Source: Hubble Homes
When you think of luxury real estate you automatically think glamorous big cities, beach towns, and popular destinations. Normally, wealthy home buyers think of dropping their investments into real estate in New York, Los Angeles, Paris, Dubai or other international cities. According to a recent Coldwell Banker report, “places generating interest form the richest 1% all smaller inland markets.”
Believe it or not, the top luxury market currently is Boise, Idaho. You may not know where that is because they are better known for their potatoes rather than real estate. Why is there a drastic change in busy cities to smaller towns to buy luxury properties? It’s partially due to wealth migration from higher-tax states to lower-tax states. There is a greater opportunity at a more valued cost for wealthy buyers.
Boise, has been attracting West Coast buyers for a few years now due to beautiful mountain views and fast-growing tech sector. Although, like everything else, with the constant flow of new residents it has been driving prices up in the once-affordable city in Idaho.
According to realtor.com as of Feb. 1, the median home list price in the metro area of Boise was $375,000. Could you imagine a luxurious and stunning property for that price?!