Posts Tagged as Future Trends

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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PriceWaterhouse Coopers and Urban Land Institute Release Report on Top Real Estate Trends for 2016

Future Real Estate Trends
Future Real Estate Trends

PwC and Urban Land Institute have released their annual “Emerging Trends in Real Estate” report for 2016, forecasting several interesting real estate trends.

Among the top trends highlighted:

  • Smaller firms outpacing larger firms in growth.
    In an effort to boost the economy, the traditional focus on big cities/employers is shifting to smaller companies fewer than 50 employees, leading the commercial real estate sector to scramble to meet demands for space to accommodate the shift in paradigm.
  • 18-hour cities growing in popularity.
    Cities like Austin, San Antonio, Denver and San Diego, are seeing boosts in confidence and investment potential due to their ability to offer the amenities seen in larger urban settings for a more affordable price, appealing to a variety of buyers.
  • The suburbs are not dead… but sleeping.
    Millennials, slower to taking major life steps than predecessors, aren’t abandoning suburban living, but deferring and seeking more urban suburbs, including transit-oriented, mixed-use properties.
  • Alternative housing is on the horizon.
    Because the rental industry holds the cards for short-term, single-family housing, future buying patterns are predicted to point to smaller, more affordable options such as micro-housing and co-housing at the forefront as buyers return to the market post-real estate crisis.
  • Infrastructure innovations will be essential.
    Due to the nation’s failure to address its ailing infrastructure, more focus will be given to creative transportation solutions, such as bus rapid transit and green infrastructure (bicycling/walkability).
  • Backyard gardening becomes a major player.
    As the trend for fresh, safe, local food skyrockets the reinvention of urban and suburban space for food production will play an increased role.
  • Parking lots become passé.
    Parking lots are predicted to lose their luster as licenses issued and mileage traveled falls in younger age groups.

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