Sotheby’s Luxury Lifestyle Report

The Sotheby’s International Realty® Luxury Lifestyle Report, which is based on a survey of affluent consumers in the United States, United Kingdom, Brazil and China, reveals insights into the purchasing behavior of high net-worth consumers. As highly regarded experts in luxury real estate, my company, Sotheby’s released this study of high net worth real estate consumers earlier in 2014. As the year begins to
come to a close, let’s take a look at what the current study reveals.
The landscape of the luxury real estate market is always evolving. Over the last year, the majority of consumers reported that they are more likely to purchase a lifestyle property now than they were five years ago. They also said they are more likely to make this lifestyle property their primary residence. The majority of these consumers are paying between $1 million and $3 million on their homes.
High-net worth individuals are also recognizing the importance real estate plays in building wealth. In fact, in a recent blog I shared that 96% of today’s real estate markets are better off than they were just four years ago. I also explored how luxury homes in Santa Barbara are in more demand today then ever. The results of the Sotheby’s Luxury Lifestyle Report support those trends saying that a majority of affluent consumers are more confident today in the strength of the housing market. These insights are important because the luxury sector lead the way for the overall real estate recovery.
Affluent American consumers are not only investing in property–they consider themselves part of the investor class. When asked what best described them, a majority said “AN INVESTOR.”
If you are a real estate investor or looking for your primary luxury lifestyle residence in any of the upscale communities of Santa Barbara, please give me a call at 805.886.9378 or email me at Cristal@montecito-estate.com. For other exceptional real estate listings in the area, be sure to check out my website and please LIKE me on Facebook.