Luxury Real Estate, Luxury Goods - A Peek into the Future

An excerpt from Unique Global Estates-

1980s….Simplicity is elegance….evolves into 2009: Frugal is the New Black….

I believe there is a cross over in these two statements. Consumers are spending, but their purchases are well researched and they are “shopping with their brains not their wallets” as was the case before the economic crisis hit. We are seeing this throughout the real estate industry. Location and price have never been as important.

The new consumer knows how to drill the Internet to take advantage of the opportunity to compare prices, research comparables for amenities and familiarize themselves with the location and it’s history. Then, when satisfied that they are educated and informed, and feel that they are getting a “good deal” on pricing, they will get off the fence and make an offer to purchase.

We also see that there is a trend leading to successful sales when the list price is low and creates a ‘feeding frenzy” of offers…. This indicates the consumers mindset, a “need to know” what the market will bear in these uncertain times of valuation.

As mentioned previously, we are in uncharted waters and there will be a re-set in the luxury real estate market. Luxury will always be luxury….just at prices the market will determine going forward.


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