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Sales of $2 Million-Plus Homes Decline for First Time in 2 Years as Prices Tick Up
Volatility on Wall Street and global economic uncertainty may have contributed to a decline in high-priced home sales SEATTLE, Feb. 6, 2019 -- The average sale price for luxury homes nationwide rose 4.7 percent annually to an average of $1,772,000 in the fourth quarter of 2018, according to a report released by Redfin, the next-generation real estate brokerage. That's on par with the annual growth seen in the second quarter of last year and up from a 3.2 percent growth rate in the third quarter. For this analysis, Redfin tracks home sales in more than 1,000 cities across the country and defines a home as luxury if it's among the 5 percent most expensive homes sold in the quarter. In the other 95 percent of the market, prices grew 4.3 percent to an average of $341,000 in the fourth quarter. The typical luxury home that sold in the fourth quarter went under contract in 74 days, down from 78 days during the same period in 2017. Compare that with non-luxury homes: Homes that sold in the final quarter of 2018 took 56 days to go under contract, down from 63 days in the fourth quarter the year before. Sales and Supply of $2 Million-plus Homes Decline Sales of homes priced at or above $2 million dropped 3.9 percent annually in the fourth quarter. That's the first time in more than two years sales of luxury homes have fallen on a year-over-year basis. The fact that sales of high-priced homes declined as their prices grew at a relatively strong rate can be explained in part by the basics of supply and demand. Compared with a year earlier, there were 6.5 percent fewer $2 million-plus homes on the market last quarter, the seventh quarter in a row inventory of luxury homes has dropped annually. Supply of homes priced under $2 million, meanwhile, has been on a steady upward trend since the beginning of 2018. While domestic and global economic uncertainty may have put a bit of a damper on demand for luxury homes, the decreased supply was enough to continue to push prices up at a strong but sustainable rate just below 5 percent annually. "In the fourth quarter of 2018 there was a lot of economic uncertainty—mortgage interest rates peaked in November, and the stock market was all over the place. This may have encouraged luxury sellers to hold on to their real estate assets and also caused luxury buyers to be reluctant to make major home purchases," said Redfin chief economist Daryl Fairweather. "There's also economic uncertainty abroad. For example, China's economy slowed down at the end of 2018, which may be affecting a segment of U.S. luxury sellers and buyers whose wealth is invested overseas." Fairweather continued, "Finally, it's worth noting that when we're examining the most expensive segment of the housing market nationwide, a disproportionate amount of the movement seen in prices and sales is driven by activity--or lack thereof-- in major expensive coastal markets like San Francisco and San Jose, where sales fell by double digits while price growth slowed or reversed at the end of the year." Biggest Price Gains Cities in Florida experienced some of the biggest increases in luxury home prices. In West Palm Beach, the average sale price for the top 5 percent of homes sold in the fourth quarter was $1,628,000, up 35 percent from the year before, and in St. Petersburg luxury prices shot up 30.7 percent to $1,427,000. "When I moved to St. Petersburg in 2006, it had a quiet downtown with one block of shops and restaurants and a very short list of luxury condo buildings—most of which were built before 1980," said Redfin agent Brian Walsh. "As the town has grown, it has become known for its walkability, an exploding restaurant and nightlife scene and a beautiful waterfront, all of which makes it uniquely positioned to become the jewel of the Gulf Coast." "Now that the secret's out, folks who have money to burn are flocking to St. Petersburg," Walsh continued. "A few new luxury buildings have recently gone up, and spec builders are tearing down older, smaller homes and building large, modern properties that fit in beautifully with the aesthetic of the city." Biggest Price Declines Florida cities also dominate the list of places where luxury home prices have dropped the most. Sarasota clocks in at number one with an average luxury price of $1,760,000, down 30.7 percent annually. That's followed by Fort Lauderdale, where the average luxury home went for $2,689,000, down 26 percent from the year before. To read the full report, complete with additional data and charts, as well as a list of the 10 highest-priced home sales in Redfin markets in the fourth quarter, click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the #1 brokerage website in the United States and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
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Luxury Market Picks Up Speed
$1 million-plus sales up 6 percent; Sarasota, Fla. remains fastest growing luxury market, followed by Queens, N.Y.; Santa Clara, Calif. SANTA CLARA, Calif., Sept. 19, 2018 -- Luxury home sales continued to break records as prices hit double-digit gains in 20 major counties, according to the realtor.com® 2018 Luxury Home Index released today. Additionally, the number of sales at or above the $1 million mark rose 6 percent over last year. The realtor.com® Luxury Home Index analyzes the entry-level luxury price tier, defined as the top 5 percent of all residential sales, in 90 U.S. counties. Demand for luxury homes remains strong throughout the summer The pace of sales for luxury homes remains strong. The combined median age of inventory in the 90 luxury markets surveyed was 121 days, down nine days or 6.9 percent year-over-year. Additionally, two thirds of luxury markets are seeing inventory move faster than this time last year. In 50 of the 90 counties analyzed, the luxury tier currently has an entry point of at least $1 million, while 70 markets continue to see yearly price growth. "The conditions in the luxury segment are quite different from the market overall – it's really a tale of two markets," said Danielle Hale, chief economist for realtor.com®. "Although U.S. median listing prices show signs of slowing growth, luxury prices are moving in the opposite direction in many places. For the second consecutive month, we've seen more markets with double-digit, entry-level luxury price growth than in the past four years." Sarasota stays on top Since March, Sarasota, Fla. has remained the nation's fastest-growing luxury market, with sales prices up 21 percent since last June. Half of all luxury homes in Sarasota sold within 165 days, 22 percent faster than the previous year. Queens, N.Y.; Santa Clara, Calif.; Boulder, Colo.; and Collier, Fla. rounded out the top five counties, each seeing yearly price growth between 13 and 15 percent. Miami's luxury market starts heating up Recent trends in Miami's luxury segment suggest that the luxury entry point could break the $1 million mark for the first time this fall. After declining for 24 months in a row, Miami luxury prices finally saw growth this January, and have now reached the highest price gains since July 2015. Miami's luxury market is currently growing at 2.2 percent year-over-year. Other surrounding South Florida counties, including Broward, Collier, Lee, and Palm Beach, saw similar declines in recent years, but many of them have outpaced the rest of the country since early last year with yearly price growth between 5 and 13 percent. Most California luxury markets show no sign of a slowdown Northern California luxury markets continue performing well, with seven counties in the top 20 fastest growing markets, all of which saw double-digit growth in June. San Francisco, Sonoma, and Santa Clara -- up 10, 13, and 15 percent, respectively -- are showing there is still room for growth. On the other hand, San Mateo, Sacramento, San Luis Obispo, and Santa Cruz are holding steady. Momentum in Nashville There's a hot streak in Davidson and Williamson counties, both part of the greater Nashville area, which grew 12 and 11 percent, respectively. Both saw double-digit growth in June, after steadily gaining momentum since 2016. Half of all luxury homes sold in 61 days in Davidson County, putting it among the nation's 10 fastest-moving luxury markets. Seattle still has room to grow Seattle (King County, Wash.) luxury grew by 13 percent in June compared to the same time last year, pushing its luxury entry point to $1.5 million. This marks Seattle's 11th consecutive month of growth between 12 and 14 percent. As the market's growing tech scene funnels in a more affluent crowd, more buyers can afford pricier homes, which may push demand - and prices - higher. See more on the realtor.com research portal. Top 20 Fastest growing luxury markets Top 20 fastest moving luxury markets MethodologyThe realtor.com® Luxury Home Index analyzes 90 luxury counties, looking at yearly movement in the entry-level luxury price boundary, defined as the top 5 percent of all residential home sales in a given market in June 2018. The following markets were excluded from rankings this month as we review their data: Washoe, Nev.; Delaware, Penn.; Fairfield, Conn; and Dallas, Texas; Westchester, N.Y. The following New York markets were adjusted for lag this month: New York, Queens; and Kings. Age of inventory figures are median days on market for the top 5 percent of inventory based on asking prices in August 2018. *As measured by the cost to purchase a home in the top 5 percent in one of the 90 luxury markets studied. About realtor.com®Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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Luxury Housing Sets New Records
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Luxury Housing is Hot, Hot, Hot
$1 million-plus sales are up 25 percent; Demand rising on West Coast, Denver, Nashville; Stalling in New York City area SANTA CLARA, Calif., July 12, 2018 -- Luxury home sales and prices are surging, according to the realtor.com® June 2018 Luxury Home Index released today. The Index reveals $1 million plus home sales are up 25 percent, despite the fact it costs on average 4.6 percent more to enter the high-end market this year compared to last year*. The index analyzes the entry-level luxury price tier, defined as the top 5 percent of all residential sales, in 91 U.S. counties. "Continued growth in high paying jobs and stock market inertia have reignited many luxury markets this year," said Javier Vivas, director of economic research for realtor.com®. "We've seen a substantial increase in buyer demand for high-end homes -- even with prices and costs of ownership swiftly on the rise." Nationally, luxury home prices and demand continue to rise In the 91 luxury markets analyzed, the entry-level price for luxury increased an average of 4.6 percent year-over-year. Some markets continue to grow at a breakneck pace; 17 of the 91 luxury markets are now seeing more than 10 percent price growth year-over-year. The pace of sales in the luxury segment continues to break last year's records, too. The combined median age of inventory in the 91 luxury markets was 105 days, down 7 days or 6.5 percent year-over-year. Additionally, two thirds of luxury markets are seeing inventory move faster than last year. $1 million plus is new norm for luxury homes In 51 of the 91 markets analyzed, the luxury home tier currently has an entry point of at least $1 million. The number of sales at or above the $1 million mark in the 91 markets is also up 25 percent over last year. That is the biggest jump observed since January 2014, and two and half times the pace observed this January. Luxury prices along the Northern California coast accelerate The region now has four of the top 10 fastest-growing luxury markets in the country, indicating that the booming tech sector and strong foreign interest are pushing demand for luxury properties to new heights. Bay Area markets of Santa Cruz, San Mateo, Santa Clara, and Monterey have all been growing at an accelerating pace, with entry-level luxury prices now up 12-14 percent year-over-year. Demand extends for luxury homes in Denver, Seattle and Nashville areas Denver's boom has extended further outward, with Boulder, Douglas and Denver counties all seeing double-digit annual price growth in the luxury tier. The median days on market for luxury properties in these three counties is 89 days, also down 15 percent year-over-year. In the Pacific Northwest, the entry-level luxury price in Seattle area's King County and the further outlying Snohomish County is up 13 percent year-over-year. The median days on market of luxury properties in these two counties is now a combined 48 days, down 3 percent year-over-year on average. Snohomish is currently the fastest-moving luxury market in the country. In Nashville's Williamson and Davidson counties, the median days on market for luxury properties is now 71 days, down 12 percent year-over-year on average. Jersey City and Queens luxury markets buck the Northeast stall Most markets in New York and New Jersey continue to see luxury prices stall or remain stationary. The Hudson, N.J. (Jersey City) and Queens, N.Y. markets remain the exception, and both continue to see well above average, double-digit price growth. These two markets offer a lower luxury entry point compared with Manhattan and Brooklyn, where growth remains stagnant. The median days on market of luxury properties in Hudson and Queens combined is 66 days, down 29 percent year-over-year. For more information, click here. Methodology Realtor.com® Luxury Home Index analyzes 91 luxury counties, looking at yearly movement in the entry-level luxury price boundary, defined as the top 5 percent of all residential home sales in a given market in April 2018. The following markets were excluded from rankings this month as we review their data: Washoe, Nevada; Lake, Ill.; Dallas; and St. Louis. Age of inventory figures are median days on market for the top 5 percent of inventory based on asking prices in June 2018. *As measured by the cost to purchase a home in the top 5 percent in one of the 91 luxury markets studied. About realtor.com® Realtor.com®, The Home of Home SearchSM, offers the most comprehensive source of for-sale MLS-listed properties, among competing national sites, and access to information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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Buyers from the North Drive Florida to Top of Fastest-Growing Luxury Markets
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Redfin Report: Shrinking Supply Sends Prices for Luxury Homes Up Nearly 8 Percent in First Quarter
Number of Luxury Homes for Sale Fell 20 Percent, Marking Four Consecutive Quarters of Inventory Declines SEATTLE, May 14, 2018 -- Luxury home prices in the first quarter of 2018 rose 7.9 percent compared to last year, to an average of $1.8 million, according to the latest report from Redfin, the next-generation real estate brokerage. The analysis tracks home sales in more than 1,000 cities across the country and defines a home as luxury if it is among the top 5 percent most expensive homes sold in the city in each quarter. The average price for the bottom 95 percent of homes was $330,000, up 7.5 percent compared to a year earlier. The strong price growth for luxury homes is due to decline in supply that has persisted since the second quarter of 2017. The number of homes for sale priced at or above $1 million fell 20.4 percent in the first quarter compared to a year earlier, while the number of homes priced at or above $5 million dropped 19.2 percent. The inventory shortage in the luxury market is newer and somewhat less severe than the inventory shortage for more affordable homes. The number of homes for sale priced below $1 million has been in decline since the third quarter of 2015 and fell 22.8 percent in the first quarter compared to last year. Competition for luxury homes is also escalating. The average luxury home that sold last quarter went under contract after 82 days on the market, nine days faster than the same period last year. While only 1.5 percent of luxury homes were bid up over the asking price, that's up from 1.3 percent in the first quarter of 2017. "For the first time since changes to the tax code went into effect, luxury buyers could no longer deduct more than $10,000 in state and local property taxes or interest for mortgages over $750,000. In a world of balanced supply and demand these changes would have dampened price growth. Instead, this quarter saw the strongest luxury price appreciation in four years, demonstrating that the current inventory crunch is extremely broad-based and affects buyers at every price range," said Redfin chief economist Nela Richardson. Several cities in Florida and Nevada saw strong luxury price growth in the first quarter. In Vero Beach, Florida, the average sale price for a luxury home soared 68 percent over last year to $2.65 million. The early January sale of a $17.5 million property likely played a role in driving up the average sale price in Vero Beach. Luxury home prices were up 51.3 percent in Reno, 26 percent in Las Vegas and 22.4 percent in Henderson, a Las Vegas suburb. Jaime Moore, a Redfin agent in Reno, said, "We're seeing an influx of buyers from high-cost areas such as Seattle, San Francisco and Southern California. Some come for retirement and the low taxes, others for tech jobs at companies like Tesla, Amazon and Switch. More companies are relocating here as the cost of living for the average employee has gotten too high in other cities. This is all leading many buyers to our area with larger pocketbooks than we have seen in the past and bidding wars and prices are reflecting that demand." Some cities saw luxury home prices decline in the first quarter. The average price for a luxury home fell furthest in Long Beach, California, down 26.1 percent year over year last quarter. Prices for high-end properties also fell in Washington, D.C. (-9.6%), Fort Lauderdale (-7.3%) and Clearwater (-4.5%). To read the full report, complete with city-specific data and charts, as well as a list of the 10 highest-priced home sales in Redfin markets in the first quarter, click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including theRedfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
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Coldwell Banker Global Luxury Releases Annual Review of Luxury Real Estate in 2017
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Gabriels Technology Solutions Emerges as Leading Tech Provider to World's Most Prestigious Luxury Real Estate Brands
New York, NY – February 13, 2018 – The world's leading provider of internet technologies and services for major news media outlets across the globe, Gabriels Technology Solutions, has emerged as the leading technology provider to the most prestigious luxury real estate brands worldwide. Today, Gabriels provides advanced real estate technology solutions to Sotheby's International Realty and Christie's International Real Estate and other major regional luxury brands, serving brokerage firms and major media companies in 42 states and over 30 countries worldwide. After two decades providing technology and services for the most coveted media brands – including The New York Times and The Boston Globe – Gabriels latest innovations include real estate websites, CRM, lead management and marketing solutions for real estate brokers that serve U.S. and international markets. Gabriels Technology Solutions develops, powers and manages the Affinity Global Real Estate Website Platform and Xcelerate CRM, Lead Management and Marketing Platform. Gabriels Technology Solutions is the brainchild of one of Manhattan's most tenacious real estate industry innovators and entrepreneurs, Michael Gabriel. He has quietly built a juggernaut of a luxury real estate tech firm, replicating what he accomplished in the media industry when he established the firm in 1995 and landed The New York Times, after he had briefly established the first MLS (Multiple Listing Service) in Manhattan. Last year, Gabriels clients sold more than $250 billion of real estate, and Gabriels managed more than 2 million properties listed by brokerages. Gabriels also managed client website traffic that cumulatively generated more than 35 million monthly visitors, attracted by the more than 300 data sources that Gabriels deploys and administers daily. "Luxury real estate brands need the most advanced technology in order to be competitive with consumer home search portals and stay ahead of rival brokerages, demand the most consistent, reliable service, and require forward-thinking customization," said Michael Gabriel, owner of Gabriels Technology Solutions based in Manhattan. "It's why we have been a strong partner of the most recognized media company in the world, The New York Times Company, for 20 years," Gabriel added. "It's why the two most prestigious luxury real estate brands in the world, Sotheby's International Realty and Christie's International Real Estate, are strong partners of ours. It's why the first national website to support Matterport 3D immersion virtual tours with virtual reality capabilities was Sothebysrealty.com, powered by Gabriels," he added. "We can provide entirely customized solutions that look entirely different that adapt to the business objectives of our partners. This level of customization to scale is rare in real estate and a big advantage we have in the marketplace," he explained. Site visit to lead closed While Gabriels reputation for delivering advanced website technology at scale may be unrivaled, leveraging its expertise by providing clients with CRM (customer relationship management), lead management and marketing services, successful integrations with third party and internal applications or data sources has been an area of focus that has exponentially increased the value of our products and services for our partners. "Gabriels can help brokerages connect their agents with home buyers and sellers long before a lead is generated or a call is made," says Tom Morgan, who heads up Gabriels Technology Solutions sales and marketing efforts. The offering, Morgan says, is Gabriel's "site visit to lead closed" solution. "Our Affinity Global Real Estate Website platform provides brokers their best opportunity to make a lasting first impression," said Morgan. He explains that brokerages need to establish their companies in the mind of consumers as the local market leader when it comes to buying or selling a home. To do that, according to Morgan, brokerages must offer the right real estate website features, including fast page loading, easy and efficient navigation, comprehensive property search, mobile friendly (responsive web) design, ability to save and receive alerts on preferred searches and ‘liked' listings, market and school data, agent websites, and most importantly, hyperlocal content. "Uniquely, Gabriels can provide clients hyperlocal content, from interactive school mapping to neighborhood listings to local market statistics to local community guides," Morgan said, adding, "This allows a broker or agent to truly represent themselves as a local area expert." Morgan said that Gabriels began to expand its offerings to include a fully integrated brokerage solution - including Xcelerate CRM, Lead Management and Marketing platform – because of client demand. "The goal of any CRM solution is to help build long term customer relationships," he said. "Real estate brokers will tell you the problem with most CRMs is that they are too complicated, isn't integrated, nor provides a full breadth of tools, and therefore falls short of agent expectations, means poor agent adoption. We designed Xcelerate to solve that problem: to be easy to use with on-the-go, simple tools, including lead aggregation, lead routing, listing email campaigns, property websites, marketing brochures and contact management – all in one." When clients integrate with both Affinity and Xcelerate owner Michael Gabriel says, that's when they achieve the "online Holy Grail in real estate: taking customers from site visit to lead closed." Luxury expertise for all Although Gabriels Technology Solutions was built serving best brands in business, the one thing Gabriel and Morgan don't want the real estate brokerage world to think is that they only serve luxury brands. "While our goal will be to remain the leading luxury real estate technology provider worldwide, we will always leverage that expertise to serve brokerage brands in all markets," Gabriel said. "There are huge advantages and benefits that non-luxury brands receive working with Gabriels," added Morgan. "What we learn working with the best brands in media and real estate forces us to make cutting edge innovations with our technology and eventually everyone benefits from those enhancements. But even more importantly, the discipline we bring to our customer service and our development cycles, as well as our ability to be a forward-thinking, nimble partner provides services that most brokerages won't see from a typical cookie-cutter website provider," he added. About Gabriels Technology Solutions (GTS) Established in 1995, Gabriels Technology Solutions is located in midtown Manhattan with company-owned overseas operations in Brasov, Romania and Chennai, India. Its 200-strong workforce includes software engineers, programmers, data analysts and technology leaders with expertise in developing scalable, search engine optimized, custom web applications. GTS applications, including the Affinity Global Real Estate Website Platform and Xcelerate CRM, Lead Management & Marketing Platform, serves real estate brokerage firms and major media companies in 42 states and over 35 countries worldwide. GTS is at http://www.gabriels.net.
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Demand for Luxury Homes Weakened in 2017
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Inventory Shortage Hits the Luxury Market, Sending Prices up 4.9 Percent in the Third Quarter
Redfin economist says there is still strong buyer demand for high-end homes SEATTLE — Luxury home prices rose 4.9 percent in the third quarter of 2017 compared to last year, to an average of $1.71 million, according to the latest luxury market report from Redfin, the next-generation real estate brokerage. The analysis tracks home sales in more than 1,000 cities across the country and defines the luxury market as the top 5 percent most expensive homes sold in the city in each quarter. The average price for non-luxury homes was $336,000 in the third quarter, up 5.3 percent compared to a year earlier. A sharp decline in the number of luxury homes on the market likely contributed to the price increase. The number of homes for sale priced at or above $1 million fell 18.1 percent compared to the same period last year, marking two consecutive quarters of a decline in the number of high-end homes for sale. The number of homes priced at or above $5 million saw a similar decline at 19 percent. This marked the first quarter in which luxury inventory fell year over year since Redfin began reporting on the luxury market in 2014. "There is still strong buyer demand for high-end homes," said Redfin chief economist Nela Richardson. "Despite declining inventory, luxury sales soared in the third quarter. Sales of homes priced at or above $1 million were up 11 percent from a year ago, while sales of homes priced at or above $5 million were up almost as much as 10 percent." Luxury homes are also moving off the market faster, with the typical luxury home finding a buyer in 70 days, four days sooner than last year.The city of Longmont, Colo., led the nation with the strongest year-over-year price growth in the luxury segment in the third quarter. The average price of a luxury property increased 34.7 percent compared to last year to $1.55 million. Strong luxury home price gains were seen in Fort Lauderdale, Fla., (+28.7%) and St. Petersburg, Fla., (+19.6%). The average price for a luxury home fell furthest in the third quarter in the cities of Delray Beach, Fla., San Francisco, Calif., and Boca Raton, Fla., where prices fell 26.9 percent, 14.7 percent and 13.8 percent respectively compared to last year. To read the full report, complete with city-specific data and charts, as well as a list of the five highest-priced home sales in Redfin markets in the third quarter, click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.
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Redfin Report: Luxury Home Prices Up 7.5 Percent in the Second Quarter, Outpacing the Rest of the Market for the First Time Since Late 2014
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Report Reveals Insights from the Emerging Luxury Consumer
Madison, N.J. 05-02-2017 — Sotheby's International Realty Affiliates LLC today announced that it has released "Global Affluence: The Emerging Luxury Consumer," a report examining the confidence, spending habits and purchasing interests of emerging luxury consumers from around the world, defined as those with $250,000 USD to $1 million USD in investable assets.The report, which is based on a survey that focused on luxury consumers in the United States, United Kingdom, India, United Arab Emirates and China, found that this emerging luxury consumer demographic is confident when it comes to their personal economy and the economy of their respective countries. The complete Sotheby's International Realty® "Global Affluence: The Emerging Luxury Consumer" report features a breakdown of data by country surveyed as well as supplemental search data from sothebysrealty.com. Click here to download the full report. Key findings from the Sotheby's International Realty "Global Affluence: The Emerging Luxury Consumer" report include: 85% of emerging luxury consumers are confident in the housing market in their respective countries and are ready to purchase a home within the next three years. 93% of emerging luxury consumers are looking to purchase homes with luxury components. Emerging luxury consumers are interested in waterfront, metropolitan and historic homes. "The luxury residential real estate market is ever evolving," said Philip White, president and chief executive officer of Sotheby's International Realty Affiliates LLC. "As a global leader in this arena, the Sotheby's International Realty brand commissioned this research survey to unveil emerging trends with luxury residential real estate consumers around the world. We are always looking to the future and our focus is to keep a pulse on the state of the real estate market and the homebuyers of tomorrow." "The luxury market has been redefined in recent years due in large part to the impact of the new emerging luxury consumer," said Kevin Thompson, chief marketing officer of Sotheby's International Realty Affiliates LLC. "These individuals have a luxury sensibility and an affinity for exclusive brands, proving that luxury transcends income levels – it is about quality, uniqueness, and ultimately achieving a certain lifestyle. The Sotheby's International Realty brand has its eye on the future and is perfectly positioned to unite these extraordinary lives with extraordinary lifestyles." The Sotheby's International Realty network currently has more than 20,000 affiliated independent sales associates located in approximately 850 offices in 66 countries and territories worldwide. In 2016, the brand achieved a record global sales volume of $95 billion USD. Sotheby's International Realty listings are marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm's brokers and clients will benefit from an association with the Sotheby's auction house and worldwide Sotheby's International Realty marketing programs. Each office is independently owned and operated. Methodological Notes:The Sotheby's International Realty Affiliates LLC Survey was conducted by Wakefield Research (www.wakefieldresearch.com) among 200 US emerging luxury consumers, and 100 emerging luxury consumers in the UK, China, UAE and India, between November 17th and December 15th, 2016, using an email invitation and an online survey. The margin of error for this study is +/- 6.9 percentage points in the US, and +/- 9.8 percentage points in the UK, China, UAE and India at the 95% confidence level. Base sizes under 100 are directional findings only. Data from sothebysrealty.com: Google Website Analytics, sothebysrealty.com, April – December 2015 vs. April – December 2016. About Sotheby's International Realty Affiliates LLCFounded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby's International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. Sotheby's International Realty Affiliates LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. In February 2004, Realogy entered into a long-term strategic alliance with Sotheby's, the operator of the auction house. The agreement provided for the licensing of the Sotheby's International Realty name and the development of a full franchise system. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby's International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby's auction house, established in 1744. For more information, visit www.sothebysrealty.com.
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Coldwell Banker Real Estate Reimagines Global Luxury Program
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Redfin Report: Luxury Home Prices Inched Up 0.7 Percent in Fourth Quarter as the Rest of the Market Showed Substantial Gains
SEATTLE--Luxury home prices rose 0.7 percent in the fourth quarter of 2016 compared to 2015, to an average of $1.6 million, according to Redfin, the next-generation real estate brokerage. Redfin's analysis tracks home sales in more than 1,000 cities across the country and defines a home as luxury if it is among the top 5 percent most expensive homes sold in the city in each quarter. The bottom 95 percent of the market performed far better than the luxury market in the fourth quarter. This marks the eighth consecutive quarter where non-luxury properties outperformed their luxury counterparts in price growth. An average non-luxury home sold for $312,000, up 6.1 percent compared to a year earlier, the largest such gain since the first quarter of 2014. "The Trump rally in the stock market did little to move prices in luxury real estate," said Redfin chief economist Nela Richardson. "Cities with booming luxury markets attracted traditional high-income buyers seeking a place to live, work and grow their families. Prices in cities with more transient luxury buyers, looking for investments or a place to park their wealth, had more tepid growth to close out 2016." After four straight quarters of a Florida city leading the pack, Santa Clarita, California, a suburb of Los Angeles, was the biggest winner in terms of luxury price gains among all cities surveyed, up 113.8 percent in the fourth quarter compared to a year earlier, to an average of $2.0 million. When looking at which cities had the largest gap between the price of a luxury home and the price of an average home, Florida came out on top, with seven of the top 10 most unequal cities located in the state. The most unequal city, Fort Lauderdale, had an average luxury home sell for 8.3 times that of a home in the bottom 95 percent of the market there. Taking the prize as the most expensive sale in the final quarter of 2016 was this Paul McLean-designed masterpiece in Los Angeles, with city and ocean views. It sold for $39.0 million on December 16, 2016. To read the full report, complete with city-specific data and charts, as well as a listing of the top-10 most expensive individual sales, please click here. About Redfin Corporation Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the highly accurate automated home-value estimate. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $31 billion in home sales and saved customers more than $335 million in fees through 2015.
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Howard Hanna Releases 2016 Luxury Home Magazine
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Sotheby's International Realty Brand Launches Apple TV App
MADISON, N.J. 11-15-2016 — Sotheby's International Realty Affiliates LLC today announced the launch of the Sotheby's International Realty® Apple TV app, available now on all 4th generation Apple TV devices. The app showcases nearly 50,000 properties currently represented by the Sotheby's International Realty brand worldwide, giving consumers the opportunity to explore homes on a screen larger than ever before. App highlights include: The ability to explore properties listed by the Sotheby's International Realty brand worldwide by city, state, country or lifestyle, either through entered text or Siri dictation. A powerfully visual experience, offering expertly curated high-resolution photography and high-definition videography. The opportunity to directly contact sales associates, share a property via email, save recent location searches and bookmark favorite properties. A Game Mode where players can view captivating property photos and guess the location of origin. The ability to access Recent Searches and Favorited properties directly on the Apple TV home screen's "Top Row." "The Sotheby's International Realty Apple TV app allows the process of finding a home to become a collective, interactive experience," said Christian Russo, director of interactive marketing – media and platforms, Sotheby's International Realty Affiliates LLC. "We are committed to providing an elevated design that provides the best visual experience a consumer can have. With this app, we are inviting families to come together on the couch and immerse themselves in the home-buying conversation."  To learn more about theSotheby's International Realty Apple TV app, visit sothebysrealty.com/appletv. The app can be downloaded from the Apple TV app store by searching for "Sotheby's International Realty. "The Sotheby's International Realty network currently has more than 20,000 sales associates located in more than 850 offices in 65 countries and territories worldwide. Sotheby's International Realty listings are marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, each firm's brokers and their clients benefit from an association with the Sotheby's auction house and worldwide Sotheby's International Realty marketing programs. Each office is independently owned and operated. About Sotheby's International Realty Affiliates LLCFounded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby's International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. Sotheby's International Realty Affiliates LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services.  In February 2004, Realogy entered into a long-term strategic alliance with Sotheby's, the operator of the auction house. The agreement provided for the licensing of the Sotheby's International Realty name and the development of a full franchise system. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby's International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby's auction house, established in 1744. For more information, visit www.sothebysrealty.com.
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Coldwell Banker Enhances Its Luxury Real Estate Program
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Leading Real Estate Companies of the World and Luxury Portfolio International Partner with HGTV for Ultimate House Hunt
CHICAGO – June 1, 2016 – Leading Real Estate Companies of the World® and Luxury Portfolio International® are proud to announce the beginning of the HGTV Ultimate House Hunt, a month-long online contest held on HGTV.com each year. HGTV has joined forces with Leading Real Estate Companies of the World® and Luxury Portfolio International® as the exclusive real estate partners of HGTV's Ultimate House Hunt 2016, the contest runs from June 1 through July 8. The contest highlights exceptional homes from across the globe in eight exciting categories: Waterfront Homes, Master Retreats, International Homes, Living Large in Small Spaces, Backyard Retreat, Kids' Spaces, Classic Living, Making an Entrance, and Curb Appeal.  All featured homes are represented by members of Leading Real Estate Companies of the World® and Luxury Portfolio International®. Consumers vote for their favorite, and a winner is chosen at the end. "The Ultimate House Hunt is one of our favorite events each year," said Rich Lacy, vice president of digital for HGTV.com. "We can always rely on Leading Real Estate Companies of the World® and Luxury Portfolio International® to deliver the most stunning homes for our engaged audience to choose from." The contest is an annual event, and HGTV has partnered with LeadingRE and Luxury Portfolio on the contest since 2014. Last year's contest attracted over 82 million page views with nearly 900,000 votes cast, proving the enduring appetite for viewing extraordinary real estate. The contest is also a microcosm of the changing tastes of the public. Last year's overall winning property was a luxuriously rustic lake house in Tiger, Ga., represented by Harry Norman Realtors. Dream Hawaiian homes also fared especially well, with three residences from Hawaii Life Real Estate Brokers being voted favorites. In addition to bragging rights, the winning homes will receive additional editorial exposure on HGTV.com. "Each year we look forward to holding this contest with HGTV and selecting the most appealing properties from our members to share. From beautiful waterfront homes to properties with the most stunning master retreats, to the most appealing international properties, the contest showcases the best properties listed for sale," said Paul Boomsma, president of Luxury Portfolio International®. To view the contest and cast your vote visit: www.hgtv.com/househunt About HGTV America's leading home and lifestyle brand, HGTV features a top-rated cable network that is distributed to more than 99 million U.S. households and the HGTV website, HGTV.com, the nation's leading online home-and-garden destination. The brand also includes the HGTV HOME consumer products line which showcases exclusive collections of paint, flooring, soft goods and other home-oriented products, as well as HGTV Magazine, a new home and lifestyle publication published in partnership with Hearst Magazines.
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Coldwell Banker Previews International Enhances Luxury Digital and Social Platform
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Proxio Announces Proxio Luxury Showcase, Digital Marketing and Collaboration Solution for Luxury Agents
Santa Clara, CA (August 3, 2015) – Proxio, Inc., provider of the world's most powerful digital marketing and collaboration solutions for the global real estate industry, today announced the launch of Proxio Luxury Showcase™. Uniquely designed to give luxury agents an exceptional ability to market distinctive properties globally, Proxio Luxury Showcase is the most recent extension of the company's multicultural marketing services for real estate professionals. Proxio Luxury Showcase automatically generates a complete digital marketing package for each luxury property, including a multilingual website, digital brochure, and graphical emails, with all elements SEO and mobile optimized. Listings can easily be distributed across social channels to potential buyers, all while being tracked by the listing agent. Proxio Luxury Showcase provides collaboration tools bundled inside; the many thousands of agents engaged in Proxio's global network can connect to any listing with one click, which automatically adds their own contact information and appends the listing to a free, mobile-friendly website with social sharing capabilities. Every additional agent using Facebook, Pinterest, WhatsApp, LinkedIn, Twitter, or email to share a listing multiplies and extends listing visibility, including globally. In several months of testing, Proxio Showcase services have generated leads from 46 countries. "Proxio Luxury Showcase is going to be a game-changer; we're increasing listing visibility exponentially by enabling multiple personal shares directly by motivated buyer's agents," states Janet Case, CEO of Proxio, Inc. "We're excited about this product and its ability to maximize the sales potential of a luxury property." "Unlike single property websites, Proxio Luxury Showcase is a real marketing channel that engages thousands of agents around the world to actively promote properties," says Jose Perez, Executive Vice President of Global Sales for Proxio. "For the brokerage, it has the advantage of tracking agent engagement and identifying where leads are coming from for each individual property." Proxio Luxury Showcase creates robust digital marketing that presents properties beautifully, exposes them widely, and is easy to use. If listing agents prefer to market selectively, they can elect to share a listing only with specific agents of their choosing—they have full control of the marketing content and the sharing. "What we see in Proxio Luxury Showcase is the ability for brokers and agents to harness the 'power of the crowd' to extend the visibility of listings," says Patrick O'Connell, Senior Vice President of EWM, a high-end brokerage based in Miami and current Proxio client. "It is a completely new and infinitely more powerful way to market luxury properties." Proxio is beta testing Proxio Luxury Showcase with selected existing clients. The company plans to offer the platform to the industry beginning August 17. Interested brokers and agents can request access by contacting j.perez[at]proxio.com. ABOUT PROXIO, INC. Proxio powers multilingual, digital marketing and collaboration solutions for the global real estate industry, to maximize visibility and accelerate sales. The Silicon Valley-based technology company is transforming how the industry markets and sells, providing one centralized, easy-to-adopt solution for promoting real estate worldwide. Over 650,000 Proxio-enabled professionals gain a strategic advantage in serving diverse clients and growing their businesses globally with Proxio's award-winning platform, ProxioPro™. Real estate professionals around the world connect through Proxio Showcase™ products, accelerating sales and creating new commission opportunities. Proxio's subsidiary, PCMS Consulting, transforms brokerages into market leaders and proven profit centers. More information is available at Proxio.com and PCMSconsulting.com.
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Howard Hanna Luxury Home Magazine
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