Luxury Market Report Reveals KEY Features in Luxury Communities

November’s Luxury Market Report proved to be full of valuable information, not only on the state of the current market but on what amenities buyers want and are actively looking for.

The statistics show that the luxury market remains solid, with stable prices, a median length of time, and consistent selling price to list price ratios. Inventory, however, is increasing, which is a reflection on the time of year and the fact that ultra-high priced luxury properties are selling at a slower rate than in previous years.

In comparing November to October, we find that the median single-family luxury sales price climbed 8.5%, while sales fell by 11/7%. Additionally, the luxury median attached sales prices rose 2.3% and the number of sales also rose 2.6% while in November.

As the luxury market acts as a trendsetter for the rest of the real estate industry, this month’s report took a look at some key amenities and factors in today’s affluent communities. For a full rundown, be sure to read the complete report here.

Water locations are a big draw for high-net-worth individuals and host some of the highest priced homes. These luxury strongholds are associated with long-time celebrity havens, captains of industry and international business people living in both primary and secondary residences.

Some of the current trending private locales can be found along the beautiful Florida coastline or Ward Village in Honolulu. Water Locales offer magnificent views, private beaches, and docks and reflect the concept of creating ‘wellness’ within the serenity and healing properties of the water.

We will continue to see water locations be a popular choice for both primary and secondary residences alike.

Another area where the affluent have impacted the rest of the market would be in wellness and health. From celebrity blogs and endorsements to new lines of health products, wellness awareness has risen dramatically in the last few years.

Consumer demand for wellness lifestyle real estate and communities is on the rise globally. In addition, homes designed to improve people’s wellness are now commanding 10-25% higher price premiums. Today there are 600-plus global projects built, partially built, or in the pipeline – each one with a unique “wellness proposition”.

One such new wellness edifice is set to hit sunny Palm Beach, Florida late next year. Amrit Ocean Resort & Residences—two glass-encased oceanfront towers on Singer Island inspired by the yogic philosophy of mindfulness—was envisioned by Dilip Barot, founder of Creative Choice Group. “These consumers define wellness for themselves, using inner science with research and technology to determine their best lifestyle,” says Barot.

Additionally, we see luxury home gyms, saunas and spas and physical recreation areas have become near necessities in the high-end home.

One trend that remains consistent is real estate as a safe haven for investment.

Internationally, North America is recognized for its cultural diversity and financial influence, in addition to its accessibility for investment opportunities with strong legislation. This has translated into the purchasing of real estate being seen as a relatively safe investment for foreign wealth.

However, prices have started to plateau, and additional foreign taxes have caused a pause in the higher-end market. Homes that would have attracted a foreign purchaser and sold in days (as recently as) two years ago are not on the market for a couple of months. This decrease in foreign investment has created a space for local and domestic buyers to rebuild the value that has been vacated by foreign money.

To continue reading and learn 3 more key aspects of high-end communities, click here to check out our digital Luxury Market Report for North America.

Next month we will review these new local buyers trends and experts’ predictions for 2019.

Members of The Institute have access to download the full report which also includes monthly reports about luxury markets in over 55 cities in North America – by clicking here and using their membership login.

To understand how to this report can assist you in taking your luxury real estate business to the next level, as well as all our other unique luxury tools and strategies click here to apply for Institute Membership today!

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