One of the great things about the luxury market is that high-end buyers tend to get what they want. Whether it is a prime location near work or the beach, or any amount of luxurious amenities within the home itself, with the right amount of money to spend, wealthy buyers can achieve almost any dream home. Sotheby’s International recently took a look at what wealthy home buyers are really after and ranked the most important factors in its annual Luxury Lifestyle Report.
One of the most important features that the report found affluent Americans are willing to pay more for is location. Approximately 67 percent of high-end home buyers opted for location over 39 percent who considered the size of the home, while others cited historic significance and famous former owners as important factors in a purchase.
A particular location that proved to be extremely valuable to affluent home buyers is property on a waterfront. According the study, 41 percent of respondents preferred waterfront property over farm and ranch, vineyard, golf access and ski access.
“The primary purchasing motivation is lifestyle – whether it’s a Wall Street executive purchasing waterfront in the Hamptons or the Hollywood set looking for a weekend retreat in Santa Barbara – lifestyle is completely influencing where high net worth individuals choose to invest in real estate,” said Kathy Korte, President and CEO of Sotheby’s.
One amenity that the report found has drastically increased over the last two years is the “smart” feature. Homes that include appliances, lighting, entertainment systems, security and more that can be remotely controlled from any location in the world have come into high demand in the luxury market.
Newport Beach a Haven for Luxury Home Buyers
Of the many areas of Southern California that luxury buyers are vying to get into, Newport Beach is one community in particular that is experiencing extremely balanced market conditions that would favor any luxury buyer or seller. According to Altos Research, the median single-family home value for Newport Beach is $2,494,065. This is just a slight downgrade in home values for the area as market conditions have evened out after experiencing a growth period for the better part of the last year.
Inventory is one factor that has caused the slight fall that Newport Beach home prices have experienced in the last few weeks. Altos reports an upward trend in inventory over the last three months to a current value of 260 properties currently on the market. With this swell in inventory, home sellers are experiencing more competition and are having to bring down their home prices in order to beat out other home owners to the sale.
This competition has done a good job of regulating the market so that it equally favors buyers and sellers.
If you are luxury buyer looking for all of the amenities that come with living in Newport Beach, please give our team a call. We are experienced agents that would love the opportunity to help you find the home of your dreams.
Check out these Newport Beach homes priced from $2.5 million to $3.5 million
$3,499,000 : 123 Ruby Avenue, Newport Beach4 beds, 5 baths
$3,495,000 : 9 Narbonne, Newport Beach4 beds, 8 baths
$3,475,000 : 1301 Galaxy Drive, Newport Beach4 beds, 5 baths
$3,298,000 : 522 Aliso Avenue, Newport Beach4 beds, 5 baths
$3,297,400 : 5412 Seashore Drive, Newport Beach3 beds, 3 baths
See all City of Newport Beach Luxury Homes For Sale.
(all data current as of 11/24/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.