Monthly Archives: April 2020

What to Know About the Luxury Real Estate Market in These Uncertain Times

Future Trends In The Luxury Home Industry – Where Things Are Headed

The specific definition of “luxury real estate” may vary from one market to another. But one thing all luxury real estate has in common is that it involves the higher-priced properties in a certain area. 

More than other properties, luxury real estate selling involves promoting the lifestyle that goes with it. Dora Puig, a successful luxury real estate broker in South Florida, weighs in on upcoming trends fueling the high-end market.

Luxury Home Trends in 2020

• Tax reform is motivating CEOs, tech executives and other upper-income people in high-tax states to establish primary residences in Florida, Washington, Nevada and other states with lower or no income tax.

• When it comes to a wish list of amenities, security and privacy are often underrated. People who can afford to spend millions on a home don’t want tour buses passing by or other intrusions on their privacy. 

• People are doing more private entertaining at home, so party rooms and salons are becoming less desirable in luxury condominium developments. Instead of these spaces, people are looking for more amenities for children and teens.

• Cathedral ceilings, luxury finishes and large dressing rooms continue to be popular features, while indoor-outdoor living is preferable to rooftop decks.

• Thanks to the rise in Uber, Lyft and other ride-sharing programs, people are less dependent on their cars, so look for parking to decline in value as an amenity.

• Wealthy buyers tend to be art collectors. As a result, many of them favor clean, modern architecture. There has also been a shift to Classic Deco and Mediterranean exteriors with modern interiors.

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Millennials, Baby Boomers, and Market Shortage: What To Know About The Real Estate Landscape Today

Millennials and baby boomers are at opposite ends of the generational spectrum. How do their needs shape current real estate trends? Here’s a look at how the market is shaping up for 2020.

Inventory Shortage Continues

Last year’s drop in interest rates created a fierce demand that resulted in tightening available inventory. This year, as the largest group of millennials turns 30, many of them are expected to buy their first home. Add to that the fact that a number of baby boomers are choosing to stay in their current homes longer, and the housing market will continue to run short on inventory.

Tough Times for Landlords

Thanks to rent control measures enacted last year in New York and California, average investment in multi-family properties has already begun to decline. In addition, home prices continue to rise in traditional spots like NYC, Los Angeles and San Francisco as well as new hotspots in real estate trends such as Seattle, Portland and Nashville. As a result, it’s become extremely difficult to break into home ownership. 

Demand for Starter Homes Rises

As effects of the Great Recession continue to fade, millennials are in a better financial position to buy their first home and start a family. But they’re also competing with baby boomers, who are looking to downsize as their families leave the nest. Builders will take advantage by focusing on development of starter homes.

Home Price Growth Slows Down

Workers are migrating to major urban areas, which are experiencing the bulk of job growth. Rising real estate prices in those spots will be forced to slow down until wages reach a level that can once again support them. 

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