Bess Freedman, CEO of Brown Harris Stevens Real Estate, speaks about new developments in the real estate market and the impact of President Biden’s tax increases on housing. Wealthy Americans who left cities like New York, San Francisco and Chicago during the pandemic moved into new homes in cities like Salt Lake City, Phoenix and Dallas, a new report suggests. More space, affordable taxes, and relaxed COVID-19 restrictions were just a few of the reasons wealthy individuals discovered new housing markets in the west and south during the coronavirus pandemic, according to a new report from real estate agent Coldwell Banker. The 132-page research analysis used market data such as local property sales prices and the total number of homes sold to highlight the new locations where luxury home buyers have taken root. More space, affordable taxes, and relaxed COVID-19 restrictions were just a few of the reasons wealthy individuals discovered new housing markets like Phoenix during the pandemic. (iStock) “Efforts to secure wealth resulted in people throwing larger nets into real estate, stocks, art, technology, games, and other niches; many accelerated plans to move to more tax-friendly places, ”the report said, explaining:“ Ideas Wealth itself also changed when the wealthy relied on ‘immaterial luxuries’ such as family, health, safety, security and space. ” AMERICANS CONSIDER REAL ESTATE A “HEALTHY INVESTMENT”: MILLION DOLLAR LISTING STAR RYAN SERHANTCS like Phoenix and Dallas have been labeled “secondary markets” for wealthy homebuyers. Phoenix, in particular, has become a hub for Californians in what is known as a “mass exodus.” “Fled the city,” noted Debbie Frazelle of Coldwell Banker, a real estate agent in Phoenix, in the report, adding that people coming from San Francisco, Seattle and Chicago were also attracted to cheaper taxes. According to Lori Arnold, who is a Dallas-based Real estate agent for Coldwell Banker, home sales in Dallas alone rose compared to 2020 h on the 2019 data due to a 62% increase in overseas buyers. In addition, buyers of luxury real estate from states such as New York and California found Salt Lake City, Utah, attractive. Many made the move in part because of the local presence of big tech companies like Adobe, Facebook, and Microsoft, according to Molly Jones, a real estate agent out of Coldwell Banker Salt Lake City. FOLLOW US ON FACEBOOK FOR MORE FOX LIFESTYLE NEWS In fact, many who left expensive cities in 2020 were “less concerned about status” and “looked for“ hidden gems ”locations where the dollar carried them and good schools access to open spaces, and a family-centric lifestyle. “This demographic tended to have net worths of around $ 1 million to $ 5 million, according to the report.
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