This month, in our Luxury Market Report, we are bringing you the most important shifts that we have seen in the luxury real estate market since the Coronavirus pandemic has changed the way we all live our daily lives. In September 2019, The Institute for Luxury Home Marketing reported that demand for large luxury estate properties had reduced significantly over the previous few years, instead home purchase decisions by the affluent were based on diversifying their portfolio, prioritizing quality over space and the inclusion of resort-like amenities. A year later, the restrictions of the Coronavirus have changed both the preferences and lifestyle requirements of the affluent. In fact, the last 6 months has seen a resurgence in the buying of mega mansions and estate size homes; specifically properties that offer space, both inside and outside, separate home offices, gyms and private amenities such as swimming pools, yoga studios and recreation rooms. Our report looks at some of the important variables such as the increase in median sales price, effects of working from home, and markets that have seen the greatest impact.
The Coronavirus has made us all revaluate the way we live our lives. The changing face of the real estate industry recognizes the importance of including amenities that address the physical, and mental/emotional/spiritual dimensions of its clientele. We went from being able to hop on a plane to go anywhere in the world for a vacation to figuring out where we could drive within a reasonable distance of our homes to give our families a change of scenery and a couple days escape from our usual quarantined surroundings. This adjustment lead to the spike in second and/or vacation homes within a short distance of buyer’s primary homes.
In my own personal experience, after looking at beach homes for over 3 years, my family decided to pull the trigger and buy a vacation home on Kiawah Island, SC. We found ourselves in bidding wars with other buyers who had the very same idea! Prior to COVID-19, many of the homes we looked at had been sitting on the market for several years with ongoing price reductions. Within the last 6 months, most of the inventory has sold out and homes are selling as fast as they hit the market! Our decision to buy on Kiawah Island was driven by the resort-like amenities and the lush natural environment of wildlife and vegetation that Kiawah offers.
Whether you are looking for a vacation home to escape to or a primary residence that will give you that vacation feel all year long, it is extremely important to work with a real estate broker who understands the needs and desires of the luxury home buyer. For homeowners looking to sell or buy their luxury home in today’s market, The Institute for Luxury Home Marketing recommends working with a team who can provide you with critical knowledge about your local market, maintain a high level of security during the transaction and knows how to leverage technology to provide maximum exposure and assistance.
It is our pleasure to provide you with the most recent Luxury Real Estate Market Report. This is your guide to the top-residential markets throughout Canada and the United States. The in-depth report provides an overall analysis of market trends throughout North America, and also provides a deeper analysis of the Charlotte, NC luxury market. Click on the Luxury Market Report below to get more details on the latest market statistics.
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