In reading a recent article in Mansion Global by Lucy Cohen Blatter, it was reported that Clelia Warburg Peters, President of Warburg Realty – an ahead-of-the-curve luxury New York real estate firm - predicts that 2017 will be a “fascinating” year for the luxury real estate market. Along with buying and selling services, Warburg Realty publishes the Global Property Handbook, which follows and analyzes the ins-and-outs of the luxury real estate market around the globe.
One thing that can be said about the luxury real estate market, when you suspect something is off, look to New York or London to see what’s going on!
Peters saying that the year will be “fascinating” stems from a growing trend of hyper-customization to the buying and selling process for luxury real estate. This has ultimately revealed that the luxury market does not have the depth we thought it did. Buyers who have tens of millions of dollars will no longer buy up as much real estate as they once had – for every $10 million, think $5 million in purchases.
Ultimately buyers and sellers expect a more tailored experience than what you would get at the mid-price range. To me, that means more pocket listings and exclusive events, and fewer rush to hit the market listings and 10 open houses. (Like my listing at 1512 Barton Creek Blvd!).
In Austin, neighborhoods like Barton Creek, West Lake, Rough Hollow, Tarrytown, among others may see an even slower slow down – not because people aren’t buying but because of the opposite! Million-dollar plus buyers are hunting for what’s perceived as the best deal. While the financial market floats in ambiguity, people are parting with less of their money on a wide scale, but instead investing in what they see as worth it!
That means as a seller, you need an approach that’s unique, and designed to attract the most attention to your home! In the end, it’s not about how quickly you hit the market in the luxury price range, but it’s about who does your realtor know? Take a moment and learn about my approach. Who knows? We may even become the “fascinating” new trend in 2017!