Luxury Real Estate: Park City Ranks in Top 20

Enthusiasm for luxury real estate is showing no signs of abating in 2014. And leading the way in Utah is Park City, according to the latest Luxury Marketing Report from Coldwell Banker Previews International®.

Featured on the Top 20 lists of U.S. Cities with the Highest Number of Active Luxury Home Listings ($1M+, $5M+ and $10M+), Park City is a favorite destination for visitors and seasonal residents. The Main Street area of downtown Park City is full of art galleries, restaurants, bars and museums. Throughout winter, Park City is home to concerts, live theatre, snow sports and independent film screenings, including the renowned Sundance Film Festival.

luxury market report

Current Park City luxury listings include a unique home in Old Town, a John Carbine designed mountain contemporary and a spectacular Jeremy Ranch home.

Nationally speaking, during the last 12 months through June 2014, the top five U.S. cities with the highest number of luxury home sales valued at $1 million+ are: San Francisco, Los Angeles, New York, San Jose and Houston. San Francisco sales in the $1 million+ category are up nearly 57{b0691beea1c2f39bd1c58efe4ba0816740a602e2685bc83cc0a70ecfa3fcdf10} from this time last year and making its debut in the top 5 is San Jose, where high-end home sales are up a staggering 76{b0691beea1c2f39bd1c58efe4ba0816740a602e2685bc83cc0a70ecfa3fcdf10} from this time last year.

If you would like a more in-depth look at why these cities might be demonstrating strength, the Wealthy Consumer Survey of U.S. consumers with a net worth of at least $5 million (penta-millionaires) could shed some light. Conducted by the Coldwell Banker Previews International® program and the Luxury Institute, the survey paints a new picture of modern luxury homebuyers.

For one, they are highly interested in acquiring real estate. Nearly half (48{b0691beea1c2f39bd1c58efe4ba0816740a602e2685bc83cc0a70ecfa3fcdf10}) of all wealthy consumers indicated that they plan to purchase a luxury home within the next 12 months and younger buyers are by far the most highly motivated to purchase: An overwhelming 81{b0691beea1c2f39bd1c58efe4ba0816740a602e2685bc83cc0a70ecfa3fcdf10} of affluent individuals under 35 plan to buy a luxury home in the next year. They are also tech-savvy and geographically mobile. This is especially true among younger generations; in fact, a majority of those under the age of 35 say that lifestyle considerations—as opposed to location—continue to drive their choices to buy.

These changing demographics mean new luxury epicenters are emerging all the time. This year, it was California’s Silicon Valley. Will Utah’s mountain cities like Park City and Salt Lake—with all of their outdoor activities and culture—be the world’s next luxury hotbeds? In five years, what will our top city lists look like? It will certainly be interesting to watch.

The explore the full list of the Top 20 Best Performing U.S. Cities in Luxury Real Estate and the high-net-worth consumer survey results, download the full Luxury Market Report at www.previewslmr.com

Park City photo by Joseph DePalma

By |2018-11-15T12:42:39-07:00October 1, 2014|

About the Author:

Gina Uriarte is an avid traveler and enjoys rock climbing, hiking, sporting events and live music. Gina has been in the marketing field for the real estate industry since 2005 and most enjoys the creative side of her craft. When not working or planning her next trip, Gina can be found sharing her musings on music, design and sports 140 characters at a time over on Twitter. Feel free to tweet her, as she is quick to respond.

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