Luxury Trends: 1st Quarter 2024

1ST QUARTER 2024

LuxuryTrends

51 In Business years

$8,371,415,427 In Sold Volume Since 2019

13,340 In Sold Transactions Since 2019

344 Local Real Estate Experts

12 Offices

Analyzing the Luxury Real Estate Landscape: Wondering What's On The Horizon In The Real Estate World?

Recently, there's been quite a buzz in the media about impending changes. On March 15, 2024, after four years of legal proceedings, the National Association of REALTORS (NAR) disclosed a $418 million settlement concerning broker commissions. However, amidst the coverage, there's also been a lot of speculation and misinformation circulating.

The settlement agreement, though pending court approval, introduces two significant adjustments. Firstly, buyers and their agents will establish a written agreement at the outset of their home-buying journey, mirroring the practice between sellers and agents when negotiating a listing agreement. This agreement will outline the services provided and associated costs, bringing clarity to the transaction. Secondly, compensation for buyer's agents will no longer be facilitated through multiple listing services. However, this doesn't signify the end of compensation for the services they render. Sellers retain the prerogative to offer compensation to buyer's agents or opt not to, while buyers may elect to directly compensate their agents.

Quality real estate agents offer a professional service deserving of compensation, akin to doctors, accountants, attorneys, and other service providers. Our agents provide invaluable expertise to buyers and sellers, including assessing property values, adept negotiation, risk management, navigating complex timelines and legal documents, interpreting inspections, and furnishing ongoing guidance and resources. Buyers and sellers directly benefit from their agents' education, connections, experience, and know-how.

As the real estate landscape evolves, so does our industry. Meanwhile, we'll continue to align with agents committed to lifelong learning, ongoing training, professionalism, and delivering exceptional customer service to buyers and sellers alike. While we're uncertain how these changes will affect buyers and sellers or if they'll achieve the intended outcomes, we support any adjustments that aid our clients in reaching their real estate objectives.

While we might not have all the answers as this shift unfolds, we're always here to engage in conversation if you have questions. Reach out to your favorite Dickson Realtor! They're eager to chat.

CEO, Dickson Realty

Nv. License

B.0019733CORP

775-691-2674

Luxury Homes By Price Range

Over $1 Million* In Reno/Sparks

The graph displays activity from January 1st to March 31st in 2023 and 2024. We calculate the months of inventory by comparing homes sold in the last 3 months to the active listings on March 31st. ACTIVE

Months of Inventory

Over $1 Million* In Reno/Sparks

Old Greenwood

Gray's Crossing Lahontan

Schaffer's Mill

Martis Camp Tahoe Donner

Northstar Palisades Tahoe

North Shore West Shore

Median Sales Price Per Area

Over $1.5 Million* Jan 1st - Mar 31st

Over $1.5 Million

92.6 48 Average Days On Market Homes Sold All Areas

Data Source: Tahoe Sierra Multiple Listing Service (TSMLS) as of April 10, 2024, for the periods Jan- Mar 2024

We're Local We're Global

Dickson Realty is a member of Leading Real Estate Companies of the World,® a global community of real estate companies awarded membership based on rigorous standards for service and performance. Every fifteen minutes a quality client introduction is made within Leading Real Estate Companies of the World.® As a member of Leading Real Estate Companies of the World,® Dickson Realty combines authentic, local expertise with global connections to the highest quality real estate firms worldwide. We’re Local. We’re Global.

1.2 Million annual global transactions

550 companies

$586 Billion total annual home sales volume

4,900 offices

70+ countries

138,000 sales associates

6 spanning continents

We deliver access, insights and sophisticated guidance to discerning clients around the world.

As the luxury division of Leading Real Estate Companies of the World,® we have a direct relationship with the top independent property brokerages along with the most well connected and successful agents in cities around the globe. LeadingRE members handle $353 billion in U.S. home sales volume, more than other real estate network, franchise or brokerage brand.

The Farm, is an oasis of 17 acres in the heart of south suburban Reno with a variety of mature trees, stocked fish pond, pastures, vegetable gardens and floral delights at every turn. The entire property is secure with fences and gates. Every living space, from the charming sun room to the cozy family room features stunning views of the Sierras and Mount Rose. Coming up the drive, framed by Pin Oaks, you pass the original home from 1950 which now serves as a guest house.

Welcome to 29 Bennington Ct where you are king of the world. This home is a spectacular singlelevel residence in Reno, NV, where luxury meets privacy. This 3-bedroom, 3.5-bathroom home offers unparalleled 360-degree views of Mt. Rose and the city, ensuring that every window captures a stunning vista. Designed for those seeking privacy and breathtaking views, this home boasts a variety of topof-the-line features and upgrades.

Welcome home! Where luxury living meets breathtaking views! Allow me to describe this stunning luxury home nestled in this picturesque city. Located in a secluded gated community, this exceptional residence offers panoramic views of Reno. The moment you step onto the property, you’ ll be captivated by its grandeur and elegance.

5269 Axe Handle Canyon Reno, Nevada

$4,599,999

Perched majestically atop an elevated knoll spanning 80 fenced acres, this exclusive estate offers unparalleled luxury and privacy. Beyond electric gates awaits your private sanctuary. Some of the amazing features of this property are a separate 15-car garage, complementing the main residence’s 3-car garage for an impressive 18-car capacity, complete with a car wash station and lift. The detached garage houses a 1012 sq foot, 2-bed guest house, fully self contained for utmost comfort.

This Modern Architectural Masterpiece is a study in contrast with its sharp corners and curved lines. Designed by Wimberley Alison Tong & Goo lead Designer Charlie Sims, this Award Winning estate has been featured on HGTV and ABC TV as well as showcased by Dupont Luxury Homes and Reno Magazine. Nestled on a bluff near Arrowcreek, this 8011 square foot custom estate sits on 2.42 acres and has unbelievable Panoramic views of the entire City of Reno from the Sierras to the Virginia City foothills. Jay Kenny 775-848-6549

386 Questa Court Reno, Nevada

$4,375,000

Spectacular custom home in gated ArrowCreek. 1.67 acres with unobstructed city & mountain views! Circular drive with Porta cache. Foyer leads to grand, open great room, kitchen, formal dining overlooking the city lights & grounds. Extensive landscape and outdoor living spaces creating a private luxury retreat complete with putting green, outdoor kitchen, fireplace & water feature. Main level living includes primary suite, 3 additional bedrooms. Perfect for comfortable luxury living or 5 star entertaining.

Carol Bond

775-690-1870

Nestled in the pines of Galena Forest, you will find a gorgeous recently built custom home appointed with every luxury detail. This 3993 square foot modern four bedroom home is on nearly 1.8 acres which backs to Galena Creek, and open space, giving you a private serene setting and backyard.You will be greeted with an amazing great room as you enter this home with high ceiling, lots of windows and retractable sliding glass doors opening to your covered deck bringing the outside in.

$3,950,000

Newly constructed luxury custom home nestled on a .45-acre corner lot in the heart of the iconic community of Rancharrah. Designed with a meticulous eye for detail, this home features just over 5,200 square feet of space that feels truly livable. Located on a private cul-de-sac lined with 40-year-old trees, beautiful mountain views, and easy access to the clubhouse, 6113 Rancharrah Pkwy is a home you must experience.

Amy Keiffer

775-560-9841

One of Montreux’s finest custom homes. Rare single-level showcases quality & smart design. Large windows & open great room provides a feeling of modern warmth. Upgrades include Wolf appliances, Restoration Hardware lighting, Lutron home automation, custom outfitted closets & much more. With 4 BR suites, 2 comfortable offices & a 3.5 car garage. A private courtyard with an exquisite brick wine room, 1000+ bottles. Backyard is fully fenced w/ pet- friendly turf & fire pit. Located near Montreux’s gated entry.

2255 Warrior Lane Reno, Nevada

$3,750,000

Luxury knows no bounds in this magnificent property, offering abundant space and breathtaking views that will transport you to your dream home in tax friendly Nevada. This stunning home encompasses 4906 sqft of living space, cradled on an impressive 0.96acre block of land that allows horses. With its prime location, near the Truckee river where you can fly fish, and proximity to I-80, you are close to CA and minutes from downtown Reno! Joseph Wieczorek 775-335-5962

Pickle Power

Pickleball, the silly sounding

sport

suddenly everyone has heard of, is taking the world by storm, one dink at a time

By Lisa Klein

The pressure on, you land a few dinks and cookies before the plastic, yellow ball comes flying back your way and you pull off an Erne over the kitchen to end the game-winning rally. Depending on where you are, your friends all high-five paddles and crack a cold one, or a crowd of tens of thousands goes wild.

This is the wacky world of pickleball: A social, welcoming sport that appeals to anyone and everyone — and the fastest growing in the United States, with its sights set on worlddomination.

“I was drawn to the game immediately,” says Arvind Prabhoo, president of the International Pickleball Federation (IPF). “It is a community game; it is both recreational and competitive. [And], the fact that pickleball is a very social game with no gender bias, not extremely strenuous on the body, and has ease of adaptability across various age groups has led to the explosion of the sport.”

Pickleball was invented in 1965 in Washington State by a few resident dads who started batting a wiffle ball around with ping pong paddles out of boredom. After coming up with rules for their new game — a cross between ping pong, tennis and badminton played with a perforated, plastic ball and paddle — it started to slowly gain in popularity locally.

“A lot of people assume that it just came around recently,” says Melissa Zhang, director of communications and content for USA Pickleball (USAP), the official national governing body and goto resource established in 2003. “There have been people involved in the sport for decades — there’s even a pickleball hall of fame.”

From the first tournament in 1976, pickleball

grew steadily, spreading to all 50 states by 1990, played especially in warm, year-round retirement communities in Arizona and Florida.

“You have all these retirees, but they’re not your average ‘grandfather’ retirees — they don’t want to be sitting on the couch; they want to be active, they want to be social, and they started playing pickleball,” says Terri Graham, who founded the Minto U.S. Open Pickleball Championships in Naples, Florida, with her partner Chris Evon in 2016 after she noticed how fast the sport was catching on.

Those seniors became ambassadors, introducing friends back home to pickleball, which had 2 million players in the U.S. at its 50-year mark in 2015, according to the Sports Fitness Industry Association (SFIA). The COVID-19 pandemic drew more attention to pickleball, as people searched for ways to be social outside, and the SFIA named it the fastest-growing sport in the country in 2021, 2022 and 2023, when it reached 8.9 million “picklers.”

Courts are popping up in parks, country clubs, abandoned malls and warehouses, and even back yards across the nation. Plus, the age range has widened considerably, with everyone from children to college kids to their parents and grandparents picking up paddles.

A large part of the appeal is that pickleball is just plain fun — and can be so for everyone. What Ms. Graham calls “ping pong on steroids,” the game is easy to learn, has a smaller court than most racquet sports, the serve is underhand and is overall low impact.

People in their 70s and 80s can play a leisurely game of doubles, former athletes in their 50s and 60s can

get their competitive edge back, and pro athletes can choose to jump and run to their limits.

“What attracted me to it is that people of all ages and all levels of athleticism play pickleball and have fun doing it,” says Lauren Faby, a pickler and real estate agent in Naples with John R. Wood Properties.

Especially during the pandemic, pickleball brought families together, and continues to be a bond: Grandparents can play with their grandkids, Ms. Faby’s college-age children picked up the game when visiting her in Naples, and Ms. Zhang plays with her siblings and parents. The social side of pickleball extends far beyond the family, too. In retirement communities, seniors find comfort in pickleball after loss or a bout with illness, while elsewhere a wide mix of players meet new people with a love of the game.

“That kind of camaraderie around a shared passion is a way that you can meet people that you may not meet in your everyday life,” Ms. Zhang says. “I have friends in their 20s who have made these great friends in their 60s and meet them every week and play pickleball. I think that aspect of it is really beautiful — it’s a really good uniter of people.”

Seasoned picklers are also known for welcoming new players with open arms. “The community is incredible,” Ms. Graham says. “You could walk up to a court and not know anybody, and I guarantee somebody will ask you, ‘Are you new? Can I help you? Can I get you a court?’ And then you get out there and

we’ve got you. You’re addicted.”

Those fun-filled, community vibes extend to larger pickleball events such as the U.S. Open, held for a week each April in Naples, which Ms. Graham came up with while involved in other racquet sports and working for Wilson Sporting Goods, and envisioned as the “biggest pickleball party in the world.” Since it began, the tournament has grown to include a 64-court home park, over 3,000 amateur and pro players, and 39,500 spectators. The party involves daily live music, a Margaritaville lounge, vendors and groups of friends having a blast.

“We wanted people to come from all over the world, even if they weren’t playing, to have the time of their life, and that’s what people do,” Ms. Graham says. “What I look forward to is just seeing people on the medal stand — you wouldn’t believe it. They’re 60 years old, and they’re calling their mom saying, ‘I just won a gold medal at the U.S. Open!’ It’s a very cool experience.”

USAP hosts its own amateur-and-pro tournament that continues to grow exponentially — 50,000 people attended 2023’s event. “The energy is super high,” Ms. Zhang says. “People who are in the sport are really passionate about it, so they’re there all day, they’re cheering, people always celebrate after points.”

Along with other U.S.-based tournaments, pickleball is growing globally in Canada, Mexico, Peru and some other parts of South America, Europe and

Image Credit: Alexander Saks on Unsplash

especially China and the rest of Asia. The IPF has plans to take the sport worldwide with marketing campaigns, tournaments and, hopefully, an eventual inclusion in the Olympic Games.

“It can be seen as a stamp of approval, acknowledging the sport’s importance and cultural significance on a global scale,” Mr. Prabhoo says of the bid. Along with attracting new players and fans, “inclusion in the Games allows sports to transcend national boundaries, fostering a sense of international community and understanding,” he says.

Still, the heart and soul of the sport are the amateur players who get together in local parks and neighborhood leagues, like Ms. Faby, who plays on her Naples community country club’s intramural and interclub teams, as well as in its “Sunday Funday Potluck Dinner,” where residents bring a dish, a cooler and their pickleball paddles to the courts for a few hours of end-of-week fun — the winner getting a jar of pickles as a trophy.

“I really like how my neighborhood has embraced it as a really big social event,” she says. “I have met so many people through pickleball that I would not have met otherwise —men, women, old people, young people, their guests — and it’s just super laid back.”

More and more people are looking for this kind of fellowship, too. “Naples has become a hub for pickleball — people have moved here to play yearround,” Ms. Faby says. In her real estate business, homebuyers are asking for locations near the East Naples Community Park, where the U.S. Open is held, and she has even started adding how many neighborhood courts are available in the listings of her homes for sale and set up the website pickleballproperties.com.

THAT ENTHUSIASM is a testament to the true power of pickleball: the community it fosters. “It’s incredibly inclusive of everyone — all ages, all backgrounds,” Ms. Zhang says. “That’s really what we’re here for, and the fact that it’s also a fun and quirky sport makes it even better.”

Image Credit: Venti Views on Unsplash

1st Quarter Significant Sales

775-849-9444