Central Florida Luxury Homes

Brevard County Realty Search :: Contact  Realtor :: Free Value Analysis

Who Buys Central Florida Luxury Homes ?

RE/MAX PREVIEWS INTERNATIONAL® SURVEY OF PROPERTY SPECIALISTS REVEALS THAT “NEW MONEY” IS DRIVING LUXURY HOME SALES [List your home with Previews]

Hard work does pay off, especially when it comes to homeownership. According to a recent online survey of 683 RE/MAX Previews International® property specialists, 96 percent reported that their customers who buy multi-million dollar homes are “self-made” millionaires with “new money.”

When asked for the top professions of their customers, the respondents indicated that 88 percent are business or corporate executives; 37 percent are physicians;
31 percent are lawyers; 30 percent are in finance; and, 14 percent are entertainers, entertainment executives or professional athletes.

“Much has been made about what can be found inside the extravagant luxury homes that we see in affluent communities across the nation,” says Charlie Young, senior vice president, marketing, RE/MAX Real Estate Corporation. “But we wanted to learn more about exactly who buys and owns top-tier homes, and how they make those purchases.”

The study also found that for 64 percent of RE/MAX Previews International® customers, the square footage of a house was more important to them than the size of the property. Fifty-eight (58) percent of sales associates polled indicated that the typical size of their Previews homes sold in the past year was between 3,000 and 5,000 square feet, while 27 percent of respondents said their typical sale was between 5,000 and 8,000 square feet.

Forty-two percent of the sales associates surveyed indicated that their luxury customers typically put a 20 to 30 percent down payment on a million dollar-plus home, with 25 percent of their clients putting down between 30 and 50 percent.

“To put it in perspective, some of these buyers are putting down between $400,000 and $600,000 cash on a $2 million property,” Young continues. “Clearly, these homebuyers have very worked hard to earn their money and are willing to spend it to live well.”

When involved in financial transactions of this magnitude, these luxury homebuyers require their real estate professionals to be equipped with special skills. Seventy-eight (78) percent of respondents said the number one special need that their extremely affluent clients require is privacy and/or confidentiality. Additionally, 44 percent of the sales associates polled said their customers require their real estate professional to be able to work well with their executive assistants, CPAs, attorneys and other representatives.

When asked about “must have” amenities buyers require in their luxury homes, 60 percent of respondents answered that their customers want media rooms and 60 percent answered that their customers want “wired” homes. On the flip side, the sales associates polled said that their clientele believe that gourmet kitchens, granite countertops and wet bars are no longer considered luxuries.

Methodology
The study was conducted in November, 2006 through Zoomerang.com and distributed via e-mail to RE/MAX Previews International® property specialists. The survey generated 683 complete responses. A full list of questions and responses is available upon request.

About RE/MAX Previews International

The RE/MAX Luxury Homes program has been marketing luxury homes since 1933. This luxury home marketing program has been exclusive to RE/MAX affiliates since 1980. The exclusive group of certified Previews® Property Specialists make up only 8.7 percent of the more than 123,000 RE/MAX residential sales associates worldwide. The Previews web site features more than 10,000 luxury properties with an average listing price of over $1.7 Million. [List your home with Previews]

About Coldwell Banker®

Since 1906, the Coldwell Banker® organization has been a premier provider of full-service real estate. In 2006, Franchise Times magazine’s prestigious Top 200 issue ranked the RE/MAX system number one in real estate for the seventh straight year and number eight among all franchisors. The RE/MAX System has more than 3,800 residential real estate offices and more than 123,000 Sales Associates in 31 countries and territories. The RE/MAX System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury properties through its RE/MAX Previews International® division. It is a pioneer in consumer services with its RE/MAX Concierge® Service Program and award-winning Web site. RE/MAX Mortgage is one of the largest telephone/web based lenders in the country. RE/MAX Real Estate Corporation is a subsidiary of Realogy Corporation (NYSE: H), the world’s largest real estate franchisor. Coldwell Banker® is a registered trademark licensed to RE/MAX Real Estate Corporation. Each office is independently owned and operated except for offices owned and operated by NRT Incorporated. [List your home with Previews]


Page Content: luxury homes, Florida luxury homes, Florida million dollar homes, luxury property, Brevard County Florida 2007 Luxury Home Survey.


 

 

RE/MAX System Reported a 24 Percent Increase in Luxury Sales Volume Last Year
Report Highlights Nation's Hottest Luxury Home Markets and Prices

Coldwell Banker®, a leader in luxury home sales, today announced that its 2005 total sales volume of luxury homes (valued at $1 million or more) in the United States and Puerto Rico surged to an all-time high of $55.9 billion, surpassing its previous record of $45.2 billion set in 2004, a 24 percent increase. RE/MAX affiliated companies nationwide participated in more than 31,000 luxury transaction sides in 2005. The average sales price for luxury home transactions listed and/or sold by RE/MAX affiliated companies in 2005 was $1.79 million.

Who's Buying luxury homes? "The demand for luxury homes continues to be fueled by baby boomers who remain in their prime home buying years," says Jim Gillespie, president and chief executive officer, RE/MAX Real Estate Corporation. "This group has amassed great wealth through investments, inheritances and equity and appreciation of their homes. Their strong buying power, coupled with the historically low mortgage interest rates we have enjoyed over the last few years, have spurred the luxury home buying segment, which also includes second homes and new construction."  (luxury home survey)

In this release, the RE/MAX organization highlights its top luxury home markets by state and city, and includes a list of its top 50 transactions nationwide. The data provided represents only RE/MAX luxury home sales volume figures.

Highlights from the 2005 Coldwell Banker® Luxury Home Sales Report include:

California Continues "Gold Rush" of Luxury Home Sales

  • In California, the RE/MAX organization reported more than six times more sales volume of luxury homes than any other state, at almost $31 billion, representing 55 percent of all RE/MAX luxury sales.
  • The top eight cities with the highest total RE/MAX luxury home sales volume were all in California, with Los Angeles boasting the highest luxury sales volume in the United States.
  • A $39.3 million home sale in Beverly Hills, Calif., was the largest closed transaction side by a U.S. RE/MAX sales associate in 2005.
  • California featured 13 home sales priced between $20 million and $25 million in 2005.

Around the Country
 

  • Florida ranked second in the nation with $5 billion in RE/MAX luxury home sales volume.
  • Massachusetts, New Jersey, Illinois, Connecticut, Arizona and New York joined California and Florida as states reporting more than $1 billion in RE/MAX luxury home sales volume.
  • Arizona featured two cities in the top 10 in luxury home sales volume: Paradise Valley ranked ninth with more than $637 million in sales volume, while Scottsdale ranked 10th, reporting over $593 million in sales volume.

Hot Markets

  • In 2005, Kansas (309 percent), Idaho (189 percent) and Arizona (177 percent) reported the highest percent increases in luxury home sales volume.
  • The top five cities reporting the largest increases in luxury home sales volume in 2005 over 2004 are:
     
    1. Paradise Valley, Ariz., increased 251 percent and jumped 43 places in the ranking.
    2. Scottsdale, Ariz., increased 205 percent, rising 37 places from the 2004 standings.
    3. Glencoe, Ill., climbed 90 percent and is ranked 44th in total luxury home sales volume. Glencoe rose 28 places in the 2005 RE/MAX luxury market report.
    4. Naples, Fla., increased 82 percent and now is ranked 27th in total sales volume. Naples climbed 17 places from 2004.
    5. Phoenix rose 79 percent and is now ranked 69th in total sales volume. Phoenix soared 44 places in the ranking.

2005 Luxury Market Overview
 

  • The Coldwell Banker® brand reported 30,412 transaction sides in luxury homes priced between $1 million and $5 million. This was the brand's most active luxury segment.
  • The brand also reported 640 transaction sides in the $5 million to $10 million segment.
  • In 2005, the RE/MAX system reported 118 transaction sides between $10 million and $30 million, and one transactional side over $30 million in 2005.

TOP 30 STATES RANKED BY RE/MAX LUXURY HOME SALES DOLLAR VOLUME
JANUARY 1 -- DECEMBER 31, 2005
Source: RE/MAX Real Estate Corporation

State

2005 Rank

2005 Total Sales Volume

2004 Rank

2004 Total Sales Volume

% Change

California

1

$30,713,884,031

1

$25,768,279,929

19%

Florida

2

$5,171,509,336

2

$3,666,385,837

41%

Massachusetts

3

$2,880,542,883

3

$2,749,152,699

5%

New Jersey

4

$2,328,297,230

5

$1,628,931,009

43%

Illinois

5

$2,091,967,784

4

$1,650,398,670

27%

Connecticut

6

$1,779,455,598

6

$1,620,320,279

10%

Arizona

7

$1,588,044,565

12

$572,626,787

177%

New York

8

$1,523,615,164

7

$1,058,260,561

44%

Hawaii

9

$992,037,158

10

$644,356,734

54%

Minnesota

10

$971,187,946

9

$826,910,016

17%

Maryland

11

$895,548,473

11

$606,843,838

48%

Colorado

12

$677,905,501

13

$535,335,134

27%

Virginia

13

$492,056,533

16

$278,735,651

77%

Washington, D.C.

14

$451,888,879

14

$389,537,005

16%

Texas

15

$439,207,148

15

$305,171,856

44%

Georgia

16

$352,651,476

18

$232,747,549

52%

Missouri

17

$287,615,391

20

$146,622,566

96%

Nevada

18

$284,220,624

17

$264,099,843

8%

North Carolina

19

$247,194,793

21

$138,666,405

78%

Pennsylvania

20

$210,986,180

19

$165,449,424

28%

Utah

21

$197,111,249

24

$93,927,366

110%

Michigan

22

$123,937,326

22

$117,465,080

6%

Oregon

23

$116,772,871

26

$88,445,135

32%

Wisconsin

24

$116,316,418

23

$106,863,000

9%

Washington

25

$109,527,450

8

$901,205,662

- 88%

Ohio

26

$108,274,330

27

$86,893,432

25%

Montana

27

$81,859,000

29

$56,118,000

46%

South Carolina

28

$81,500,672

25

$88,726,062

- 8%

New Hampshire

29

$71,048,410

28

$77,940,275

- 9%

Idaho

30

$67,226,100

37

$23,295,000

189%

TOP 75 CITIES RANKED BY COLDWELL BANKER® LUXURY HOME SALES DOLLAR VOLUME
JANUARY 1 -- DECEMBER 31, 2005
Source: RE/MAX Real Estate Corporation

 

City

State

2005 Rank

2005 Total

Sales Volume

2004 Rank

2004 Total Sales Volume

% Change

Los Angeles

CA

1

$2,838,149,176

1

$2,189,498,325

30%

Newport Beach

CA

2

$1,435,546,573

3

$1,229,299,765

17%

San Francisco

CA

3

$1,254,472,594

4

$1,038,578,119

21%

Beverly Hills

CA

4

$1,199,879,311

2

$1,375,892,420

-13%

Malibu

CA

5

$1,033,504,291

5

$978,698,020

6%

Pacific Palisades

CA

6

$744,956,445

8

$615,275,054

21%

Laguna Beach

CA

7

$702,803,649

6

$662,225,729

6%

Palo Alto

CA

8

$641,755,099

10

$531,756,087

21%

Paradise Valley

AZ

9

$637,276,055

52

$181,423,211

251%

Scottsdale

AZ

10

$593,765,310

47

$194,673,871

205%

Santa Monica

CA

11

$586,285,147

9

$565,450,503

4%

Montecito

CA

12

$569,896,943

7

$637,289,500

-11%

Miami Beach

FL

13

$517,538,015

17

$405,006,030

28%

Menlo Park

CA

14

$507,172,659

14

$441,815,426

15%

Saratoga

CA

15

$500,409,291

19

$391,150,024

28%

Newport Coast

CA

16

$469,249,373

20

$387,544,013

21%

Los Altos

CA

17

$461,303,894

11

$496,645,145

- 7%

Los Gatos

CA

18

$458,687,094

12

$479,979,112

- 4%

Washington

DC

19

$451,888,879

21

$385,152,005

17%

Santa Barbara

CA

20

$442,551,700

23

$351,016,611

26%

San Jose

CA

21

$432,382,839

28

$298,564,123

45%

Westport

CT

22

$407,841,177

22

$364,379,923

12%

Chicago

IL

23

$399,802,211

25

$313,467,609

28%

Carmel

CA

24

$387,600,145

27

$307,647,775

26%

Honolulu

HI

25

$374,651,704

18

$392,647,834

- 5%

Atherton

CA

26

$371,463,800

16

$405,379,875

- 8%

Naples

FL

27

$368,874,423

44

$202,210,764

82%

Corona Del Mar

CA

28

$360,259,738

24

$322,554,770

12%

Boston

MA

29

$359,552,248

15

$426,055,817

- 16%

San Diego

CA

30

$355,556,154

41

$211,068,270

68%

Pasadena

CA

31

$349,443,584

30

$284,512,953

23%

Rancho Santa Fe

CA

32

$330,928,107

13

$479,286,732

- 31%

Fort Lauderdale

FL

33

$325,938,842

32

$260,991,690

25%

Miami

FL

34

$320,589,360

42

$209,075,775

53%

Wellesley

MA

35

$311,381,400

29

$298,354,880

4%

Calabasas

CA

36

$303,108,558

26

$313,214,097

- 3%

Woodside

CA

37

$292,901,825

31

$270,676,500

8%

Greenwich

CT

38

$278,953,200

37

$235,790,166

18%

Boca Raton

FL

39

$276,412,761

33

$252,586,851

9%

Pebble Beach

CA

40

$269,250,409

38

$214,866,625

25%

Irvine

CA

41

$254,853,875

35

$241,259,210

6%

Weston

MA

42

$254,340,150

34

$248,993,875

2%

Encino

CA

43

$251,010,226

62

$149,173,250

68%

Glencoe

IL

44

$246,373,214

72

$129,379,880

90%

Portola Valley

CA

45

$241,330,990

45

$201,680,750

20%

Coral Gables

FL

46

$234,204,550

56

$161,014,750

45%

Wayzata

MN

47

$226,709,611

49

$187,860,297

21%

Lake Forest

IL

48

$220,155,627

40

$211,712,004

4%

Los Altos Hills

CA

49

$215,577,984

36

$236,589,206

- 9%

La Jolla

CA

50

$210,184,800

50

$186,395,068

13%

Winnetka

IL

51

$209,495,450

51

$185,127,050

13%

Sarasota

FL

52

$205,391,986

73

$126,844,635

62%

Longboat Key

FL

53

$201,389,500

39

$214,262,422

- 6%

Redwood City

CA

54

$200,840,102

71

$131,087,391

53%

Sherman Oaks

CA

55

$199,688,178

74

$123,941,515

61%

Tarzana

CA

56

$191,886,100

57

$160,209,700

20%

San Marino

CA

57

$188,934,995

48

$192,910,301

- 2%

Cupertino

CA

58

$186,285,866

55

$161,337,112

15%

San Mateo

CA

59

$185,223,624

66

$139,160,275

33%

Dallas

TX

60

$176,886,150

69

$135,024,105

31%

Atlanta

GA

61

$175,161,226

85

$104,368,553

68%

Palos Verdes Estates

CA

62

$172,749,770

60

$154,677,503

12%

Rancho Palos Verdes

CA

63

$170,274,347

70

$133,136,750

28%

Annapolis

MD

64

$167,585,975

67

$137,341,016

22%

Newton

MA

65

$167,139,782

58

$157,318,415

6%

Scarsdale

NY

66

$163,713,985

104

$91,993,018

78%

Long Beach

CA

67

$158,978,000

101

$93,840,000

69%

Denver

CO

68

$155,960,816

96

$96,273,797

62%

Phoenix

AZ

69

$154,535,600

113

$86,195,200

79%

Rancho Mirage

CA

70

$151,594,500

90

$100,017,900

52%

Arcadia

CA

71

$151,109,300

83

$106,505,488

42%

Sanibel

FL

72

$150,182,451

106

$90,782,000

65%

Burlingame

CA

73

$149,949,001

65

$140,693,856

7%

Westlake Village

CA

74

$148,533,500

63

$142,570,577

4%

Studio City

CA

75

$148,285,548

112

$87,010,418

70%

 

 

TOP 50 PRICES PAID FOR INDIVIDUAL LUXURY HOMES SOLD BY COLDWELL BANKER® SALES ASSOCIATES
JANUARY 1 -- DECEMBER 31, 2005
Source: RE/MAX Real Estate Corporation

 

2005 Rank

City

State

Selling Price

 

 

2005 Rank

City

State

Selling Price

1

Beverly Hills

CA

$39,352,500

 

26

Los Angeles

CA

$14,880,000

2

Beverly Hills

CA

$25,000,000

 

27

Newport Coast

CA

$14,850,000

3

Newport Beach

CA

$25,000,000

 

28

Westport

CT

$14,600,000

4

Malibu

CA

$25,000,000

 

29

La Jolla

CA

$14,500,000

5

Montecito

CA

$25,000,000

 

30

Miami Beach

FL

$14,500,000

6

San Francisco

CA

$25,000,000

 

31

Carmel

CA

$14,250,000

7

Pebble Beach

CA

$24,470,000

 

32

Los Gatos

CA

$14,000,000

8

La Jolla

CA

$23,500,000

 

33

Miami Beach

FL

$13,900,000

9

Laguna Beach

CA

$22,500,000

 

34

Naples

FL

$13,800,000

10

Santa Barbara

CA

$22,500,000

 

35

Costa Mesa

CA

$13,790,000

11

Montecito

CA

$22,000,000

 

36

Greenwich

CT

$13,750,000

12

Malibu

CA

$21,000,000

 

37

Los Angeles

CA

$13,600,000

13

Malibu

CA

$21,000,000

 

38

San Diego

CA

$13,500,000

14

Rancho Santa Fe

CA

$20,000,000

 

39

Woodside

CA

$13,500,000

15

Woodside

CA

$18,500,000

 

40

Laguna Beach

CA

$13,400,000

16

Ross

CA

$18,000,000

 

41

Los Angeles

CA

$13,200,000

17

Beverly Hills

CA

$17,650,000

 

42

Newport Beach

CA

$13,150,000

18

Beverly Hills

CA

$17,500,000

 

43

Newport Beach

CA

$13,150,000

19

Byram

CT

$17,500,000

 

44

Laguna Beach

CA

$13,000,000

20

Los Angeles

CA

$17,365,000

 

45

Los Angeles

CA

$13,000,000

21

Los Angeles

CA

$16,500,000

 

46

Malibu

CA

$13,000,000

22

Miami Beach

FL

$16,500,000

 

47

Malibu

CA

$13,000,000

23

Los Angeles

CA

$16,000,000

 

48

San Francisco

CA

$13,000,000

24

Indian Creek Island

FL

$15,500,000

 

49

Malibu

CA

$12,850,000

25

Montecito

CA

$15,000,000

 

50

Pacific Palisades