With the inventory of luxury homes down by about one-third and wealthy foreign buyers looking to make safe-haven investments, prices are rising in America’s most expensive zip codes. A booming US technology sector and renewed interest in vacation homes have been strong contributing factors as well. [For the 100 most expensive US zip codes, visit Forbes]
“Many of the world’s new wealthy are looking for places to park their money and despite the economic uncertainty, the pattern is to buy and hold property in the U.S.,” says Jonathan Miller, chief executive of Miller Samuel, a New York-based appraisal firm. Real estate agents from New York City to Miami say their luxury markets are hotter than ever.