Lifestyle Draws Homebuyers in Luxury Market

COACHELLA VALLEY, CA—While the housing sector recovery has been slow and steady, the luxury-home market is recovering more rapidly in some markets. In fact, in the Coachella Valley area of California, luxury-home sales—defined as sales priced at $700,000+—have increased by 53% in the last 12 months while sales of homes under $300,000 are down 6.5% during the same period, according to Market Watch LLC‘s desert report. GlobeSt.com spoke with Bill Bone, founder and CEO of the Sunrise Co., a residential and country-club community developer whose Toscana Country Club community in Palm Desert is enjoying great success, about the luxury market’s health and why it was able to remain above water during the recession.

GlobeSt.com: Why is the luxury home market faring so well at a time when the country is still in the midst of economic recovery?