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Hawaii, Colorado See Biggest Luxury Price Surges of 2017


Maui, Hawaii, and Eagle County, Colorado ... “More than anything people look at property here as a blue chip asset in a real estate portfolio,” said Matthew Blake, a Vail-based broker for LIV Sotheby’s International Realty. “There are more golf ...


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A surge in wealth in the United States over the past 12 months has stimulated second-home markets in states like Hawaii and Colorado, according to data from Realtor.com. Maui, Hawaii, and Eagle County, Colorado, saw the country’s fastest luxury price growth, even beating out metropolitan housing hubs like New York City and San Francisco and their expensive suburbs, according to the data. More: Fleetwood Mac Bassist John McVie Lists Hawaii Home In Maui, luxury prices, defined as the top 5% of sales, increased nearly 33% to an average of $2.485 million in 2017 compared to the year prior, according to Realtor, which will release its full report on Jan4. The U.Sled the world in wealth gains over the past year, tallying more than a million new millionaires in the last year as stock prices surged, according to Credit Suisse’s Global Wealth Report published last month. “So far, the Trump presidency has seen businesses flourish and employment grow, though the ongoing supportive role played by the Federal Reserve has undoubtedly played a part here as well, and wealth inequality remains a prominent issue,” said Michael O'Sullivan, CIO for International Wealth Management at Credit Suisse. The Hawaiian islands have dominated price growth as constrained inventory pushes prices up in the mainstream market, tooIn Maui, median sales prices soared 9.5% in the mainstream market. While Maui topped the list last year, more islands have crept into Realtor’s top 10 in terms of luxury price appreciationKauai came in at No4 in the country with a 25% leap in average luxury price in 2017The Big Island (Hawaii) came in No5 with a 24.8% price increase in 2017. Realtor’s rankings compare 74 counties, all have which have seen at least 100 home transactions valued at least $1 million. Eagle County, home to trendy ski resorts like Vail and Beaver Creek, ranked No2 in the country for luxury price growth as the area transforms into a year-round retreatAverage prices jumped 31.5% in 2017 to $2.89 million. “More than anything people look at property here as a blue chip asset in a real estate portfolio,” said Matthew Blake, a Vail-based broker for LIV Sotheby’s International Realty“There are more golf courses than stop lights in Eagle County.” More: Colorado’s $105 Million Cielo Vista Ranch Sells Stock market gains have led to a flurry of activity in the area this year, including the two most expensive sales in Vail’s history, one house for $23 million and another for $28.7 million, MrBlake said. Summit County, Utah, was another ski resort hub with double-digit price growthIt ranked ninth for fastest luxury appreciation, increasing 12.2% in 2017 with an average price of $2.122 million thanks to the rising attraction of Park City and Deer Valley. Only three primary markets were in the top 10 for luxury price appreciationBrooklyn, New York, came in at No3, with average price rising 30% in 2017Seattle and its suburbs (King County) came in at No8, with luxury prices rising 14%, and San Francisco’s wealthy bedroom community of Marin County came in at No10, as prices climbed 11.6%. 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