Norka Parodi Luxury Market Report May 2019

could be considered dated as the vast number of affluent buyers are looking for turnkey properties with all the modern accoutrements.

“Time and immediate satisfaction are of the utmost importance to affluent buyers – they simply do not want to waste their time doing renovations, and they are willing to pay the price. Today’s buyers have all the information at their fingertips, and if your home isn’t marketed to showcase its significant differentiators, they will move by quickly to find the home that does check their boxes.”

Ryan also sees a trend of both technology and medical industries moving into Chicago, and forecasts the downtown infrastructure, public transportation, and affordability compared to west coast cities will probably spearhead the luxury market in future years. This is a trend that is being emulated in many of the secondary luxury markets in the central and eastern areas of the continent.

Scottsdale, long associated with as a winter home destination for snowbirds, retirees looking for great weather for 9-10 months of the year, and its lower cost of living (and let's not forget golfing) is experiencing an increasing influx of new homeowners from California, Seattle, Chicago, and New York.

As Jordon Ayan, partner and founder of The Lifestyle Collection, states “the most common reason I hear that people are looking to move to Scottsdale is because ‘taxes are killing them in other parts of the US’ and they are ready to either downsize or enjoy a property that offers better amenities for their money.”

To date, statistics show a slow start of the traditionally busy spring/summer season throughout North America, but perhaps Scottsdale will be indicative of the trend to come. “Scottsdale’s busy season typically starts in October and runs through to May, but this year buyers came to the table rather late with sales starting to close in March and April” stated Ayan.

“Buyers are definitely more educated; they know the inventory and have often been researching the stats for months. Their buying trends are moving towards smaller homes with large storage spaces and the lock and leave properties.”

Agreeing with both Elizabeth McQueen and Patrick Ryan, Jordon Ayan explained that the other major trend is for new or completely renovated properties and these buyers, typically young empty nesters or retirees are looking for turnkey properties with little associated work.

Despite the differences in these markets, it is obvious that the trends we have been reporting on for the last six months - such as smaller properties, new or completely renovated turnkey homes, lower price points to allow multiple location ownership, and greater access to lifestyle and local amenities - are the key aspects in understanding today’s luxury real estate market. *Information from Mansion Global based on 85 luxury markets included in their index of Top 5% of the sold market.