The hot markets will always include Belair and Fifth Avenue, but high-end real estate is also appreciating in less common regions. Finding a swanky penthouse in the Upper East Side is likely out of reach for most, but plunking down a couple million for a penthouse in Wayzata Minnesota may be feasible.
“The hot luxury markets are moving around, based on where the lifestyle is wonderful and the economic fundamentals are solid,” says Laurie Moore-Moore, president of the Dallas-based Institute for Luxury Home Marketing. “Today, we’re looking at a whole different group.”
“The smart money has started to appear,” says Melanie Delman, president of Lila Delman Real Estate, an affiliate of Christie’s Great Estates in Narragansett. “But the pricing here is still better compared to the Hamptons and Nantucket. It’s still a little bit undiscovered.” According to Delman, Rhode Island coastal towns such as Watch Hill, Westerly, and Misquamicut are winning the attention of professionals from New York City and Boston, as well as retirees. From Yahoo!Finance