The luxury housing market in some of the largest, most desirable U.S. real estate markets is surging. Prices in these areas are generally exceeding expectations, and while many other aspects of the economy have been uncertain, luxury housing remains steady.
The reason? According to many real estate agents: Foreign investors.
Research experts also cite a strong U.S. economy and “financial volatility abroad” for the draw of foreign buyers to U.S. cities like Los Angeles, San Francisco, Miami, and New York.
Los Angeles and San Francisco ranked #2 and #3 respectively nationwide for the highest price luxury home sales in the final quarter of 2014 according to the research center for Redfin. Miami holds the top ranked slot with a surge in buyers from Europe and South America.