Global Survey Reveals Affluent Home Seekers Expanding Reaches and Sustainability Is Top of Mind
Sotheby's International Realty published its 2024 Luxury Outlook report, a comprehensive exploration into high-end real estate markets across the globe. Following several years of residential real estate frenzy, the report reveals that buyers have begun to acclimate to a new normal of higher interest rates, with high-end home seekers expanding their reaches to more parts of the world with Australia, Mexico, Saudi Arabia, and Turkey poised for growth. The report explores the trends shaping real estate investment decisions in the year ahead, from the intergenerational transfer of wealth, to pinpointing parts of the world where tax incentives are increasingly enticing. "Our goal for the fourth edition of the Luxury Outlook report was to couple the expert insight of our agents with the perspectives of leading global institutions on the trends affluent buyers can expect in the months ahead to help them make opportunistic transactions in 2024," said Bradley Nelson, chief marketing officer, Sotheby's International Realty. "Despite higher interest rates, demand remains strong in many corners of the market, as people move both because they're going through major life events—such as new children or new jobs—or simply because they want to upgrade their home and, with it, their lifestyle." The Sotheby's International Realty 2024 Luxury Outlook report was compiled by surveying Sotheby's International Realty agents around the world who transact in the US$10M+ price category. This information was complemented by gathering supporting data from other leading industry experts, including UBS; The Brookings Institution; McKinsey & Company; and property technology and security firm, Kastle Systems; in addition to art and luxury experts at Sotheby's, the famed auction house, to round out luxury trends in the year to come. Key findings featured in the report include: The international market remains robust; policy and regulatory changes are closely linked with real estate markets and are driving investment decisions High-net-worth individuals being more mobile than ever – maintaining multiple residences – and looking at transactions with a modified perspective in light of higher taxes, new government incentives, or in the face of a changing climate The real estate industry using the synergy of the real world and the cyber world to market and sell homes The dominance of telecommuting and hybrid work shifting the demands of affluent homebuyers Sustainability moving from a niche interest to now being top of mind for many buyers A historic rise in mortgage interest rates translating into a higher percentage of all-cash deals around the world Owners needing to be strategic to minimize the tax impact of their wealth transfer given a strong appreciation of real estate values in recent years and the looming drop in the estate tax exemption More than 80% of leading Sotheby's International Realty agents said AI is likely to have the biggest impact on the real estate industry in the next five years vs. virtual reality or blockchain "As we continue to navigate shifts in the real estate market, Sotheby's International Realty agents from 83 countries and territories around the world continue to lead the way," said Philip White, president and chief executive officer, Sotheby's International Realty. "Luxury Outlook offers our clients unparalleled and trusted expertise as they seek to make informed real estate decisions in the year ahead, whether buying, selling, or investing, wherever they may be." Click here to read the complete report.

Coldwell Banker Publishes 'The International Buyer's Guide to Purchasing U.S. Property' for 2023
Coldwell Banker released the latest The International Buyer's Guide to Purchasing U.S. Property. The guide offers international buyers a wealth of tips and best practices to purchase property in the United States. Serving as a resource for Coldwell Banker affiliated agents, The International Buyer's Guide also acts as a marketing tool, facilitating global referral business. Key features in The International Buyer's Guide include: The Current Real Estate Landscape After years of record home sales and price appreciation, the U.S. housing market has experienced unit contraction and a deceleration of appreciation. Higher interest rates coupled with historically low housing inventory and resilient home prices has impacted domestic buyer activity. The median existing-home sales price grew 2.8% from one year ago to $394,300, marking the third consecutive month of year-over-year price increases, according to NAR. International buyer activity has also experienced a contraction. Between April 2022 and March 2023, the number of existing homes purchased by international buyers fell to its lowest level since tracking for foreign buyer purchases began in 2009 – a 14% decline from the prior period, according to NAR. Additionally, the dollar volume of international buyer purchases decreased modestly to $53.3 billion. Home Purchases: International buyers accounted for 84,600 of existing home purchases. Cash Offers: 42% of international buyers paid all-cash for a U.S. property, compared to 26% among all existing home buyers. Real Estate Investment: 50% of international buyers purchased property for use as a vacation home, rental or both in the United States. Top Destinations Florida, California, Texas, Arizona and North Carolina are this year's top five U.S. states attracting the greatest number of international home buyers. Major cities such as New York and Los Angeles have historically drawn international investment, however affordable secondary cities, suburbs and inland housing markets now present enticing, "hidden gem" opportunities. "Homebuying can be a stressful and complex process, and even more so for the international buyer. This year, we're elated to provide a refreshed instructional guide that demystifies the process of acquiring real estate in the U.S. The 'International Buyer's Guide to Purchasing U.S. Property' provides an expansive catalog of best practices, tips and recommendations for buyers when thinking about their next purchase," said Jason Waugh, President of Coldwell Banker Affiliates.

Engel & Völkers Selects Constellation1 as Partner for North American Data Expansion
Constellation1 has been selected by Engel & Völkers to power its new, Americas luxury real estate website and its brokerage sites throughout North America. Engel & Völkers sought an established data services partner to support its goal of achieving expansive coverage across North America, along with data richness, integrity and performance, including customizations specific to the Engel & Völkers platform functions. "Rich, accurate data is essential, not only to the success of our new website experience, but also to the data driven tools that we provide our network of real estate professionals to help track and enhance their business strategies," said Jill DeSilva, Senior Vice President, Product, Engel & Völkers Americas. "Through our partnership with Constellation1, we can customize and adapt data sets to meet the specific needs of our brand and network to create tremendous business opportunities." This partnership expands Constellation1's reach into luxury real estate services. "We are proud to deliver robust data services to the Engel & Völkers Americas' franchise network in support of its future expansion," said Andrew Binkley, President of Constellation1. "Engel & Völkers and Constellation1 share foundational beliefs in quality, premium service, and innovation, making this partnership an ideal fit." The partnership also allows Engel & Völkers to take advantage of the Real Estate Standards Organization's (RESO) modern data standards and improves Engel & Völkers' offerings to its franchisees, enabling its new site, launching in the summer of 2023, to better display listing information from across its North American network. Constellation1 is recognized in the industry as a preferred provider of real estate technology and data services. In addition to the partnership with Engel & Völkers, Constellation1 Data Services partnered with HSF Affiliates LLC, the parent company of Berkshire Hathaway HomeServices, in May 2021 for a national data rollout on bhhs.com, and announced a national expansion with Redfin in April of 2022.

Redfin Premier Expands Luxury Real Estate Service Nationwide
Redfin announced it has expanded its Redfin Premier luxury real estate service nationwide. Consumers can now work with an expert Redfin Premier agent to buy or sell luxury homes in every market where Redfin provides agent service. Redfin Premier service was designed to deliver the best experience in luxury real estate. It matches luxury homebuyers and sellers with a top Redfin Premier agent who has years of experience buying and selling high-end properties. Redfin has offered Redfin Premier service to home sellers in select markets since 2020 and expanded its service to homebuyers earlier this year. "Redfin Premier has helped thousands of homeowners sell their luxury homes, and that experience has taught us a lot about what it means to provide high-end service," said Mia Simon, vice president of Redfin Premier. "We're excited to offer an unmatched luxury real estate experience to customers across the country, no matter where they want to move." Expertise for luxury homes Redfin agents already rank in the top 1% of agents working at any nationwide brokerage,* and Redfin Premier agents are the best of that group. On average, Redfin Premier agents close nearly three times as many deals on homes priced at the high end of the market than other Redfin agents. They know how to price, prepare, and market luxury homes so they attract qualified buyers and sell for more. Redfin Premier agents work with sellers to recommend the right staging and finishes to help maximize their sale price. They can also pair clients with a design concierge in available markets to professionally manage more detailed renovations. Marketing to reach luxury homebuyers When it's time to list, Redfin Premier captures every detail of the home, with professional video tours, high-resolution photography, drone and twilight views, and detailed interactive 3D scans that let prospective buyers virtually tour the home from anywhere in the world. Redfin Premier listings get preferred placement on Redfin, the most visited nationwide brokerage site, where luxury listings get over 600 million views each year. Redfin Premier also reaches potential buyers for each listing both locally and globally via luxury publications, social media, coordinated email campaigns, luxe mailers and more. Lower fees, higher proceeds Luxury home sellers receive exceptional service while keeping more of the proceeds from their home sale with a listing fee of 1%** for customers who buy and sell with Redfin. That's less than half of what other brokerages commonly charge. Redfin does not charge additional fees for working with a Redfin Premier agent. "Redfin Premier challenges the notion that luxury service should cost more just because it's a luxury product," Simon said. "We know that luxury home sellers want the best possible service and offering, at the best value. That's why we're proud to offer the best agents and the sophisticated marketing clients expect, all for a lower fee." With Redfin Premier, qualified buyers are matched with an elite Redfin Premier agent who will provide personalized, attentive service from the first home tour to closing. Redfin Premier agents have their ear to the ground of the local high-end market thanks to the relationships they have built with other agents and luxury home sellers. And since Redfin updates listings every 5 minutes, buyers see homes first and are able to tour them quickly, even the same day.† "Moving is stressful, especially when you're dealing with high-end homes, but working with a Redfin Premier agent helps eliminate that stress," said Los Angeles Redfin Premier agent Amy Black. "Redfin Premier agents have years of experience guiding clients through the entire moving process and have built incredible negotiating skills to help you get the best deal. They do everything they can to make the experience seamless." Homes priced at or above the following minimums qualify for Redfin Premier: $1,750,000: San Francisco $1,500,000: Los Angeles and Orange County $1,250,000: Hawaii, New York, San Diego and Seattle $1,000,000: Boston, Washington, D.C., Flagstaff, Lake Tahoe, Maryland, Miami, New Mexico, Palm Springs and Virginia $850,000: All other markets To learn more about Redfin Premier and find a Redfin Premier expert near you, visit: www.redfin.com/premier * Based on the average number of transactions per Redfin agent compared to agents at brokerages operating in at least 2 states, per MLS data Oct 2021-Sept 2022.** Terms and minimums apply. Buyer's agent commission not included. Listing fee increased by 1% of sale price if buyer is unrepresented.†85% of new listings in MLS feeds received by Redfin will post within 5 minutes. Same day tours subject to property and agent availability.

Luxury Real Estate Begins with People and Ends with Brand
Luxury brands have proliferated rapidly in the real estate landscape, with the latest entry being Forbes. There are two observations that are based in transaction data. The first observation is that the most expensive 10% or 20% of properties that define the luxury market in a given area are not always dominated by luxury brands. They are dominated by agents who understand the luxury market. The second observation is that having a luxury brand does not correlate with dominating the luxury market. Again, the agents make the difference along with the leadership of the brokerage. The DNA of a luxury brand is a set of characteristics and attributes that define its identity and set it apart from other brands. In real estate, these characteristics are measured by superior agents who draw from a well of relationships to high-net-worth people, engagement in high-net-worth society, and the backing of a brokerage who delivers remarkable marketing and client relationship tools. When you compare and contrast the luxury brands in real estate, it is difficult to measure the attributes that define their identity and set them apart from other brands; the agents make the difference. If you hand to consumers a list of brands in their area and ask them to circle the brands that they believe are luxury brands, some brands like RE/MAX, EXP, Keller Williams, or Century 21 might not get the circle – but I can tell you that there are real estate markets across the area where those brands do absolutely dominate the luxury market. The same is true of many independent brands. Luxury brands definitely make a difference and have power to impress. If you roll up in a luxury car, it makes a first impression. If you step out of the car and you are nicely dressed and groomed, it augments that impression. If you follow that up with posture and diction, the impression continues to build. Ironically, if you are rolling up like this to sell a vineyard or a ranch, you would make a better impression driving a 4-wheel drive, with a deep understanding of water rights and soil composition. As Forrest Gump might say, luxury brand is what luxury brand does. I will never forget driving to Los Olivos, CA with Marc Davison from 1000watt. We passed a doublewide trailer park home in ill-repair with a Sotheby's sign on it. Probably not great for the brand, but it happens. Agents don't turn down listings, nor turn people away that need real estate services. I am okay with that. Before COVID, real estate marketing was dominated by the idea of lifestyle. For a brand to be a luxury brand, it must be defined by the lifestyle of its owners, agents, staff, and clients. A luxury brand lifestyle is better reinforced though a black-tie gala than by giving out hot dogs at the county fair. Luxury fits with the America's Cup better than NASCAR. Luxury agents and brokers understand this. A client of ours is the exclusive partner with a professional sports teams in their market because they deliver a concierge service to athletes moving into town, which often includes plugging them into the best country clubs and introducing them to the headmasters of the exclusive private schools (where they are members and where their kids go to school). Interestingly enough, today's luxury is defined more by these things than price. Luxury means that price does not matter; it's more about aligning the customer with the treatment and lifestyle they want for themselves. Brands don't do that; great agents do that. Get the people right, the service right, and any brand in real estate can be a luxury brand. To view the original article, visit the WAV Group blog.

Luxury Real Estate Is the Safest Investment One Can Make, Says New Report
A recent report indicates that real estate remains in a strong position for the remainder of 2022 and heading into 2023 as more affluent consumers are turning to real estate to diversify their portfolios and as a long-term investment strategy. In fact, 80% of U.S.-based high-net-worth consumers agree that real estate is a safe investment, and over one-third agree that it is the safest investment one can make when compared to stocks, bonds, cryptocurrency and pensions, according to "The Trend Report," released Monday by Coldwell Banker Real Estate and the Coldwell Banker Global Luxury program. Additionally, consumers are over three times more likely to think that 2023 will be a better time to invest in real estate compared to 2022 – rising a whopping 42% from only 11% a year ago. The Trend Report, paired with a survey conducted by Censuswide of over 2,000 U.S.-based high-net-worth consumers, insight from Coldwell Banker Global Luxury Property Specialists and data collected by the Institute for Luxury Home Marketing and Wealth-X, provides an in-depth analysis of what's driving real estate investment, emerging worldwide luxury real estate market trends, market growth opportunities and global wealth. The top trends shaping the 2022 luxury real estate market: An Unconventional Buyer's Market Smaller Square Footage Reconsidering Relocations Searching for Stability Moving Beyond Borders Creative Financing A consistent theme throughout The Trend Report, as found through the survey findings, is that investment is continuously top-of-mind for the wealthy, no matter the market environment. Affluent consumers consider real estate a prime asset for building, maintaining and growing wealth. Key survey findings featured in The Trend Report include: Property investment is a priority Traditionally seen as a hedge against inflation, real estate has the ability to provide financial, emotional and psychological stability in the face of rising uncertainty. Over time, most home values typically appreciate, underscoring how much affluent consumers play the long game when it comes to financial and lifestyle investments today. The top reasons respondents purchased real estate as an investment: Diversify their portfolio (46.7%) Long-term investment (46.1%) Financial gain from rental income (45.9%) Inheritance for their children (45.3%) The top five types of homes respondents own as an investment property: Multifamily Home (39%) Single-family home (34%) Apartment/Condominium (34%) Townhome/Duplex (33%) Fractional ownership (28%) 77% of U.S. luxury consumers surveyed for the report own an investment property. Of those, nearly two-thirds own two or more properties. More opportunities for buyers on the horizon The luxury real estate market has shown resilience, leaving buyers with plenty of purchasing power to still acquire the home they desire. Affluent buyers remain bullish as most continue to see the value of property investment. 75% of respondents noted that current market conditions have changed their mind about buying a home or investment property in the future as luxury consumers remain optimistic about the market. The top three reasons? More inventory (42%) Rising rents (38%) Stock volatility makes real estate a better hedge against inflation (38%) Secondary homeownership trumps purchasing a primary residence With their primary residences accounted for, luxury buyers are turning their attention to building generational wealth by investing in multiple, often lesser-priced, secondary-plus properties. 40% of respondents who are planning on purchasing a home in the future anticipate doing so in the next 1 – 3 years. Of those planning to purchase a home in the future, 72% stated that their new home would either be a second residence, rental property or vacation home. Affluent buyers get creative with financing Rising interest rates are inspiring a new generation of high-net-worth buyers to get creative with their real estate financing. Over half of luxury consumers plan to finance their next home purchase via cash offers (51%) or with a private wealth mortgage (48.1%). Buyers are also using nontraditional bank loans, seller carryback financing and rate buy-downs. "While the luxury property market is now trending towards balance, there is still insatiable demand from wealthy buyers looking to diversifying their portfolios and build long-term wealth through investing in real estate. This strategy powered by the wealthy is the driving force that we see throughout The Trends Report and really underscores the power they still have when it comes to purchasing the properties that they desire," said Michael Altneu, Vice President, Coldwell Banker Global Luxury.

Coldwell Banker Releases 'The Report,' an Extensive Outlook on the 2022 Global Luxury Real Estate Market
Coldwell Banker Real Estate and the Coldwell Banker Global Luxury program released "The Report: 2022 Global Luxury Market Insights," an in-depth analysis of emerging worldwide luxury real estate market trends, market growth opportunities and global wealth. Based on data from Wealth-X commissioned by Coldwell Banker Real Estate, the world's affluent population – those with a net worth of $5 million and up – grew 19.8% in 2021, adding 597,550 individuals to bring the total population to 3,612,730 individuals worldwide. Their combined wealth rose 20.4% to over $75 trillion – a significant jump from 2020, which only saw a 2.1% year over year increase. Meanwhile, U.S. wealth growth rates were even higher in 2021, rising 24.8% in both total population and wealth during the same period, up from 8.1% in 2020. This massive wealth growth and population jump of affluent individuals, combined with new living patterns and changing property preferences, led to a historic luxury real estate market expansion. In 2021, sales of luxury single-family homes, defined as the top 10% of any given market, rose 14.5% while prices increased 20.3% from 2020. Sales of attached luxury homes saw a more dramatic uptick of 29.6% year over year and a 16.6% increase in prices. This year, The Report compiled insight from curated surveys of Coldwell Banker Global Luxury Property Specialists worldwide and data collected by the Institute for Luxury Home Marketing and Wealth-X to better understand the trends reshaping the luxury market domestically and abroad. Key findings featured in The Report include: The Return of the International Buyer International interest in the U.S. real estate market may reignite as foreign investors take advantage of loosened travel restrictions and high returns. Approximately 83% of Coldwell Banker Global Luxury Property Specialists surveyed anticipate the return of international buyers to the U.S. market. Like American consumers, many continue to seek out turnkey properties with additional space and privacy and have also expressed interest owning in secondary or suburban areas. According to The Report, the U.S. states that attracted the greatest number of foreign homebuyers from April 2020 to March 2021 were California, Arizona, Texas, Florida and New Jersey. Sustainable Living New definitions of sustainability are taking the luxury market by storm. Millennial buyers are flocking to homes that incorporate personal and environmental wellness into the design. Homes with these features can command price premiums of 10% to 25%, sometimes higher. Concerns about natural disasters and extreme temperatures have filtered into buyer consciousness as more consumers recognize the threat of global warming. Green cities, like Portland, San Francisco and St. Paul, are attracting interest from those seeking out more eco-friendly locales. For this group, luxury is defined by functionality, environmental harmony and ease of use. Luxury is Everywhere Thirty-eight percent of Coldwell Banker Global Luxury Property Specialists surveyed say that most buyers came from out-of-state in 2021. As the search for more space continues, secondary cities like Denver, Boise, Sacramento, San Antonio, Raleigh and Salt Lake City fared extremely well. Inventory levels for luxury single-family homes dropped, ranging from 19% to 36% year over year in these six markets, affecting the number of possible sales at the end of 2021. As a result, prices rose annually ranging from 19.9% to 37.5%. Urban cores are also making a comeback; Manhattan alone saw a 101.7% increase in luxury sales during 2021. Work from home opportunities, climate change considerations and accessibility to dream locations means luxury may continue to expand throughout the country as consumers search for the home that best fits their needs and desires. The Opportunity Index The Opportunity Index, introduced for this year's The Report, highlights 120 major U.S. luxury property markets according to their buying potential. These markets may still have room to grow in 2022, like hidden gem towns and undiscovered suburbs next door to affluent hotspots. Using the 2021 national average year-over-year sold price growths for luxury homes as the baseline (24% for single-family properties and 16% for attached properties), each market was awarded a 100-point score. Any market with average prices below the set price baselines was determined to have room for price growth and therefore awarded a point per percentage decrease. This score was then added to the score for the national average inventory level decrease (a 20% drop became the baseline). A 100 point score was awarded to markets at the baseline of -20% and a point added to those with lower percentage scores – as they theoretically had more available inventory and potentially, more opportunity. Coldwell Banker Global Luxury® identified the top five markets for single-family and attached homes based on the highest Opportunity Index scores: Single-family home markets: Staten Island, New York Sussex County Coastal, Delaware Cincinnati, Ohio Charlottesville, Virginia Napa County, California Attached home markets: Cincinnati, Ohio Lake Norman, North Carolina Marin County, California Greater Seattle Coastal Pinellas County, Florida Rising Global Real Estate Footprint Secondary home purchases are on the rise; approximately 70% of individuals with a net worth of $5 million and up now own two or more properties per Wealth-X, as reported in Coldwell Banker Global Luxury's "A Look a Wealth" 2021 study. Coldwell Banker Global Luxury Property Specialists also reported that more affluent buyers were purchasing a getaway home — approximately 32%, up from 23% in 2020. Traditional lines between primary and secondary residences are blurring with many affluent individuals choosing to spend time in their secondary homes or deciding to purchase new properties to add to their growing real estate portfolios. Data provided by Wealth-X in 21 major cities outside of the U.S. shed more light on the cities with the highest populations of wealthy individuals with a net worth of $5 million and up, primary vs. secondary homeowners and residential vs. real estate footprints in these locations. The five cities with the highest population of individuals with a net worth of $5 million and up in 2021 include: Tokyo, Japan Hong Kong, China Paris, France Osaka, Japan London, United Kingdom When looking at real estate footprint, which considers all properties owned by individuals with a net worth of $5 million and up, a different set of cities emerges as these locations attract wealthy individuals who have a propensity to buy both primary and secondary properties: London, United Kingdom Paris, France Singapore Geneva, Switzerland Beijing, China "The Report sheds light on the extraordinary paradigm shift that has occurred within the luxury real estate sector since 2020," said Michael Altneu, Vice President, Coldwell Banker Global Luxury. "Stock market gains, rising home equity, increased savings and the cryptocurrency boom have all contributed to a massive expansion of wealth and the sheer number of affluent individuals across the globe. This – combined with a renewed focus on home for fulfilling a range of needs from security, escape, community, work and wellness – has led to unprecedented demand for bigger and better homes in new locations. As a result, luxury is no longer concentrated in a few major cities; it's everywhere and we'll continue to see the growth of secondary markets for years to come."

Sotheby's and Realogy Form Strategic Partnership in Joint Acquisition of Concierge Auctions
Sotheby's and Realogy announced the acquisition of Concierge Auctions, the leading global luxury real estate auction marketplace. Under the terms of the agreement, Sotheby's and Realogy will take a joint 80% ownership stake in Concierge Auctions, while company co-founders Chad Roffers and Laura Brady will remain President and Chief Executive Officer, respectively. Concierge Auctions will operate independently, continuing to partner with real estate agents affiliated with many of the industry's leading brokerages to host luxury online auctions for clients. A newly formed Board of Managers will be made up of Sotheby's and Realogy executives and chaired by Philip White, CEO and President of Sotheby's International Realty, a Realogy brand. Financial terms were not disclosed. Luxury online auctions is a growing sector of the real estate industry, particularly at the high-end, where a more limited buyer pool exists and properties can be harder to value and sell. Concierge Auctions, founded in 2008, creates predictability and liquidity for sellers in an accelerated timeframe and is designed to work with real estate agents as trusted advisors, not disintermediate them. In fact, co-founders Roffers and Brady have both successfully served as licensed real estate agents, and the company has never auctioned a property without working in partnership with a local real estate broker. With an extensive network of independent luxury agents and high-net-worth clients, Concierge Auctions' technology platform serves as an additional tool for agents to market and sell unique, one-of-a-kind luxury properties around the world. In 2020, Concierge Auctions reported processing more than $3.4 billion in competitive bids with an average home sell price of $3.5 million. And, just this year, the company broke its fourth world record for highest price of a single-family home ever sold at auction with the sale of Villa Firenze, one of the most expensive residential properties in the world, listed for sale at $165 million. Prior world records have included the sale of Villa Passalacqua in Lake Como, Italy (listed for €100 million); Playa Vista Isle in Hillsboro Beach, Florida (listed for $159 million); and Walnut Place in Dallas, Texas (listed for $48.9 million). With Realogy's more than 300,000 globally affiliated real estate agents across six brands, including Sotheby's International Realty, Corcoran and Coldwell Banker, Concierge Auctions will benefit from increased distribution, lead generation and industry-leading data scale, along with enhanced marketing visibility from the brands and affiliated agents. Sotheby's will provide Concierge Auctions with deep luxury auction expertise, including innovation in online and live auctions, and access to an unmatched global network of fine art and luxury goods collectors. "Realogy is the market leader in luxury real estate, an area in which we continue to strategically invest to drive future growth," said Ryan Schneider, Realogy Chief Executive Officer and President. "As demand for luxury real estate auctions increases, we believe Realogy and Sotheby's can jointly bring powerful data and network scale to Concierge Auctions, a valuable tool for real estate agents helping clients expertly navigate the global high-end property market. Laura and Chad have expanded how agents and clients can sell and buy a home, and I look forward to what we can now achieve, together." "Since 2004, Realogy has had a very successful relationship with Sotheby's as the operator and steward of the Sotheby's International Realty brand," said Philip White, Sotheby's International Realty CEO and President and newly appointed Chairman of Concierge Auctions. "Just as the power of Sotheby's and Realogy has fueled the tremendous growth of Sotheby's International Realty, we are excited for what this new partnership can bring to Concierge Auctions as Laura and Chad grow their lead in the luxury real estate auctions sector while keeping the agent at the center." "We founded Concierge Auctions with a vision to enhance the way luxury properties are bought and sold," said Laura Brady, Concierge Auctions Co-Founder and CEO. "Thirteen years and billions in sales later, we are the largest auction marketplace for high-end homes, have one of the most comprehensive databases in the industry, and are active in 30 countries and 44 U.S. states. We couldn't imagine better partners than Sotheby's and Realogy for our next phase of growth."

Berkshire Hathaway Releases 2021 Luxury Landscape Report
Berkshire Hathaway HomeServices recently released an extensive luxury landscape report: The Berkshire Hathaway HomeServices 2021 Luxury Landscape Report. The report covers the pandemic's impact on consumer behaviors in regards to the automotive, yachting, artwork and private jet markets, as well as real estate. The Luxury Landscape report visits the heated market in Miami, Florida, where domestic buyers have taken the place of international buyers across Miami's high-end market. Destinations that were once second home ski resorts, like Park City, Utah and Sun Valley, Idaho, have now become year-round. The report also covers the growing trend of sustainability, the rise of NFT's, and the future of electric cars. "The luxury real estate market has showed tremendous strength through an ever-changing year despite fears that the challenges brought on by the pandemic would negatively affect the market," said Christy Budnick, CEO of Berkshire Hathaway HomeServices. "With this timely data, our network Luxury Collection Specialists can prepare for what's to come in 2022 and continue to provide the exceptional level of service and knowledge to clients and customers globally." One of the big reveals is the top luxury markets, as luxury home buyers return to bustling cities for the culture they missed during the pandemic. The top luxury markets identified include: London: The pandemic fog that has cast its shadow over has begun to lift with, with sales of high-end homes up during the first quarter of 2021. The luxury market in London includes homes priced from £3 million to £10 million. Private outdoor space is also more in demand than ever in London. New York: New York's real estate market is awakening, and the luxury sector is part of that revitalization. the luxury market appears to be rebounding with a return of international investors and buyers seeking value. Buyers looking for bargains will find the most value now on the Upper East Side. Montecito: With easy access to San Francisco and Los Angeles, buyers are turning their attention to second and third homes in Montecito, California. In 2020, the median sales price was US$2.8 million and in 2021 it has increased to US$5.3 million. The main reason for the jump is the majority of activity in the market has been for big houses that range from 7,000 to 25,000 square feet. Park City: Utah's economy has been growing and the state has attracted more high-end buyers in the last few years. Ultra-luxury homes on several acres are selling in the US$8 million to US$15 million range. Like many markets, Park City has extremely low inventory because of the high demand over the past year. But new construction will expand the options in the area, including a new resort next to Dear Valley Resort, where Extell Development plans to build a resort with condos and single-family homes. Atlanta: Atlanta's luxury market is much more attainable than other major U.S. cities. The market has seen a 32% increase in sales of homes priced above US$1 million year-over-year, lending credence to the term "Hotlanta." Former New York residents are the biggest percentage of relocation buyers, along with buyers from Miami, Chicago and California. Miami: Domestic buyers have taken the place of international buyers across Miami's high-end market. Not only are single-family homes and condos selling quickly, but home values are also rising rapidly as the state is flooded with new residents looking for more space and lower taxes. Toronto: More wealth is being created in Toronto by the tech industry and large corporations moving there. The average sales price in the city was C$1.2 million in May 2021, an increase of 28.4% compared with May 2020. The city expects anticipated continued price appreciation, increased sales and a strong luxury market for the coming year. Marbella: As international buyers return to Marbella, the market for high-end homes is expected to become even more competitive. While Marbella was once known for its buyers from the Middle East, Russia and the U.K., now more buyers come from Scandinavia countries and Eastern Europe. The most resilient part of the market in 2020 and 2021 has been large villas and condos priced around £3 million to £4 million. Boston/Cape Cod: Cape Cod and Massachusetts' South Coast both appeal to those working more from home. The south coast is a bit of a hidden gem. The threshold of luxury homes used to be US$1 million and up, but now the threshold is closer to US$2 million and up. The median price increase for homes priced above US$1 million was 7% between the first quarter of 2020 and the first quarter of 2021. Berkshire Hathaway HomeServices is also hosting an exclusive event with The Wall Street Journal, Mansion Global, following the release of the luxury report. Exploring the Luxury Landscape features Christy Budnick and other industry experts discussing the state of the housing market and wealth trends around the world. The event will take place on September 28 at 1:30 p.m. EST. The event is open to all, and individuals can register here. The virtual event will cover the following topics: The migration toward second homes around the world Areas across the globe offering strong opportunities for investment Trends in art collection, including the rising popularity of NFTs The future for electric vehicles The return to high-end travel, such as yachts and private aviation View the full report here.

Is TikTok a Viable Way to Sell Luxury Homes?
For most people, TikTok is a social network where teenagers perform dancing challenges and upload videos, often involving their pets. If you are over 40 (like me), chances are you're not on TikTok and perhaps only became aware of the app last summer when Donald Trump threatened to ban it in the U.S., fearing data sharing with China. However, we are now seeing real estate agents adopting the platform to advertise multimillion-pound property listings globally.

Luxury Portfolio International Names Mickey Alam Khan President
Paul Boomsma, CEO, along with the brokerage leadership at the Leading Real Estate Companies of the World--led by Diane Ramirez of Brown Harris Stevens Residential Sales and Chairman of the Board of LeadingRE--made a really smart, strategic move this week by naming Mickey Alam Khan as President of their Luxury Portfolio International Division. Mickey's position as one of the world's top luxury experts will undoubtedly open up all types of partnership and marketing opportunities for the largest and most progressive independent brokerages in America. From his New York-based office, he will also head up global expansion of Luxury Portfolio International.

3 of the Best Ways to Showcase Your Luxury Listings Online
Selling a luxury real estate listing comes with its share of challenges--in part, because discerning luxury shoppers are in the market for the very best. In order to maximize your return and find the right deal at the right time, it's crucial to do everything you can to market your luxury listings to your target audience. Taking the time to market your luxury listings effectively online will help ensure that you're reaching the widest possible audience, and keeping their attention when they see what you have to offer. Today, we're going to take a closer look at three proven tips to help you showcase your luxury listings online.

Selling to High Net Worth Individuals
It's "growth month" at Happy Grasshopper, and I've noticed that many entrepreneurs always spell growth with a capital 'G.' For them, nothing is more important than getting bigger, even if that means burning boatloads of cash. This might make sense if you're building the next big software company, but it equals disaster for most of our businesses. In this post, I'm going to cover the single best way you can grow their business: by shifting upmarket and getting more dollars for the same amount of work. As obvious as this seems, many people fail when trying to shift upmarket because they suffer from a toxic combination of limiting personal beliefs and a fundamental misunderstanding of high net worth individuals.

How to Understand the Luxury Buyer: They Are Different
Looking to break into the lucrative luxury market? To meet the needs of this unique and high-demand segment, you'll need the right real estate selling tips. Luxury home buyers are not your average clientele. What do luxury buyers love? Buzzworthy reputations Both yours as a real estate professional – and the property's. Wary of the intentions and the opinions of others, they will often choose an agent based on personal recommendation, and will gravitate toward properties with a newsworthy buzz in social media, amongst friends, and in the community. To keep a specific property in the spotlight and ramp up interest, never neglect to spread the word amongst your most socially active contacts. Ultra-exclusivity You should not and will not sell a home to a luxury buyer in the same way as you would a typical client. Luxury buyers see themselves as special and expect to be treated as such, with invitation-only open houses, private viewings, professionally presented information via luxury home booklets (for each listing of interest), live music, fine food and wine—the works.

Everyone Wants to Sell Luxury Real Estate
Everyone wants to sell luxury real estate but not all are qualified. What if you could help them look qualified, let them work their contacts all over the world, and then send their leads to you to close? I've spoken about social collaboration before. The idea of putting your information in the hands of agents and letting them work for you is innovative and it's coming to real estate. (Social collaboration refers to processes that help people interact and share information to help achieve a common goal. In real estate, that goal is selling property.) Many high-end buyers are coming from outside your market. As a result, it's imperative that you have a way to reach those buyers so that they see your luxury real estate listing. The challenge is finding those people, especially the farther away they are. What if you could connect with agents all over the world — who know those buyers, give them the information about your property, and let them go out and find those buyers for you? The idea of social collaboration allows you to develop those relationships to the point where you are able to keep tabs on activity and determine which are the best agents working for you.

"Sexy" Sells in Luxury Real Estate Marketing Verbiage
It's no secret that sex sells. And sexy verbiage? It's making the luxury real estate market hot. What words are steaming up the proverbial windows in the luxury market? According to real estate selling tips following a study by Realtor.com, the words "sexy" and "seductive" are often used in higher priced homes. What about love? Well, as the old rock song goes, "love" stinks. Of the 1.6 million homes in the Realtor.com study, "love" is often used in the property descriptions of lower priced homes. Hot – and not – verbiage and median asking prices: "Lovely" – $264,000 "Love" – $250,000 "Loving" – $195,000 "Sexy" – $620,000 "Seductive" – $640,000 "Romance" – $820,000

A Look at News Corp's New Luxury Real Estate Portal
Luxury real estate enthusiasts, rejoice! There's a slick, new website in town where you can indulge your tastes for high-end property listings. Dow Jones, Move Inc.'s fellow News Corp subsidiary, launched a luxury property portal on Friday called Mansion Global. The site pairs high-end property listings from around the world with comprehensive news and data, a combination meant to aid buyers in making smart purchase decisions and engage luxury real estate fans. Mansion Global will feature content from News Corp publications like The Wall Street Journal, Barron's, realtor.com, and more. The site will offer original editorial features as well, like: Indicator Insights - Market data relevant to global buyers Mansion Essentials - A look at high-end amenities that raise property values Mansions New to the Market - Zeroing in on the "most intriguing listings" Markets on the Verge - Advising property investors on up-and-coming markets News Corp. also plans to offer enhanced listings data, video, interactive maps, personalization and more on Mansion Global in the coming weeks.

Luxury Home Price and Taxes
Luxury home marketing is global. When you are trying to communicate to a group that represents less than 1% of the population of the United States or the earth, you are aiming at a very small target group. It is for this reason that there are numerous luxury home marketing vehicles that make sense for brokerages to affiliate with. I am not exactly sure how it works out but somehow Christie's, Sotheby's, Luxury Real Estate, and Coldwell Banker Previews always find a way to send a magazine to my home. In truth, I really enjoy getting them. For the most part, I am familiar with the firms marketing homes through these channels, I often know the principals and sometimes I may know the agent. In some small way, it is like flipping through a high school yearbook. This week, I returned from Inman Real Estate Connect in San Francisco to find the Howard Hanna Homes of Distinction. As a Californian, I am always amazed how much house you get for the money in the states they serve like Pennsylvania, upstate New York, Michigan, Virginia, Ohio, West Virginia, North Carolina, and Maryland. For example, you can live in a stunning home in Michigan with 11 acres, 1000 feet of Lake Michigan lakefront, 12,000 feet of living area for $4.3M. A similar property on Lake Erie is priced at $3.9M. Here is the part I don't get. What are the taxes?

How to Host a Broker Open House for a Luxury Listing
This post comes to us from the HomeFinder.com blog: Did you recently score your first million-dollar listing? If you're looking to reach this niche buyers club, consider hosting a broker open house to help identify potential buyers, and to network with other luxury brokers. Follow the five tips below to host a successful broker open house and enter a new echelon of selling. 1.) Thoroughly research invitees: Do your homework and invite brokers in your area who specialize in the price point or area similar to your listing. Is your listing a million-dollar urban condo with sprawling park views? Or perhaps a historic country farmhouse on a multi-acre estate? Invite brokers that specialize in that specific home type; your attendees will be more interested in what your property offers instead of what snacks you're serving. 2.) Timing is everything: Schedule your broker open houses during a time that won't interrupt client meetings or fall in the middle of the daily grind. A breakfast or cocktail event is likely to attract more attendees than an open house in the middle of the day. 3.) Attract top-producing agents: Offer private tours of the home to work around top producers' busy schedules. If they work with luxury clients from around the globe, use Skype or Google Hangouts to offer a virtual tour of the property. If you have enough details on their high-profile buyers, research them so you know what features the buyer is looking for in a home. For example, if their client is a professional athlete, highlight the home's athletic courts.

Inside Story for Luxury Real Estate Brokers
Luxury is different. Luxury agents are different, luxury homes are different, and luxury buyers are different. When you are representing the affluent, you must carry a distinct conversation and have a distinct perspective. As a consultant, I had the opportunity to work on LuxuryRealEstate.com, the worlds’ top global location for Luxury Real Estate. Each day, the site receives early 7,000 wealthy home enthusiasts, 200,000 per month, viewing nearly 3.5 Million listings. London and Lake Tahoe Luxury broker, Shari Chase of Chase International reports that LuxuryRealEstate.com drives more traffic to her properties than LeadingRE, Trulia, Realtor.com, and other popular real estate portals – representing 17% of her referring traffic to her website.