Unprecedented Increase in Millionaires, Demi-Billionaires in U.S. Hits Texas Real Estate
BRENHAM, TX -- An unprecedented increase in millionaires and demi-billionaires in the United States has given rise to the purchase of new properties in Texas, according to one of the state’s highest-ranking real estate executives.
“There has been an uptick in the numbers of listings and sales of multi-million dollar properties because of the increase in the wealthy migrating to our area,” says Kelli Brennan, vice president of Coldwell Banker Properties Unlimited who runs the highest selling office in the region. “Many millionaires and demi-billionaires in the market are buying their second or third homes, and Texas is one of their desired destinations,” she says.
In the U.S. there are now 32 million millionaires, defined as those with a net worth of $1 million or greater, and there are approximately 2,000 demi-billionaires, those with more than $500 million in assets, which is a sharp increase since the 1980s, according to Coldwell Banker’s Global Luxury® brand. Two of the top 15 locations in the U.S. for the ultra wealthy are the areas of Dallas-Fort Worth-Arlington and Houston-The Woodlands-Sugar Land and those residents are looking for a home nearby, Brennan says.
Those looking for their million-dollar properties think the Texas Triangle is a prime location due to lush land and outdoor living features such as ranches, lakes, cabins and resort-style amenities that they can purchase while still being close to Dallas and Houston, says Brennan whose agent just closed on a $4.4 million property. Brennan’s company has more than $58 million currently listed.
PHOTO AND VIDEO CUTLINE: The influx of millionaires and demi-billionaires in Texas make this $2.75 million Tuscan-style home in Brenham a hot property, according to the latest research, says Kelli Brennan, vice president of Coldwell Banker Properties Unlimited. That is because it includes lux outdoor living amenities such as swimming pools, fishing ponds, cabins and expansive land complete with tractors and trailers close to metro areas such as Houston and Dallas.
ABOUT: Coldwell Banker Properties Unlimited, located in Brenham, Texas, has been the highest selling office in the region for the past 31 years according to the Houston MLS. The agency is now in its 31st year in the Brenham area and went from closing $5 million in its first year of business to closing $10 million in its first week of business in its new Smart Building last year.