Trend: Entrepreneurs return to large metropolitan areas in search of the American dream.

February 27th 2024

Trend: Entrepreneurs return to large metropolitan areas in search of the American dream.

The Price of Living the American Dream

In the article published in Expansión, it highlights "The Trend Report" prepared by Coldwell Banker Global Luxury® and the various properties located in Beverly Hills, New York, Miami, and Newport Coast from Coldwell Banker®.

After a year full of uncertainty that concluded with an increase in sales in the last quarter, major investors are regaining confidence in the U.S. real estate market. The current dynamics of the luxury market in the United States are difficult to predict, with billionaires and notable entrepreneurs such as Elon Musk moving their businesses from one state to another, like SpaceX from Delaware to Texas, as reported by the Financial Times. This phenomenon has led many executives to make strategic relocations.

However, the game of thrones and returns comes at a price. How are high-end homes behaving in the United States? According to "The Trend Report" by Coldwell Banker Global Luxury®, despite the negative forces faced by the real estate market in 2023 (suppressed demand, price increases, rising interest rates, among others), the last quarter of the previous year remained relatively stable after "disappointing" months. During this period, the number of available luxury single-family homes increased compared to the same period the previous year.

In this regard, the report highlights that the sale price of these properties experienced a slight increase of 3.91% for single-family properties and 2.79% for townhouses from 2022 to 2023. Furthermore, the major metropolitan areas in the country, including New York, Los Angeles, Miami, Boston, San Francisco, San Jose, Seattle, and Washington, continue to show "consistent indicators of a favorable market for wealthier buyers," such as a low volume of available homes and a sales-to-price ratio favoring the buyer.

Despite the rough patch in prices, high-end clients are adapting to these vicissitudes, as evidenced by the increase in sales at the end of 2023. According to "The Trend Report," 36% of luxury buyers believe that 2024 "will be a good time to buy or sell," compared to 18% of non-luxury consumers, reflecting widespread optimism for the future market in the United States.

Judy Zeder, a real estate advisor at Coldwell Banker® in the Miami area, emphasizes that for these buyers, newly constructed homes are particularly attractive, with location playing a crucial role. Buyers seek easy access to schools, social events, hospitals, and workplaces, as many are returning to traditional workspaces after the pandemic. In most cases, investors value variety and tend to choose based on their personal preferences.

Here, we highlight the properties mentioned in the article, located in strategic destinations.

The Kingdom of Beverly Hills

Located on one of the most coveted streets in Beverly Hills (Los Angeles, California), this 1,184 m2 mansion features seven bedrooms and nine bathrooms divided into three structures: the main house, a two-story guest house, and a garage transformed into exhibition space. Additionally, the property boasts a library, pool, and an extensive garden with rose bushes. Completing the main residence, the service quarters are conveniently located next to the laundry room. In the rear space, you will find the guest house. Available for rent by Joyce Rey at $49,950 per month.

Link to the property:

In the heart of New York

This 409 square meters penthouse with three bedrooms and six bathrooms is located between Madison and Park, in the thriving NoMad area within the Park South Lofts building. The building offers a 24-hour doorman, common laundry facilities, and private storage. Its great charm lies in two outdoor terraces and a private balcony for the main suite of the residence. Offered for sale by Coldwell Banker Global Luxury® for 7.9 million euros.

Link the property: 

Newport Coast , the Californian dream

This exclusive property within the Crystal Cove community in Newport Coast , California, spans four floors, two underground and two upper, totaling an area of 1,389 square meters. The residence offers views of the ocean and the residential golf club. It features five bedrooms, eight bathrooms, a private gym, and an indoor pool with a glass bottom. Offered for sale by Coldwell Banker Global Luxury® for 89 million dollars.

Link to the property:  

Residence on North Bay Road, Miami

In the nearly 800 square meters offered by this North Bay Road residence in Miami, there are six bedrooms with a master suite and eight bathrooms. Completely renovated in 2023, the property features its own private dock, ideal for water activities, and also an outdoor kitchen to enjoy the views alongside a sea-view pool. Marketed by Coldwell Banker® for 29.9 million dollars.

Link to the property:

The report also highlights that foreign investors are turning their attention to the country, especially in metropolitan areas and areas of interest for companies and multinationals such as Los Angeles, San Diego, or New York. Is the United States becoming great again? The trend suggests that entrepreneurs are once again betting on the opportunities that large metropolitan areas offer to live the American dream. 

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