Pam DeGemmis' Blog
If you're looking for that second home in the vacation paradise of your dreams, these five locations have just turned the corner from luxury sellers' market to luxury buyers' market:
Tennis clubs, golf resorts and views of white sand beaches and pristine blue water top the reasons why Maui has become a top-five hot luxury market. After experiencing a surge in vacation home prices over the past few years, the market here is now beginning to level out. This is good news for homebuyers seeking refuge on Hawaii's second-largest island. If you're in the mood for a tropical island paradise that won't cost a millionaire's fortune, Maui could be the solution.
Palm Beach, Fla.
Forty-seven miles of beaches and the absence of state income tax are only two of the draws for those looking to buy a luxury home in Palm Beach. Now becoming a strong market for buyers, this highly populated area of the United States features exotic nightlife and culture for days. There's always something to do and someone to do it with in Palm Beach, including buying a luxury home.
It's mostly young millennial couples who are buying up the luxury homes in and around Washington, D.C., including the area of Arlington, VA. High-paying jobs enjoyed by highly educated workers make this a hot spot for the upwardly mobile among us and the hottest commodities right now are new constructions or homes that have been renovated in the last five years.
Kauai, the northern-most island of the Hawaiian chain, has always been a magnet for the wealthiest home seekers. Privacy, lush green spaces and a quiet, unconventional lifestyle factor among the reasons for Kauai's popularity. Not known for it's sizzling nightlife, this area is prized for just the opposite -- as a private, respectful place to settle in and kick-back on vacation, spectacular views included.
Surprisingly, Brooklyn -- with its population of over 2.5 million people -- has recently become a luxury buyer's paradise. Once all but forgotten in the shadow of nearby Manhattan, the new construction of luxury condos, coupled with the old-time charm of the traditional brownstone, has rocketed Brooklyn to the forefront of choice places to live in the U.S. For luxury home buyers who enjoy the hustle and glamour of city living, Brooklyn is holding its own.
If you're looking to buy a luxury home in an area that may have been previously unaffordable, make one of these five luxury hot spots your new jumping-off point.