Escalating wealth in the U.S. in the past year translated into massive luxury price growth in second home markets. Greater wealth stimulated Metro Denver luxury home searches as well as second home searches in Hawaii, according to an article by mansionglobal.com. Data from realtor.com reveals that the country’s fastest luxury price growth includes Eagle County, Colorado as well as Maui, Hawaii. Ski and island resorts logically attract second-home buyers interested in relaxation and recreation as well as stunning scenery. The growth outpaced the former hot metropolitan areas such as San Francisco and New York City.
We know the Denver area has been popular with second-home buyers, too, because we’ve helped many people purchase second homes in this area.
Spending money to make money
In the past year, more than one million new millionaires moved up the social ranks, thanks in part to stock price surges. But investing in real estate also boosts net worth substantially. Most newly-minted millionaires like the fact they can own luxury real estate in the Denver area towns and cities without worrying about landlord duties or home flipping issues. Most real estate experts predict continued home appreciation in 2018.
Buying in the trendiest areas
Since we have experience in the Denver and Boulder areas, we can help steer real estate investors and vacation home buyers to the best communities for their lifestyles. Research shows Eagle County ranked No. 2 for luxury home price growth with average prices jumping 31 percent in 2017. If you can’t afford to spend $2.89 million, consider less trendy communities with similar views and perks. While Eagle County has a plethora of golf courses, there are several other Colorado golf communities that boast golf and upscale amenities.
When shopping for a luxury vacation home in 2018, don’t get too caught up in the latest design trends. In fact, according to an article by cheatsheet.com, some of the new home design trends are actually the most hated ones from the past. Hot design trends include wood paneling, mirrored backsplashes, wicker furniture, funky colored fixtures and wallpaper. Use common sense and go with your own personal sense of style before adopting all large floral pattern wall covering and blonde wood just because it’s back in style.
The Principal Team at RE/MAX Alliance helps people looking for primary residences as well as second homes or vacation properties in Colorado. For more tips on a Metro Denver luxury home search focused on your particular needs, please contact us.