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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