Waltham-based Michael Snedeker is a real estate developer and executive vice president of Elite Building Corp. While mostly involved in commercial real estate, Michael Snedeker has also been involved in developing luxury apartments. Even amid a real estate environment that is focusing on sustainability, there are locations around the US where luxury residential housing is still very popular.
In recent years, the overall trend toward consumers purchasing luxury homes has decreased in the US. One very plausible reason is that the recent changes in tax laws and the upcoming election year have many investors and prospective home buyers holding onto their money. Another solution is the luxury home market is a niche one dependent on the location of the residential area, which can account for a few aberrations.
For example, luxury residential homes sales have not changed in places like Miami and Beverly Hills. Again, tax laws are the reason why many affluent are choosing to purchase luxury homes in Miami. In both Miami and Beverly Hills, wealthy purchasers-both national and international-are taking advantage of the current buyers’ market.
Boston is another market where the luxury residential home is trending. Boston has one of the highest rents in the country with many professionals commuting or seeking other living arrangements. Even so, the types of the industry within the city (finance, technology, and biomedical industries and world-class university) make it possible for residents to afford the high rents on these very exclusive luxurious apartments. In an even interesting twist, there is more than enough money in the city that residents on the hunt for their spacious quarters are most likely to find themselves in a bidding war.