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It's actually not even real jurisdictions sometimes and just a "sub-market" name. Greater LA is not the metro since they count Orange County separately. I've seen this done in other luxury real estate reports too where they're very loose with such definitions and are basically just looking for names for concentrations of super expensive property.
For LA it's basically a conglomeration of areas where a lot of these types of sales happen (so the super wealthy foot-hill and beach-front neighborhoods). In NYC, which is much more compact, Manhattan by itself is a natural sub-market that neatly captures a very large fraction of such sales in the NY Metro. So when they say Manhattan it's not New York County per se, its the part of NYC where ultra-luxury properties abound.
And I'm pretty sure San Diego here doesn't mean the city. It almost certainly will include surrounding cities with very high end real estate (Del Mar, Rancho Santa Fe etc).
I live in a suburb where the average home is around $800k and it is regarded as one of the most prestigious in the area.
An $800k listing will be entertained by almost any luxury broker in the Midwest. An $800k home is going to be purchased by someone with a salary far above average.
Redfin gives you a luxury agent automatically for anything over $1 million.
As usual San Antonio gets snubbed from the TX section lol. Kind of odd since Tony Parker's house was a 19-20M listing, George Strait's was pushing 9M and Jordan Clarkson bought a house in the Dominion for 7.5M.
I think it's a pretty good snapshot, and indicative of where wealth areas are situated in the US in higher concentrations, to list out the states, from the Compass list:
California
Colorado
Connecticut
The DMV (DC, Maryland, Virginia)
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Massachusetts
New Jersey
New York
Pennsylvania
Rhode Island
Tennessee
Texas
Washington
Wyoming
I disagree with you there. The places with the most multi million residences is not a good snap shot of concentrations of wealth.
You list a place like Indiana above a place like Texas,but just because real estate in Texas is relatively cheap doesn't mean there isn't a high concentration of Millionaires there. If I remember correctly Houston has the 5th largest concentration of millionaires and Dallas is like 6 or 7.
I live in a suburb where the average home is around $800k and it is regarded as one of the most prestigious in the area.
That’s kinda the point though. You aren’t going to find many suburbs where the average home is a luxury home outside a gated community. So while the suburb with $800k average homes is expensive and/or nice, luxury means something more in this context.
$10 million+ is a ridiculous benchmark for "ultra-luxury." In my market, Chicago, luxury is going to start at around $800k-$1.5 million and ultra-luxury is probably starting at $2-3 million. I could have all the money in the world. I'd still probably want to be in Illinois, but there are very few properties here that are actually worth more than $10 million.
If you had all the money in the world the place you'd choose to live is...Illinois? Bro.
If you had all the money in the world the place you'd choose to live is...Illinois? Bro.
Warren Buffet lives in Omaha
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