Overall the luxury market in North America for the last 13 months actually shows a stable market and it is only inventory that is on the increase compared to 2018. We review the external forces that will have both a positive and negative influence in 2019 and how buyers and sellers in this luxury market trend to be the trendsetters because their purchasing power is based on lifestyle choices rather than necessity. Why recognizing and leveraging global, national and local trends and using this in target marketing, no matter what market you are located in, is the secret to successfully leveraging the opportunity in this market.
Other thoughts to consider:
Water Locales – from waterfront to mountain-top, from man-made to islands these locations have become and remain top luxury strongholds.
Home, Work and Play – locations that offer flexibility and check all the boxes have been incredibly popular for entrepreneurs (both local and global) looking to balance their work and amenity driven lifestyles.
Rare, Exclusive and Scarce – still command the ultimate in their price tickets – but you may be surprised to discover these new locations.
Safe Haven for Investment – foreign buyers still appreciate the security of buying a home in North America despite the additional burdens of increasing taxation.
In this month’s review we focus on Spring, Taxes, Global Impacts and New Realities. The reality that factors such as global economic uncertainty, changes in purchasing decisions and a relocation away from high local taxes have had the greatest influence in the luxury market for both the US and Canada.
By following these reports I will continue to bring you clear information about these trends and review how they effect the value of properties not just in the luxury market but as barometers of the real estate market.