Every year we select locations to highlight as Markets to Watch. This year change is underway and we take a look at some top performers, others that are beginning to transition, and a handful of under-the-radar locations that are emerging.
Austin, Texas
On track for another record with sales up more than 3 percent, Austin’s luxury patina shines ever brighter. In October, the medium home value in Barton Creek increased to $1.02 million, making it the city’s first million-dollar neighborhood. Austin’s charms include no income tax to win over newcomers, but music and tech might be tops.
Bozeman, Montana
Bozeman might seem like a sleeper on this list, but with ranches, the Yellowstone Club and Big Sky country it’s an under-the-radar hangout for demi-billionaires and billionaires.
Brooklyn, New York
No longer second best! Buyers are making Brooklyn a first choice. Median prices in the most expensive neighborhoods hit the $1 million mark. Israelis, Chinese and Western Europeans also gravitate here. It’s no surprise this New York City borough is No. 2 on Urban Land Institute’s Markets to Watch.
©istockphoto.com/Auseklis
Chicago, Illinois
By August, the Chicago area recorded as many luxury sales as in all of 2016 or 2017. Sales of $1 million-and-up properties set a record in the third quarter with a 19-percent increase over 2017. According to RE/MAX, luxury is booming in the west loop area. Upscale suburbs trail the city. Lots of new condos and stunning new buildings open doors to more urban opportunities in a market that hangs in the balance.
Dallas, Texas
Few cities have charted a post-recession course as strong as Dallas and the city remains Urban Land Institute’s No. 1 location for overall real estate prospects in 2019. But the dramatic post-recession price increases are over, say economists. Moderating prices and adjusting inventories are positive indicators that that a move back to a normal market is underway.
© istockphoto.com/Kanonsky
Denver, Colorado
Real estate’s Rocky Mountain high isn’t over yet. Denver continues to rank in the top group on many lists. In the upscale bracket, a shift toward balance is underway with the inventory of $1 million-plus homes at about seven months. Year-over-year prices are up on average 9.29 percent. Boulder remains a sweet spot for luxury, ranking 10th among cities and towns with at least 10 neighborhoods considered million-dollar.
Las Vegas, Nevada
Projections call for appreciation as high as 10 percent this year. Nevada was the fastest growing state, with new platinum communities; forward-looking, innovative architecture; and spectacular views capturing the attention of buyers looking for lifestyle and tax relief.
Hilton Head, South Carolina
Coastal South Carolina and Georgia are ground zero for demographic shifts and the growing ability among the affluent to live wherever they want — a trend just taking off. New developments including Palmetto Bluff add to demand for the Hilton Head region.
Minneapolis, Minnesota
Moving toward balance. A long-awaited uptick in homes on the market is one of several hints of a market shift. Median prices reached a record high this fall, and homes still sell quickly. Still the inventory of homes for sale is one of the lowest in the country. Upper tier and move-up brackets are less competitive.
Northern Virginia
D.C. continues to be in the top group on watch lists but Amazon’s recent announcement makes real estate in Northern Virginia much more interesting. What the prospect portends for current homeowners is uncertain, but sure to make this a market to watch in 2019.
Park City, Utah
No longer just a ski hangout, this Salt Lake neighbor is luxury’s newest player. The most desirable neighborhoods see a shortfall of inventory. Land prices increased by 25 percent with the highest number of sales occurring at Promontory. Opportunities abound: new projects at The Canyons, a large expansion of Deer Valley, a $4 billion renovation of the Salt Lake airport and a bid for the 2030 Olympics.
Wikimedia Commons / Don Lavange
Portland, Maine
Beaches and skiing, does it get any better than that? Hipsters meet old money here. Ranked among the top 20 for entrepreneurs, the city has a growing tech industry and one of the best foodie scenes in the Northeast. Look for more new construction. Prices will continue to ease upward as more people discover this hidden gem.
© istockphoto.com/DougLemke
Santa Barbara, California
Opportunities for buyers in many California locales continue to increase as markets shift. Median prices in Santa Barbara in November were down more than 25 percent, which is good news for buyers. The area remains a prized luxury refuge and lower prices open the door for newcomers to enjoy one of the most unique locations in the U.S.
Sarasota, Florida
The city’s iconic waterfront is being reimagined with a vision to increase cultural programming and urban amenities. Median prices have been increasing steadily, up 25 percent since 2014. New construction means more inventory with more on the horizon. Agents report steady and growing interest in individuals from high tax states.
© istockphoto.com/KarolinaBorowski
Seattle, Washington
Happier times are ahead for buyers in Seattle with active listings up by 41 percent. Even though inventories are still slim, it’s a good indication the frenzy is over. Closed sales in November were down 28 percent. Homes continue to appreciate but the increase has slowed to 5 percent. For buyers and sellers this is definitely a market to watch. The city still is in top groups in many rankings, but the frenzy is over.
Wikimedia Commons / Jeff Gunn
Toronto, Canada
Canadian Baby Boomers and Millennials came together and turned up the heat on the luxury condos in 2018; single-family home sales decreased by as much as 44 percent. While the foreign buyers tax has reduced sales to overseas buyers, it’s also opening new opportunities for locals. Local buyers will continue to drive demand for condos here.
Resort Markets
Luxury’s top performers in 2018. Not only are residences in demand, but new resorts are raising the bar for luxury and reinvigorating current markets. New developments in Turks and Caicos, including the ultra-indulgent Gansevoort Villas, turn up the heat on interest in the Caribbean. Easy reach from the U.S. and private enclaves generate new interest in the Bahamas. Cabo San Lucas, Mexico is seeing new resorts and other regions along the Sea of Cortez are seeing new development. Mandarina in Nyarit is the site of One & Only’s first collection of private homes. Owning a private island continues to be an ultimate purchase and the Bahamas is ground zero.
Thanks to:
Austin Board of Realtors
Michael Saunders, Founder and CEO Michael Saunders & Company
Anthony Hitt, President and CEO, Engel & Völkers Americas
Aleksandra Scepanovic, Co-Founder and Managing Director of Ideal Properties Group
National Association of Realtors
Northwest Multiple Listing Service, Kirkland, Washington
RE/MAX Canada
Trulia
Zillow
This story originally appeared in the Winter 2019 issue of Unique Homes Magazine.
Improving on excellence is not easy, but Overlook in Camden, Maine (featured on our cover) elevates already significant architecture along with 21 stunning acres perched above a desirable stretch of Maine coastline to an even higher strata.
By Camilla McLaughlin
Inspired by the iconic Gamble House in Pasadena, California, this home is a prime example of the Arts & Crafts style but interpreted for the 21st century.
As with many contemporary designs, the open concept entry showcases the views of Penobscot Bay and the islands beyond from the moment you step inside. But then the finely-crafted details in the millwork and joinery, and the world-class stained glass are all reminiscent of the more traditional designs of another era, a hallmark of Arts & Crafts design.
There’s a sense of peace here that exudes from the many ponds and waterfalls, and more than 5,000 specimen trees and plants set against the forest and mountainside. Inside and out, you are surrounded by the colors of nature. “The feeling of the house is one of extreme warmth and comfort. There is a purity of design with great value placed on organic materials and artisan-crafted workmanship that melds beauty with utility. There is a wonderful intimacy in the house and the property. This is a place you never want to leave,” says listing agent Scott Horty, with Camden Real Estate Company.
With a full complement of amenities (a large theater/cinema, a game room, a gym, sauna, and an equally wondrous guesthouse) along with the extensive infrastructure (geothermal heating and cooling, whole house generator and solar array hidden among the trees) you may never have to leave!
Beauty, peace of mind and connection to nature are all priceless. But the price of Overlook is $7.9 million…
Tom Landry
Benchmark Residential & Investment Real Estate
207.775.0248 | LandryTeam@BenchmarkMaine.com | www.BenchmarkMaine.com
We help clients sell quickly and for the highest price possible because we work with them to price their home effectively, finish any projects that might distract buyers, and provide world class marketing and exposure to buyers in and out of the state. Not all brokers and real estate companies are equal – your home is one of your most valuable assets – you deserve to work with the best.
Listing by Tom Landry
CAMDEN, MAINE
10 Beacon Avenue
The house sits on an a dramatic outcrop of ledge. The landscape design took advantage of the existing features on the site and maintained most of what was already in place, exposed ledges, mature trees and native plants including blueberries and ferns. Even the foundation and steps from an older structure on the property were incorporated into the new design. The lot contains 7.9 acres, providing ample space for a guesthouse or studio if additional living space is needed.
www.10Beacon.com
$4,100,000
Tom Landry originally appeared as an Elite agent in the Unique Homes Spring ’18: Elite edition. See his page here.
Bar Harbor, the summer stomping ground of elites such as John D. Rockefeller, Jr., J.P. Morgan, Cornelius Vanderbilt, the Astor family and President William Taft, is home to East of Eden — a mansion that survived a fire that destroyed most of the town in 1947.
One of Maine’s last Gilded Age mansions, East of Eden, is now for sale in Bar Harbor. The Gilded Age was a glittering era that took place after the American Civil War in the late 19th century, and was filled with economic growth from new technologies and new ways of organizing businesses. East of Eden, formerly known as Eegonos, was one of the few Gilded Age mansions in Bar Harbor that survived a fire in 1947 that destroyed most of the town. It was placed on the National Register of Historic Places in 1980.
With its picturesque New England coastline, it wasn’t too many years after the British settled the area in the late 1700s that the people of the upper class decided Bar Harbor — originally known as Eden — would be perfect for their summer retreats.
Bar Harbor was the summer stomping ground of elites such as John D. Rockefeller, Jr., J. P. Morgan, Cornelius Vanderbilt, the Astor family and President William Taft who enjoyed playing his golf there. Nelson Rockefeller was born in Bar Harbor and kept a home in nearby Seal Harbor for many years. Today, the resort town’s summer season is filled with film and television celebrities, writers, artists, lobster rolls, water sports and ordinary people enjoying the scenery and laid-back atmosphere.
Designed by Guy Lowell, the home is a blend of Beaux Arts and Mediterranean Revival style. Its 15,000-square-foot manse construction was completed in 1909. The 2.5 story house is positioned on nine private acres of waterfront with a deep-water dock to tie up a yacht or to enjoy the sunset. There is plenty of room for guests and extended family with fourteen-foot ceilings, eight bedrooms and twelve baths. Old world features include a large marble foyer, columned separations between major public rooms, fireplaces finished in marble and wood, ceilings with decorative friezes and medallions and hand-painted wall murals.
In addition its the detailed restoration, all mechanical systems have been updated. There is also an eight-bay garage to accommodate owners and overnight guests. East of Eden is a quick drive to Arcadia National Park and Bar Harbor’s restaurants and shops.
One of Maine’s few remaining Gilded Age mansions, The Knowles Company has listed East of Eden for $15.5 million.
Photos courtesy of The Knowles Company Realtors