Record number of luxury homes sold in 2005

A record number of luxury homes were sold in Bermuda in 2005 according to figures released yesterday by Coldwell Banker Previews International.
The sale of 30 luxury homes – classified as any home priced at or above $2.5 million – represents a 100 percent increase over 2004 when just 15 homes in this category sold.
The highest priced property last year sold for $10 million which is not a record.
Coldwell Banker Previews International realtor Brian Madeiros said that it is "phenomenal" that the market produced 30 such sales.
"It shows that price bands and the luxury market are really starting to rise," he said.
"Bermudians have been the prime drivers of our luxury home market and that has occurred because Bermudians are really benefiting from our international business sector and the local service sector which supports that group," Mr. Madeiros said.
The typical home buyer is "younger, more affluent and lives in Bermuda" according to Coldwell Banker's statistics for luxury home buyers last year which show that 60 percent of those buyers had kids under 20, while 70 percent of them were aged 40-50 and 60 percent were Bermudian.

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