Luxury purchases are more prolific right now than ever. Take the Seattle Boat Show for example. The waiting list for many $100,000+ yachts is more than a year. They are simply sold out. Bosa’s One88 luxury Bellevue condo project is another example. It is rumored that all ($800,000-$1.1 M) one-bedroom units and more than half of the 143 total units are already sold out in the first two weeks.
In the waterfront home sector, we’ve seen three $20M+ waterfront sales in just over six months—nearly unheard of in our market. All three sales were of Eastside properties: a Media home just off Dabney Point sold for $26,675,000 in February (18); a second Medina home just east of the first sold for $$23,375,000 in September (17); and a Meydenbauer Bay home sold for $21,000,000 in August (17).
Recently, Luxury Portfolio International—of which we are a member company—partnered with YouGov conduct research on the luxury market. Below is an excerpt from their press release:
New research commissioned by Luxury Portfolio International®, the luxury face of Leading Real Estate Companies of the World®, predicts that younger buyers will continue to energize the luxury real estate market. The report, titled, The Rise of the New Aristocracy, was released at the Luxury Portfolio SUMMIT in Las Vegas on January 29, 2018. The United States is seeing a dramatic surge in the number of affluent households. The New Aristocracy, defined as affluent consumers aged 25-49, exhibit a strong preference (78%) for large homes with square footage over 5,000 square feet, generally grew up with wealth and anticipate inheriting on average $4M. The implications this will have for luxury real estate are significant.
“This group is unlike any American generation before it,” noted Luxury Portfolio International® executive vice president Stephanie Anton. “Their economic power and conversance with the world of luxury make them savvy consumers with very refined and focused tastes.”
Additional findings from The Rise of the New Aristocracy report:
- Over half of luxury buyers under 50 (53%) are seeking a home over 7,500 square feet whose size is driven by lifestyle demands and specialty spaces rather than necessarily beds and baths.
- The New Aristocracy is twice as likely as Luxury Loyalists to say pools are essential and nearly three times as likely to consider a spa/Jacuzzi essential.
- Most sought-after community amenities for the luxury buyer include a gym, walking trails and valet parking. 55% of The New Aristocracy consider proximity to dining an essential feature for their next home.
Luxury Portfolio International partnered with YouGov to create this survey of real estate demands and expectations among high-net-worth consumers in America. To download the complete report with all findings, please visit http://www.luxuryportfolio.com/whitepaper. Luxury Portfolio International® (www.luxuryportfolio.com) is the luxury face of Leading Real Estate Companies of the World®, the largest global network of premier locally branded companies dominated by many of the world’s most powerful independent luxury brokerages. Luxury Portfolio International® attracts a global audience of visitors from over 200 countries/territories every month and marketed over 50,000 luxury homes to over three million high-net-worth visitors last year.
This Week’s Waterfront Activity
3 NEW LISTINGS –
Lake Sammamish ($3.6 M, $3.8 M), and Mercer Island ($3.3 M)
1 PENDING FEASIBILITY/INSPECTION SALES –
Lake Sammamish ($3.5 M)
2 PENDING SALES (Inspection Completed) –
Kenmore ($2.4 M) and Laurelhurst ($5.0 M)
0 SOLD PROPERTIES-
No closed sale activity this week.
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© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.