Luxury Real Estate Trends 2021March 10, 2022
The pandemic had a profound effect on our society, and as the world continues to recover from this global disaster, we face new challenges. For many industries and businesses, these changes have been difficult. But for one sector in particular – luxury real estate – it has created an unprecedented opportunity to grow even more prosperous than ever before. Today’s post will explore Luxury Real Estate Trends 2021 and what trends you should expect over the next year in the luxury real estate market. Even though there is a great deal of single-family homes for sale, the intense competition has driven prices up in many U.S. cities. New York, for example, experienced a mass exodus in 2020 like never before. As a result, high earners and established families fled the city’s congestion insight of seeking refuge in suburban areas within the Tri-state area, especially in southern states like Florida.
Florida attracted buyers in their masses as people flocked to the state searching for larger houses, more land, and the promise of year-round outdoor living. Not surprisingly, these incoming buyers were predominantly of the more affluent variety, made up of those who could work from home or otherwise afford to uproot their businesses and head to the Sunshine State. With that said, buyers seeking refuge in the Sunshine State have a different set of priorities in mind.
Quality Amenities: Due to lockdowns, buyers are looking at single-family homes and condos with a different perspective in mind. Currently, we see a pattern in demand for innovative spaces, quality amenities, and autonomous technology features, this is one of the big Luxury Real Estate trends in 2021.
Condo buyers are looking to enhance their quality of living with features like large patios or roof decks, state-of-the-art wellness and fitness centers, indoor and outdoor pools, spas, lounge areas, and spacious bedrooms. We have even seen some vertical communities offer co-work office space.
Single-family home buyers are looking for high-quality finishes in new construction or recently renovated homes. Some of the most popular home features in demand are dedicated laundry rooms, eat-in kitchens, walk-in pantries, and in-home offices! The modern family is looking for space, convenience, energy efficiency, and privacy—all necessary factors to consider when purchasing a luxury home. These particular elements are what’s incentivizing buyers to spend top dollar.
Overall, South Florida continues to be a buyers market. However, the low inventory of single-family homes is causing real estate agents to work with their buyers and sellers differently, especially when it comes to luxury properties. Single-family homes in South Florida are selling for nearly 100% of the original list price and, in many cases, for more. The luxury market is super competitive, and it’s only getting stronger as more buyers begin to seek the lifestyle change that South Florida offers.
“Every buyer needs more time than before because of the lack of homes available for purchase. Some have been waiting 6 months to a year for a home they want in the price range they are looking at buying; therefore, I am always thinking about what we can do that will help them get into my listing without having an offer accepted immediately by another bidder,” said Josh Dotoli, Principal-agent with DOTOLI Group at compass. For more information, contact Josh at 954.799.6403 or email [email protected].