The times are changing for luxury real estate buyers across the nation.
Confirming real-estate industry suspicions that the nation's wealth effect is in fact having a huge impact on real-estate purchases, a California Association of Realtors survey reveals that last year 12.5% of home buyers in the San Francisco Bay area used profits from the stock market to make their down payments.
In New York, more than half of the home buyers in Manhattan are single and worth well over $1 million, according to a July study by Corcoran Group. The study shows that Manhattan's average buyer is 38 years old and has an annual salary of $402,000 and a net worth of $2.491 million.
Such a young buyer looking to purchase a Manhattan residence will note that an average sale price on Fifth Avenue is $1,589,000 and $875,000 in TriBeCa.