Lavish pools, spa-like hot tubs and nature-influenced water features are nothing new for any high-end home in Southern California, but a new trend may welcome a whole new category to the luxury home checklist: a moat. Yes, the Medieval-style feature is becoming a popular option for SoCal luxury homes seeking a stunning landscape.
Celebrities like Jennifer Lopez and Christina Aguilera are following the trend with beautiful stone-edged waterways that not only look fabulous but act as a guardrail of sorts. New England Patriots quarterback Tom Brady, and Gisele Bundchen also have a winding moat surrounding their massive estate.
“While some over-the-top home features offer function, others are just for fun. But tastes and trends are evolving more quickly since the advent of the Internet, designers say, making it harder to keep up with the proverbial Joneses,” as stated by The Los Angeles Times.
National Luxury Real Estate Market Report
Nationwide, the luxury real estate market is posting increasing home values, according to Altos Research, a California-based real estate data analyst company. The Institute for Luxury Home Marketing posted Altos Research and found the median home value in the sector peaked to nearly $1.36 million for its 7-day average at the beginning of the year. It has since dipped back down to about $1.3 million, but the 90-day average shows the median home value for luxury properties has been on the rise since November.
At the same rate, the number of available luxury properties has taken quite a drop since November 2013, from about 22,032 to fewer than 17,625 properties as of January 20. This progress shows that more people are comfortable with purchasing large, expensive properties across the nation. And although the luxury market leans toward the hands of buyers, it’s only a slight differentiation. The Altos Research Market Action Index is based on a number of conditions that are calculated to determine whether the market favors sellers or buyers with 30 being neutral. According to the seven-day average, the luxury market continues to switch hands, but the 90-day average shows much more stable numbers that have slowly dropped from 31 in July 2013 to 28 as of January 20.
What does this mean for Southern California home buyers and sellers? The market is currently fairly balanced, although it’s expected that home values will continue to uptick into spring. With more people gaining confidence to invest in luxury real estate and the job market showing improvements, the competition for homes may increase throughout the year. Those looking to sell their homes may consider high-end features like moats to attract buyers seeking a unique property.
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(all data current as of 10/22/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.