Real estate has been an ever-growing business since the second world war. A property management service can help you find luxury real estate in the United States. Defining luxury is a real difficulty. The phrase has different price markers in different parts of the world. We are talking about the different states in the US. So, let’s focus on the states.
It is sometimes not the expensiveness of the property or real estate. It is the luxury elements that are present in a real estate property. Due to the cost of space in a few states, the prices are higher than in other states. Say, for example, New York is one of the most expensive states in the US when it comes to land prices. Due to the high concentration of the population there and the high number of buildings in the residential area, the prices for properties are much higher. Whereas, you can have a much more luxurious property in the state of Florida for the same price or cheaper.
You can find such luxury real estate through a property management service in any of these states. The real estate prices are too liquid, meaning, any fluctuation in the global market can impact the prices heavily due to the expensiveness of these properties. When there are crises around the world, real estate prices usually go down. They went down in 2008 with the economic recession. The prices kept going down till about 2012 and then started going up. The real estate prices haven’t hit the all-time high yet, but they are about to according to the current trends.
Having said that, let’s look at the top five states where there is luxury real estate that you could invest in. Out of the 50 states of the United States of America, the following five states seem to have the best luxury real estate. We don’t include Washington DC because it’s just a federal district and not a state.
1. Florida
The state of Florida has luxury real estate up to USD 90 million and above. Some of the top properties are not even listed with pricing; the prices are announced upon request. Florida is a flat state, in fact, the flattest state in the country. The state is covered by a whopping 2170 km coastline which makes it naturally apt for beach houses and luxury property. The state also has 18% water in its inland area. This also allows for some of the beautiful real estate setups to be present.
Comparing the prices, the state of Florida has some of the lower-priced properties than in other states due to the high number of locations available for luxurious properties. In addition to the coastline and inland waters, the state also holds barrier islands.
Barrier islands are dune systems that form as a result of tidal activity and these islands form in parallel to the mainland. As the barrier islands are flat and sandy, they offer some of the best locations for luxury real estate. As Florida has many of them, it is evident why the prices of luxury real estate are lower in Florida.
Florida is also one of the two states in the US to have a tropical climate. It has a subtropical climate in the north and the tropical climate exists in the southern part of the state. This is also one more reason why there are so many luxury establishments. With a tropical climate, you will never need to migrate from your property and can enjoy the environment throughout the year.
If you have felt in love with Florida for luxury real estate then you should contact one of those property management service agencies. The agencies should be able to provide you with a listing and with the details of these properties.
A few locations of interest might be Key Largo, Miami Beach, Coral Gables, Palm Beach, Naples, Jupiter, Bal Harbour, Wellington, West Palm Beach, and Captiva.
2. California
California is a large state with the largest population amongst all states. It has over 39 million people. With the highest population and the third-highest land area, this place has competition. Starting from metropolitan areas to the Pacific Coast, the state has a wide range of geographical regions. There are temperate rainforests and deserts as well. One can find culture from the Spanish rule, the Mexican rule, and all the way up to the modern lifestyle and buildings there.
With the highest population also comes the high number of rich people. There are a lot of luxury estates everywhere. The prices are high compared to those in the state of Florida. The famous Silicon Valley is also present in the state of California.
The topography of the state also presents waterbodies up to -279 ft deep and mountain tops up to 2900 ft. This allows for a wide variety of luxury setups in different geographic and topographic locations. The seafronts with rocky mountains present a unique niche of luxury buildings.
There are particular locations that have very high and expensive luxury properties ranging up to USD 1 billion and above. Malibu, Rancho Santa Fe, Los Gatos, Tiburon, Belvedere, Beverly Hills, Cambria, Pacific Palisades, San Diego, Newport Beach, Montecito, Laguna Beach, and San Fransisco are a few such locations to name.
3. Connecticut
Your property management service can also recommend Connecticut to you for luxury real estate. The properties might be cheaper than those from the state of Florida and California. Some of the locations where you can find fine and luxury real estate are Greenwich, Ridgefield, Redding, Stonington, Washington, Cornwall, Stamford, Westport, Old Lyme, Madison, and Sharon.
Connecticut was one of the first states to ratify the US Constitution and it became the fifth state in the US on the 9th of January 1788. The state of Connecticut has long survived the industrial revolution, the civil war, and the modern days. You can see the different cultural and historic evidence everywhere in the state.
The suburban areas have had a growth in the post-world word context along with many other states and built highways and developed a lot. Apart from the human-made developments and interventions, the state also has a high contrast of climate types. The state has the transition between the humid continental climate the humid subtropical climate. The hot humid summers and cold winters offer seasonal residences.
Due to this unique climate, the state has a lot of luxury real estate that operates seasonally. Though there are cold winters, the state has a higher sunshine rate than the national average which favors luxury buildings. The seasons in Connecticut are defined as early spring, mid-spring, late spring, and warm weather by late May.
The forests, dry zones, snowy parts, beaches, and seafronts all create better locations for luxury real estate. Though the state is one of the least in area, ranking 48th out of the 50 states, it has this huge variety of climate and weather. As a result, the real estate here gets costly, but not as costly as the states of Florida and California.
4. New York
New York is obviously one of the costliest in terms of land area. With the fourth highest population, the state comes with its needs and competition for real estate prices. Due to the average size of land area amongst states, the state has a fair distribution of population with the 7th dense population in America. The population density is one other reason why real estate is expensive in New York.
Though the prices are high, people still envy the real estate here due to the access to various institutions, facilities, and the luxury of the state itself. It is interesting to note that the income rank of this state is 14th out of the 50 states but the demand for properties is high. The New York real estate market was one of the worst-hit in the 2008 economic recession. But it also kept coming back from the fall.
The number of enterprises, companies, and businesses in this state is staggering. The state is almost like a hub for education, enterprise, and global economic interaction. The state also has its fair share of topographical features, climate patterns, and geographical variations. The coastline is also huge, having islands, beaches, and seafronts, it allows for some of the seaside luxury properties.
There are about 10 languages including English spoken in the state, making it one of the socially cohesive states not only in the states but also in the world. The locations of interest are numerous. And the price tags are in billions.
5. Massachusetts
The Commonwealth of Massachusetts is one of the smaller states in the US, ranking at 44th place, area-wise. The population is low, but the population density is very high, ranking in the third position among all states of the US.
Although the state is small, it still has high topographical variations. The highest point of elevation is above 7000 ft, and the lowest point of elevation is at zero. This means, that within the small state, there are a lot of elegant locations for luxury living.
Although the coastal lineup is smaller compared with other neighboring states, it has a high variation of landscapes along the coast. This allows for a bloom of real estate in the state. Property management service agents would not have a listing without a few properties from Massachusetts.
It has a long history and historical locations. It’s not just limited to the past and history, there are also technological landmarks in the state. The famous Massachusetts Institute of Technology is from here as well. Although small and population, the state comes at the second rank in income, which means there is wealth to accommodate luxury real estate.
A few locations in Massachusetts with luxury real estate are Nantucket, Weston, Sandisfield, Osterville, Chilmark, Orleans, Edgartown, Boston, Mashpee, Marblehead, and Barnstable.
Conclusion
Luxury real estate varies in size and cost. It is not necessarily the most expensive one that is the most luxurious, nor is the largest is the most luxurious. Each city, county, and state have a different set of parameters and the different properties also have different purposes.
There are single and simple residences that have very high luxury facilities. Some of these facilities are purely luxurious in their precise locations to have a full view of nature. Most of the properties are located at or around the beach or some waterfront to give the full sense of nature.
Although there is technology available in all these luxury real estates, the real price tag seems to go to the natural and environmental value of things. A few buildings are simply too expensive due to their architectural design. A few of them consist of large water bodies and grass fields and some are older, like renovated castles.
Thus, the term luxury means different to different people, the cost of this luxury real estate also relies on the taste of the people who can afford them. Speaking of the top five states for luxury real estate in the United States, the most expensive ones could be found in California and New York, but these are residences of people, mostly.
People build up luxury buildings and then reside in them in these states. If you have a close look, these would be their primary residences. So, you might not easily find real estate for purchase, although there are a lot, because of the owners residing there.
But if you take Florida, the state has year-round fine weather which provides some of the best conditions to live with. And these are not necessarily the primary residence of the people and therefore, they are not necessarily always occupied. The prices are also not as high as they would be in the other states.
Although we have mentioned a few useful information about the top five states for luxury real estate, it is best to reach out to a property management service to know better and pinpoint your luxury real estate.
