If you’re looking to sell your existing property, or buy a new one, navigating the real estate market can be confusing. When it comes to luxury real estate, it can be even more complicated. What makes something a luxury property really depends on the property and the location.
But if you know what trends are hot right now, you can better position your existing property for sale or shop for your next property.
Here are 5 luxury real estate trends to look out for.
What Is Luxury Real Estate?
First off, let’s define what luxury real estate is. The term is overused and vague. In some markets, a home over $1 million in luxury, but that doesn’t apply in high cost of living areas like New York City and Los Angeles.
A luxury home generally has higher finishings than a traditional home and is located in a prime location. Ultimately, a luxury real estate property is separated from the rest of the market by its unique features.
Now that we at least have a definition, let’s look at some luxury real estate trends.
1. Demand Is on the Rise
Luxury real estate demand is rising, even during the pandemic. New home construction has continued to rise. Even with the increased cost of building materials and supply constraints, housing starts for 2021are expected to be 1.555 million.
2. A Shift in Desired Amenities
With the shift to working from home, home office spaces have become more common, even in luxury homes. Co-working spaces are also popular, allowing residents to feel some semblance of office life without going into the city.
Buyers interested in luxury condos are interested in wellness amenities, but they want to ensure that on-site spas and gyms are thoroughly cleaned and sanitized.
3. Smart Homes
The convenience of smart homes, or home automation, is on the rise. Automated heating and cooling, and lighting can all be set using apps available for your smartphone. An automated home leads to long-term savings, ensuring that you are only heating or cooling the rooms you use when you use them.
4. Nearby Entertainment Options and Fare
Property within walking distance of local amenities like restaurants and entertainment can increase the value of the property. Residents desire outdoor spaces as well, seeking refuge from isolation during the pandemic but still being aware of social distancing and maintaining space.
5. A Move to More Suburban Areas
Another recent trend is the move away from urban to smaller, more suburban areas. Areas like Staten Island offer many of the amenities of living near the big city, but with a smaller city feel.
The pricing matches that, and despite its proximity to other New York realty hot spots like Manhattan, Staten Island remains its own independent market. The borough offers everything from affordable studios to luxury homes.
Which Real Estate Trends Are Important to You?
What real estate trends are important to you? Everyone’s needs are different, and a qualified Realtor® can help you find the perfect luxury property.
At Wonica Realtors® and Appraisers, we can help you find a new home or sell your existing home. Don’t try navigating the Staten Island real estate market on your own, contact us for help with your property dealings.