The Real Deal New York

Global surge in second-home buying is being led by this American city

Santa Fe is a prime example as one of the hottest markets in the world, according to Christie's
June 03, 2018 12:15PM

(Credit: Max Pixel, Public Domain Net)

Santa Fe is the king of luxury second home markets.

The news comes fresh from Christie’s annual luxury housing analysis, which declared the city the global winner based on its luxury sales volume hitting levels “not seen since 2005-2006,” according to Mansion Global.

Who are the buyers flocking to New Mexico’s capital city? Sotheby’s International Realty agent Darlene Streit says there’s the usual suspects from Texas and California, but, increasingly, those from further away are showing up: “Lately we have been seeing a lot of people coming from Colorado… We’re also seeing a lot more New Yorkers,” she told Mansion Global.

Streit estimates about half of the residential housing market is made up of buyers looking for second homes; she defines Santa Fe’s luxury listings as properties going for more than about $1 million.

Globally, the sales volume of houses used as second homes, or for vacation purposes, increased by nearly 20 percent last year, as per Christie’s analysis. [Mansion Global]Erin Hudson