Luxury Real Estate: Survey Says…….

Fre_Back_Ext_NewInteresting! That’s how I would describe the results of the latest Realtor.com® survey of Luxury Real Estate buyers! Some of the trends at DeBordieu, the gated residential community about an hour north of Charleston, SC, are on target with the survey. Others…. not so much.

Of the folks surveyed:

Most popular price points at which surveyed consumers stated that luxury housing begins, by U.S. region:

  • Northeast (ME, VT, NH, NY, NJ, MA, CT, RI, MD, DE, PA)                           $1 million +
  • Pacific (CA, OR, WA, AK, HI)                                                                        $1 million +
  • Mountain (MT, ID, WY, CO, UT, NV, AZ, NM)                                               $1 million +
  • South Central (AL, MS, TN, AR, LA, TX, OK)                                               $500,000 +
  • North Central (KY, OH, IN, IL, MI, WI, MN, IA, NE, KS, ND, SD)                  $500,000 +
  • South Atlantic (VA, WV, NC, SC, GA, FL)                                                     $500,000 +

ragin front ext“The luxury homebuyer is an important contingent of today’s real estate market, as luxury homes tend to drive trends throughout the entire balance of the marketplace,” said Barbara O’Connor, chief marketing officer at Move, Inc. “We are seeing large portions of buyers throughout the country – from 23% in the Northeast region and 23% in the South Atlantic – eyeing luxury homes.”

“This means sellers, builders, and certainly REALTORS® should all be paying particular attention to desired luxury amenities such as chef-quality kitchens and master suite features to close deals for them.”100 ocean park loop

Of the survey respondents who are currently looking for a luxury home:

  • Most popular reasons high-end buyers started their luxury home search:
  • 19% shared that recent career success prompted their home search;
  • 17% of luxury home buyers indicated they entered the market because they are newly retired;                        
  • 14% indicated that they are entering the market as an investment;
  • 12% revealed they have entered the market to buy their first home.

    53 Wallace Pate South, almost 6 acre estate...it's like having your own little plantation!
    53 Wallace Pate South, almost 6 acre estate…it’s like having your own little plantation!
  • Biggest challenges of searching for a high-end luxury home:
    • 40% of luxury buyers cited finding a property that meets their family’s needs;
    • 20% shared their biggest challenge is the limited number of properties offered;
    • 11% tout ultra-unique properties with limited universal appeal;      
    • 8% are challenged by gaining access to mortgage loans.
  • Most important home features when considering a luxury purchase:
    • 54% of luxury buyers indicated a chef’s kitchen as an important feature;
    • 44% consider the home’s views of oceans, mountains, or cityscapes as significant;
    • 38% responded that the square footage of the property is key attribute;
    • 36% included the presence of an expansive master suite as an important factor.
    • Importance of resale value to those in the market for a luxury home:
      • 35% indicated it is very important;
      • 29% shared it is neither important or unimportant
      • 27% of luxury buyers said resale value is extremely important;
      • Only 8% consider resale value to be unimportant.Councill   
  • Regional breakdown of current luxury home buyers:
    • 23% live in South Atlantic (VA, WV, NC, SC, GA, FL);
    • 23% are in the Northeast (ME, VT, NH, NY, NJ, MA, CT, RI, MD, DE, PA);
    • 18% live in North Central (KY, OH, IN, IL, MI, WI, MN, IA, NE, KS, ND, SD);
    • 15% are in the Pacific (CA, OR, WA, AK, HI);
    • 14% live in South Central (AL, MS, TN, AR, LA, TX, OK);
    • 7% selected Mountain (MT, ID, WY, CO, UT, NV, AZ, NM).

HPR 198There were also some interesting findings among participants who were not looking for a Luxury Home. To read the entire article at Realtor.com,  CLICK HERE. 

The pictures on this page link to luxury homes currently listed for sale in DeBordieu.

DeBordieu Colony is an oceanfront community located just south of Pawleys Island, South Carolina featuring private golf and tennis, saltwater creek access to the ocean, a manned security gate, and luxury homes and villas surrounded by thousands of acres of wildlife and nature preserves.

For more information contact TroiKaz@DeBordieu.com, 843-455-4523.

 

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