This year’s International Luxury Real Estate Conference was an exciting mix of optimism and change for the coming year. Held last week in
With attendance numbers at an all time high for this event, I expected the usual doom and gloom reports that we continually hear and read about daily. However, most markets have shown an increase in activity since the first of the year, and indication to most that the markets may be changing for the better. Many brokers are working with buyers that feel that bottom of the market may have already been reached, while sellers are becoming more in line with realistic pricing.
Apparently, all over the range of home prices, the movement of the market has been felt by most attending the conference. Sure there are still places that I would not even give a second look, but with rates at historic lows, many buyers are becoming anxious to take advantage of the gluttony of homes available today.
The high end market continues to move well. Those with money and/or the ability to qualify for the higher end loans continue to believe the investment advantages of home ownership. Many brokers listing homes north of the $3 million dollar mark continue to see that sector of the market remain strong. Additionally, larger and more expensive vacation properties continue to see a strong market as well. Exotic island locations such as
Expect brand named condo developments to continue with strong sales demand over the next year as well. For the same reasons vacation property owners want a brand attached to their homes, so do buyers in many of the urban markets where these brands have figured out how to make money in the real estate market as well. Take, for example, the Ritz Carlton LA Live, in the downtown
In conclusion, it was good to see and hear from the brokers on an international level. Sure, things have been bad, but the majority feels they see the light at the end of the tunnel. Times have changed and will continue to do so…hopefully for the better. The optimism from the group was a welcome feeling and in a business where the axiom ‘only the strongest survive,’ I was glad to be a part of the group that seemingly has made it out of the long, dark tunnel to find the light at the other end.