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Luxury Homes Sales In Texas, Florida Tops NYC, Los Angeles

Posted by Staff Reporter on Apr 21, 2016 08:30 AM EDT
New Home Construction Continues To Rise more big
LEAGUE CITY, TX - JUNE 16: A sold sign sits near a home site in the Magnolia Creek subdivision June 16, 2005 in League City, Texas. The U.S. Commerce Department announced on June 16 that construction of new homes rose 0.2 percent in May as the housing market, fueled by low mortgage rates, continued a boom. (Photo : Dave Einsel/Getty Images)

New York and Los Angeles had long been considered as the top luxury real estate markets in the nation. However, Texas surpasses both when it comes to growth. Austin, Texas, was the number one city in the United States in 2015 for sales growth of homes valued at $1 million or more, according to a recent luxury market report from Coldwell Banker Previews.

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Coldwell stated that the city's improvement in its technology, entertainment and education sector helped in its 32 percent increase, a boost which translated into 694 million-dollar properties being sold.

Fort Lauderdale, Florida held the second spot, with a growth of 31 percent and total of 789 million-dollar homes sold. Seattle followed with a 30 percent jump to 979 million-dollar properties, and Atlanta, which experienced a 21 percent rise and sold 1,140 million-dollar properties.

When it came to growth for properties sold at $10 million or more, Miami got top spot, followed by the Newport coast of California, and Del Ray, Florida, according to a feature from InMan.

As for the total of luxury sales, New York dominated for properties priced at $1 million or more, $5 million or more and $10 million or more. Last year, over 7,400 million-dollar were sold in New York City.

The report stated that across all price categories, Florida caught up with the rest and secured its coveted position as the top real estate destination for country's wealthiest.

In 2014, Coldwell revealed that unassuming and quiet areas, especially those that are adjacent to luxury markets, are those that have transformed rapidly into luxury real estate hotbeds in just 12-month period, according to a feature from the World Property Journal.

Back then, San Jose led the way, debuting in the homes market valued at more than $1 million.  Silicon Valley's luxury real estate on the other hand, was the affluent Atherton enclave that was able to double its sales in just a year.  Burlingame, from Hillsborough in Northern California came in the more than $10 million list for homes that are sold the first time.

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