Luxury Market Report | The RE/MAX Collection
The types of properties that luxury ski resort buyers are seeking is evolving. Historically, buyers may have sought out slopeside while modern buyers are adding other equally important characteristics like an outdoor terrace, more space to gather and accommodation for pets. Some of the more buoyant properties have been large mountain chalets and properties with amenities. Purchasers are spending more time in their mountain getaways and so they are requesting the functionality of a co-primary home with highspeed cable internet and reliable access.
Across North America, prices for luxury properties have climbed steadily over the last few months, even in major metropolitan cities. For those who did sell their city property, it is speculated that there will be a return of the pied-a-terre as they buy back into their metropolitan city. These buyers are taking advantage of condo prices that did fall slightly and increased inventory levels that rose significantly during the last six to eight months of 2020. Many experts believe that, if COVID starts to dissipate or becomes more controllable during 2021, there will be a return to the big city life, as some will miss the cultural and social aspects, and others will recognize that it is a necessary step to advance their careers or businesses. Other experts believe that the demand for exclusive residential properties that offer larger footprints, provide more amenities such as private outdoor space, touchless technology, numerous home offices, and health perks including air and water filtration to natural and ambient lighting systems, will still be the driving force of luxury real estate in 2021. Stating that the trends of 2020 have created a complete shift in lifestyle choices that is unlikely to be reversed. Factor in lower interest rates, low inventory levels, new wealth from sectors that benefitted from the pandemic, a millennial population that is ready to find a safe haven, and significant increase in second home buying as well as upsizing and new properties offering higher wellness standards, and you have the perfect storm for creating a continued strong buyer demand. Source: Institute for Luxury Home Marketing
2020 was a big year for the home décor market, both inside and out, especially for those homeowners who chose not to move, but instead invest in reimagining their lifestyle spaces. Design trends for 2021 are predicted to take their cue from the collective pulse and include a range of choices based on necessity through to creating a personal refuge. Working from home has made the importance of creating a dedicated office space the number one priority for many homeowners. As a result, the idea of a home office has evolved from finding a quiet space in the house to creating a dedicated location which not only caters for a work area but work-related storage items too. The affluent, often with multiple requirements, with both parents and children needing space, have looked to repurpose rooms within their homes. There is also a clear focus that many are looking to reconfigure their spaces, so there is a distinct separation between work and family areas. As the number of virtual meetings increased, so too has the desire to ensure that the environment showcased to other participants become more aesthetically pleasing. Backdrops have been redesigned to show artwork, clean lines, carefully curated furnishings and finishing, and even new methods of lighting have been introduced to create softer more flattering images on the screen. The trend for multi-functional open concept living has now been replaced with adapting the home to create more private and quieter spaces, as we now work, exercise and entertain within the home environment. As guest bedrooms are no longer required, often these are being converted into offices, large recreational rooms are being sub-divided to include multiple workstations for home schooling and garage space repurposed to include personal gyms. Given the amount of time now spent in the home, design trends have swung away from more formal spaces that were a showcase for entertainment to become more informal. Softer furniture designs, more relaxed materials and textured finishings are being introduced to provide functionality and durability. Colors and tones incorporated to create calmer more welcoming spaces that invite long term stay. One trend that has stayed the course, is the desire to bring the outdoors in and vice versa, so there is no distinction between the exterior and interior once the doors are open. In the winter months, the need for natural light has seen an increase in demand for the implementation of larger windows, and the inclusion of sliding doors ready for the warmer summer months. Large residential developers, particularly those with luxury condominium buildings that prior to pandemic were scheduled for release, have had to rethink their strategies for 2021. The demand for wellness amenities, private and separate spaces, as well as touchless technology has meant a considerable adjustment to many plans. However, the reward has been significant as the affluent are willing to invest in properties that prioritize their demand for health, safety and mental wellness.
Source: Institute for Luxury Home Marketing
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