward for special properties. Given these factors, I predict a continued strong market for the remainder of 2023 and look forward to continuing to assist my luxury clients with their real estate needs.”

Laura Sweeney

“Houston’s vibrant cultural scene, exceptional educational institutions, and renowned medical centers are top reasons more and more ultra-luxury buyers are choosing to call Houston home. Our city offers economic prosperity, cultural richness, and diverse architecture, irresistible to those seeking the epitome of fine living. As the population increases, so does the demand for amenity-rich luxury listings. From spa-like retreats, lush outdoor living spaces, and private sports facilities, to tasting rooms, gourmet kitchens, and exquisitely designed wet bars, ultraluxury buyers expect the best.”

Dee Dee

“Although the luxury market has appeared to slow, Houston has more buyers at the $10 million+ price point than ever before. I personally sold two properties this year for over $10 million, both within a few weeks on the market and one had multiple offers. Buyers at this price point are very particular and are willing to wait for the right property. High sales in 2022 made some sellers overly ambitious on price, and they were not able to affect a sale. When a good property comes on the market, buyers are out there and ready, but it needs to be priced correctly out of the gate.”

Mike Mahlstedt

3 $10M+ MID-YEAR SALES | 4-YEAR SNAPSHOT

Guggenheim Howes

“As the population increases, so does the demand for amenity-rich luxury listings.”

“Power whispers, wealth hums, and stability speaks volumes.”

“Through the first half of 2023, the Washington Metro’s ultra-luxury real estate market demonstrated resilience, rebounding from the 2022 Q4 pause. Although limited, our U-L market stands as an attractive oasis of affordability, particularly for those accustomed to the astronomical prices of other urban giants such as San Francisco, Los Angeles, New York City, and Miami. A luxury home here is not merely a living space, but a wise investment, offering unparalleled value and prestige minus the sky-high price tag. The Washington metropolitan area doesn’t just present an attractive option, but extends an irresistible invitation to refined living. Our high-ticket real estate scene embodies a subtle elegance, echoing the area’s distinctive relationship with power and money - a quiet, self-assured confidence rather than ostentatious display. Our real estate market is a mirror image of our residents: steady, strong, and conservative. Backed by the strength of diverse industries seeking a foothold here, our economic base is expanding and deepening, further solidifying our resilience. In Washington Metro, we have a saying: ”Power whispers, wealth hums, and stability speaks volumes.” It is an adage that perfectly encapsulates the promise and allure of our ultra-luxury real estate market.”

Andre M Perez

“The luxury real estate market is thriving, with demand soaring higher than ever before! From exquisite mansions located inside the gates of Creighton Farms to sleek penthouses with panoramic views at The Monarch, the options are simply breathtaking. These properties are located in the most coveted neighborhoods, offering proximity to the finest amenities. It’s a lifestyle that is second to none!”

Jeddie Busch

“The luxury real estate market in Richmond, VA, is experiencing a remarkable upswing. Consistent sales, rising prices, and strong demand characterize this flourishing market. Discerning buyers are actively seeking properties that embody exceptional quality, boast unique features, and host prime locations. Richmond’s rich history, vibrant culture, and robust economy add to its allure as a sought-after luxury destination. Over the past six months, luxury home values have surged by over 12%, making it an opportune time for sellers. Properties are quickly going under contract within an average of eight days, often fetching prices above the listed value. Looking ahead, the forecast for the second half of the year remains promising, with expectations of sustained growth and heightened buyer interest. These trends solidify Richmond’s reputation as a thriving luxury real estate market, making it an attractive investment opportunity for both buyers and sellers.”

“The luxury real estate market in Richmond, Virginia, has experienced significant growth and evolution in recent years, reflecting the city’s thriving economy, rich history, and vibrant cultural scene. With its blend of Southern charm, urban amenities, and a strong sense of community, Richmond has become an increasingly desirable destination for luxury homebuyers seeking a high-quality lifestyle. When searching for luxury properties, there are several amenities and features that seem to be popular with this segment of buyers. Luxury home buyers often seek properties with attractive views, highend finishes, gourmet kitchens, home offices and private libraries, spa-like bathrooms, wine cellars and entertainment spaces, and fitness and wellness amenities. Although preferences will vary by individual, many of these features show up on our home-buyers list of “must-haves”.”

Annemarie Hensley

$10M+ MID-YEAR SALES | 4-YEAR SNAPSHOT

“The luxury real estate market in Richmond, VA, is experiencing a remarkable upswing.”

Karen Loewen

“In our market, there are limited ultra-luxury listings and they are almost always waterfront. Specializing in waterfront, you learn that the luxury buyer has discerning taste and can move quickly when the right property becomes available. At these price points, interest rates do not really affect the buyer. Almost all ultra-luxury purchases are cash. That is not to say the market does not cause some high-end buyers to pause, but most see it as an opportunity. The good properties will always sell.”

“At these price points, interest rates do not really affect the buyer. Almost all ultra-luxury purchases are cash.”

Greg Rosenwald

“No matter the market, there’s always a demand for the exceptional.”

“Combining work from home with enjoyment is the new ultra-luxury lifestyle of the second home market. Lake Geneva is less than two-hours from downtown Chicago, and our lakefront luxury market is as robust as I’ve seen in my 45-year career. Buyer demand is incredibly high and inventory is historically low. Higher rates have not dampened demand as many purchases involve taking advantage of substantial gains of the stock market. During times of uncertainty with extreme fluctuations, many buyers look for less volatile investments and opt for real estate, especially second home real estate.”

“Combining work from home with enjoyment is the new ultra-luxury lifestyle of the second home market.”

Bob Webster

Shar Borg

“The Jackson Hole market continues to reach new heights, with a remarkable surge in demand for properties over $10 million. The ultra–luxury segment witnessed an over 30% increase in sales compared to the same period last year. These affluent buyers are seeking tax havens, natural beauty, cooler climates, and a healthy, sophisticated lifestyle. Inventory in the ultra-luxury market offers some of the best quality choices in years, with privacy, views, and exceptional locations. The stage is set for a new chapter in the region’s real estate history, as record-breaking sales are being reported in 2023.”

Garth and Christy Gillespie

“After a record-breaking year for $10 million+ properties in 2021, Jackson Hole saw the ultra-luxury market drop by half in 2022. However, transactions were still markedly higher than pre-Covid levels. So far, the first six months in 2023 are outpacing both 2021 and 2022 with a total dollar volume of over $150 million in the price segment. While we don’t expect 2023 to end up higher than 2021 numbers, we do expect to see continued strength, especially for those properties with exceptional quality, zero renovation needs, and which are exquisitely furnished.”

Ryan Block

“Uncertainty impacts our market: politics, stock prices and interest rates. Covid brought a lot of new ultrahigh-net-worth individuals to our market and although many predicted they would sell as soon as Covid was over, Jackson Hole resonates with people immediately and as a result we have not seen an exodus from the Covid buyers. Our overall market for the last year has been similar for our resort market friends: a reduction in deal volume and prices have stopped rising, but instead have been holding.”

Matt Faupel

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“Inventory in the ultra-luxury market offers some of the best quality choices in years, with privacy, views, and exceptional locations.”

7682 Teton Valley Ranch Road, Jackson Price Upon Request Deb Keenan Real Estate Broker