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  Columns > Khalil & Kane > Market Overview: Luxury Real Estate in North America

   Published in: January 2007
 
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Cancun, Mexico. Now, with direct flights from the U.S., new developments, and luxury beachfront condos, Americans and other international buyers are looking at Mexico's Riviera. The coastal city in Mexico's easternmost state, Quintana Roo, sees over 3 million tourists a year visiting the area, and that number is said to be increasing by about 3% a year. The popularity of this area is very likely to continue. The business of real estate in Cancun has some features that will make it seem familiar. Some of the properties are offered with financing, rare in most of Mexico and there is no shortage of options - from luxury apartments, houses, villas, town houses, hotels and countless other commercial investment opportunities. Much of the action is outside of Cancun, too, going along the coast on what's called the Maya Riviera. Areas that were sleepy fishing villages only a few years ago are building up and there seems to be no shortage of investors looking to place their money into this beautiful, Caribbean, sea city.

 

Charlottesville, Virginia. Charlottesville was ranked the best place to live in the United States in the book Cities Ranked and Rated by Bert Sperling and Peter Sande. Grand estates (which are often sold frequently), the magical effects of the four seasons, the glorious countryside, and the nearby university bring baby boomers looking for an oasis outside of major cities. Despite attempts by some national analysts to spread gloom and doom over the housing market, 2006 is shaping up to be a banner year for real estate sales. In fact, this year will likely be the second best ever recorded in the Charlottesville area - and the third best ever, nationally.

 

4627 Brighton Road, Corona Del Mar, California. This unique, artistically-designed estate features beyond-five-star resort luxury – seen in the opening photo of this story – and sits atop a private, triple oceanfront lot in Orange County. US$75 million for this eight-bedroom dream-house. For more information, click here.
 

Newport Beach, Orange Country, California. The county is known for its wealth and political conservatism, although it is in reality neither as uniformly wealthy nor as homogeneously conservative as its stereotypical image suggests. In California, Coldwell Banker reported nearly seven times more sales of luxury homes than any other state with almost $20 billion in sales volume. The climate of Newport Beach is very mild and cool, with average summer temperatures at 24 degrees Celsius and the average winter temperature roughly 18 degrees. With average annual rainfall of little more than 30 centimeters, Newport Beach exudes beauty and perfect weather nearly all year round - hence, it’s notoriety as a celebrity home town.

 

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