Demand for high-end goods and real estate might not run in tandem, but they are both good indicators of emerging or improving luxury markets. In February 2025, for example, Sotheby’s held its first international auction in Saudi Arabia. The sale in the historic town of Diriyah included fine art, watches, jewelry, handbags and sports memorabilia. In downtown San Francisco, California, meanwhile, esteemed
Oman estimates that the average price of a luxury property in the Salt Lake Valley is now US$3 million. From March 2024 to March 2025, there were 124 sales between US$2 million and US$3 million in the city and nearby suburbs, a 53% year-over-year increase. During the same period, 39 homes sold for over US$3 million and seven for over US$5 million, with US$7.5 million being the highest price.
Just before the end of 2024, a US$65 million chalet in one of Deer Valley’s most exclusive neighborhoods, Deer Crest, sold within four days, Oman says. In nearby Park City, US$10 million is the threshold for the upscale market, and inventory is anticipated to grow as an extensive expansion of Deer Valley’s east side continues. However, ski-in/ski-out gated communities such as the Colony at White Pine Canyon and Deer Crest remain the prime luxury locations, Oman adds.
Park City might reign as the premier upscale area, but Utah luxury covers a broad sweep of land between the Oquirrh and Wasatch Mountains along the Salt Lake Valley. In addition to Salt Lake City’s traditional luxury addresses along the East Bench, Federal Heights, the Avenues and Holladay, upscale homes and new luxury neighborhoods can be found in Draper, Herriman and Alpine.
What brings buyers to Utah? Outside observers often attribute the growth of luxury property in Salt Lake City to an influx of tech money from entrepreneurs and companies such as Adobe, Ancestry, Clearlink, Qualtrics, Vivint and others. In recent years, parts of Salt Lake Valley have been dubbed Silicon Slopes. Oman recently listed a US$17 million European-style estate in the Provo-Orem area that is the former home of Bruce Bastian, one of Utah’s original tech legends, who founded early text-editing software firm WordPerfect.
But the state’s appeal stretches beyond the tech industry, according to Oman. “Utah has a tremendous economy, and people are coming here for diverse reasons,” he says. These include the cost of homes compared to other markets, ease of access, year-round recreation, culture, the arts, education and access to excellent healthcare. “It’s certainly driven by a lot of wealthier C-suite buyers, but I also see many doctors, researchers, biomedical engineers and individuals with manufacturing and construction backgrounds,” he adds. In the 2000s, Utah became a top location for industrial banks and a growing financial services sector continues to attract newcomers.
Known for its beautiful mountain backdrop, Salt Lake City in Utah was among the cities highlighted in Henley & Partners USA Wealth Report 2024 as a “future wealth hub”—a distinction it earned through its reputation as one of America’s “least-stressed city,” with lifestyles centered around an abundance of ways to play outdoors, from skiing and riding to fly-fishing, biking and rock climbing. It is rising in popularity as a base for tech and financial start-ups.
“Utah is a great place to raise families,” says Oman. “It’s driven not so much by the types of jobs people might have but by the lifestyle they can have here. One of the biggest feeder markets are people with ties to Utah.” California has always been a significant state for incoming residents, along with Arizona, Texas and the Pacific Northwest. Now, Utah’s pull extends to Florida and New York. “And then it spills over to all the other states,” says Oman.
Luxury revival in San Francisco
Not so long ago, reports from San Francisco, California, detailed the flight of retailers from the downtown area. Today, previously vacant stores are being occupied by brands that cater to the ultra-wealthy, transforming Union Square into a premier destination where shopping by appointment and prime European retailers are the norm, according to a February 2025 report from real estate data company CoStar.
It’s not just high-end retailers that have their sights on the city. An April 2025 report from Bloomberg, among others, shows growing interest and purchases of commercial properties from a range of big names, including Golden State Warriors’ star Stephen Curry, Google’s Sergey Brin and well-capitalized investment groups. On the residential side, agents are seeing growing demand for ultra-high-end properties.
“There is renewed confidence and momentum in San Francisco, particularly at the top end of the market,” says Neill Bassi, global real estate advisor, Sotheby’s International Realty - San Francisco Brokerage. “One of the things that defines San Francisco real estate is that it’s a momentum market, energized by the belief that tomorrow is going to be better than yesterday. There was a little bit of a lull for a short time, but if you ask anyone who’s buying today, their confidence is ultra-high.”
Bassi specializes in single-family homes within the city proper, where US$7 million to US$8 million is the threshold for luxury and the ultra-high market starts at or above US$20 million. “In 2024, we had more sales over US$20 million recorded in a single calendar year than ever before,” he says. A transaction led by Bassi, a US$30 million estate in Sea Cliff, has already set a record this year, as of April 2025. “If you look at the sales north of US$20 million last year, you’ll see some that are on double lots, fully renovated within the last 10 years or sooner, with big views. Then you’ll see others that are long-term, multi-year renovation projects in a once-in-a-generation location.”
Buyers today include former residents of the city who are returning after a hiatus of four or five years along with newcomers drawn by the city’s tech industry. Unlike the last surge of newcomers, who were drawn to Silicon Valley, those new to the city are apt to look north to Presidio Heights and Pacific Heights.
San Francisco is a place to create wealth and also to live a full, rich life, Bassi says. Education, proximity to top universities, access to cultural amenities like the opera and ballet, innovative tech ecosystems and healthcare are all essentials. “For the ultra-high-net-worth client, there is a real value proposition to commit to raising a family here,” he adds.
Property is still the ultimate luxury
At a time when demand for some luxury goods is softening, real estate tells a different story. In San Francisco, luxury brands are leading a revival of the high-end market. In Puerto Rico, new resorts are bringing innovative concepts that bridge lifestyles—from hotels to residences—and in Saudi Arabia, inspired urban planning is showcasing new prototypes for luxury. India’s thriving economy is driving demand for upscale properties, and in Utah, luxury is coming down from the peaks to a broad sweep of valley extending from Salt Lake City. All these changes not only show where new hubs for luxury real estate are emerging or reviving, but they also provide clues to their future evolution.