The Report Explores Current Trends Shaping Real Estate and Lifestyle Across the Globe
IRVINE, Calif., September 27, 2021–(BUSINESS WIRE)–Berkshire Hathaway HomeServices, a global residential real estate brokerage franchise network, recently released an extensive luxury landscape report: The Berkshire Hathaway HomeServices 2021 Luxury Landscape Report. The report covers the pandemic’s impact on consumer behaviors in regards to the automotive, yachting, artwork and private jet markets, as well as real estate.
The Luxury Landscape report visits the heated market in Miami, Florida, where domestic buyers have taken the place of international buyers across Miami’s high-end market. Destinations that were once second home ski resorts, like Park City, Utah and Sun Valley, Idaho, have now become year-round. The report also covers the growing trend of sustainability, the rise of NFTs, and the future of electric cars.
“The luxury real estate market has showed tremendous strength through an ever-changing year despite fears that the challenges brought on by the pandemic would negatively affect the market,” said Christy Budnick, CEO of Berkshire Hathaway HomeServices. “With this timely data, our network Luxury Collection Specialists can prepare for what’s to come in 2022 and continue to provide the exceptional level of service and knowledge to clients and customers globally.”
One of the big reveals is the top luxury markets, as luxury home buyers return to bustling cities for the culture they missed during the pandemic. The top luxury markets identified include:
London: The pandemic fog that has cast its shadow over has begun to lift with, with sales of high-end homes up during the first quarter of 2021. The luxury market in London includes homes priced from £3 million to £10 million. Private outdoor space is also more in demand than ever in London.
New York: New York’s real estate market is awakening, and the luxury sector is part of that revitalization. the luxury market appears to be rebounding with a return of international investors and buyers seeking value. Buyers looking for bargains will find the most value now on the Upper East Side.
Montecito: With easy access to San Francisco and Los Angeles, buyers are turning their attention to second and third homes in Montecito, California. In 2020, the median sales price was US$2.8 million and in 2021 it has increased to US$5.3 million. The main reason for the jump is the majority of activity in the market has been for big houses that range from 7,000 to 25,000 square feet.
Park City: Utah’s economy has been growing and the state has attracted more high-end buyers in the last few years. Ultra-luxury homes on several acres are selling in the US$8 million to US$15 million range. Like many markets, Park City has extremely low inventory because of the high demand …….