In a recent article in Barron’s, the financial magazine reports that luxury home sales and construction are picking up in some markets. Overall, the media sales price of $1 million-plus homes dropped 3.6%, but several markets saw substantial increases.
Barron’s identifies Sea Island, Georgia as the top luxury second home market. With median prices that increased 31.8% over the previous year, the Sea Island improvement bested other luxury markets like Palm Beach, Pebble Beach, Kiawah Island and Scottsdale.
While Sea Island, adjacent to St. Simons Island, is a unique sub-market in the Golden Isles, the improvement spills over to our local economy and second-home sales in area neighborhoods.
Where America’s Top Retreats Stand in 2013* (for the full article and market list, click here to visit Barrons)
Median Sales Price
|1. Sea Island, Georgia|
|2. Palm Beach, Florida|
|3. Hanalei, Hawaii|
|4. Pebble Beach, California|
|5. Martha’s Vineyard, Mass|
|6. Park City, Utah|
|7. Vail, Colorado|
|8. Kiawah Island, South Carolina|
|9. Scottsdale, Arizona|