Luxury Buyers Want and Market Predictability for 2017

Many realtors on the market today are forecasting 2017 to be more of a seller’s market. United States housing trends are positive for the ‘not so near’ future offering up some great opportunities. If you've invested in a place like Boca Raton, you know there's no lack of new developments and home sales. Another piece of the real estate puzzle is the steady uptick in the economy and the influx of our high-end luxury consumer’s purchases. In this blog, we focus on the housing prediction and give some additional insight to what consumers in the luxury market are seeking. 

While America hunkers down for a tight race with the election, there may be an anxious crowd hesitating to invest. In luxury, real estate market, political uncertainty isn’t always an issue. With the traffic coming from many of our global buyers impacting housing, it seems safe to predict homeowners don’t mind the upcoming changes many of the nation’s population is anticipating. 

Currently, Boca Raton is seeing an increase in buyers coming from places such as Mexico and Venezuela. Although many of these single-family residents are looking to rent a townhome or condominium rather than investing in other properties, they are seeking some amenities of great importance. The traffic trying to relocate in this area seem to want distinct worldly pleasures, which being met in many of Palm Beach county’s premier locations. 

While high-net-worth individuals are looking for investing in properties that are above the $1 million mark, the most important aspect of purchasing property seems to be confidence. These people want to feel good about what they’ve purchased, and per an article posted on the CNBC website, the affluent buyers continue to make their purchases as they aren’t worried about any economic turbulence. Per the report, 25% of the wealthy population are looking to buy within the next three years, which is great news for those looking to sell their estate. But, what are they looking for in a home? 

One of the main criteria for the luxury condo buyer is that of privacy. These folks are looking to have private elevators, entrances, and balconies. High profile families and individuals tend to want seclusion more than any other market. This information happens to be on the top of their list for purchasing a new property. 

Per a report found on Luxury Daily, they mention the consumers in affluent markets are looking to feel good about their purchases. People who come from wealthy backgrounds know what they’re looking for and are savvy when they’ve to make purchases of value. The theory they would like to feel good about what they’ve bought seems a bit redundant as most people want to avoid ‘buyer’s remorse. 

Another essential item for the opulent crowd to push their buying buttons is homes that are smart homes. It would stand to reason this as something to be expected for the luxury consumer. Many of the older homes may not have this type of technology installed. But, it can be with the right company. 

Smart homes and the ability to have eateries, entertainment and activities within walking distance seems to be buying signs for this population. Places such as Townsend Place and City Walk at Pineapple Grove offer such proximity to premier destinations such as Mizner Park and the famous Atlantic Avenue. Either one of this community provides a multitude of fine dining and more. 

Besides feeling good about their purchase, finding a home close to activity, smart home capabilities, and privacy these families are also seeking destinations close to the right schools. Boca Raton rates 9 out of 10 for city ratings per GreatSchools.org. Highly rated schools is yet another reason so many people are looking for the opportunity to invest.  Real Property in Boca Raton and adjacent neighborhoods. 

While seeking property that is sustainable and green-friendly, this may not take precedence to the other reference points. Although many our 5-star condo’s practice environmentally safe policies, our home buyers don’t seem to lean toward this as a deal breaker for purchasing. 

Conveniences such as swimming pools, waterfront views, and yachting access is a huge convenience these items also don’t rate number one to this type of buyer. Of course, it stands to reason, anyone living in South Florida would most likely want a home with a view. We couldn’t agree more, and there’s plenty of inventory for people wanting to live near or on the water. 

Kitchens and finished backyard living space have moved toward the middle of lavish lifestyles. Although this buyer demographic is trying to have it, all these items don’t seem to be as pressing as the ones previously mentioned.

The jet set population expects to have game and theater rooms and are essential to their buying habits. Most of these investors assume the home are constructed with all the comforts of a home. This crowd enjoys entertaining and accommodating guests, so why wouldn’t they want space that occupies both house guest and grandkids? 

Spa-like bathrooms are another homeowner wish list favorite. Huge tubs to soak in, separate showers and space to make you feel pampered intrigue wealthy buyers without a doubt. The conveniences would include towel warmers, shower jets, bidets and heated flooring to name a few. In most cases, any bathroom that allows the ability to escape is a welcoming home feature. 

The first-class living is what this population is seeking. For sellers looking to unload property over the next few years, seem to be on target. The economy won’t be a threat to the exclusive high-end property owners. That is if the home makes them feel good and has all the exclusive amenities they’re looking for in a home. 

Sellers can rest assure they’ll step out of their current property and not be too worried about moving on. All things considered, point to positive outcomes for brisk sales transactions over the next few years. Sounds like terrific news for both buyer and seller no matter what side of the fence you’re on. 

For more information on buying or selling your high-end properties, contact us today.