How Will Real Estate Anti-Trust Settlement Impact Luxury Sales
Journalist Michele Lerner has crafted an impeccably researched piece for the Wall Street Journal's Mansion Global publication titled "Real Estate Commission Settlement May Shift Luxury Market Practices." In this article, Lerner delves into the potential ramifications of the Sitzer/Burnett settlement on luxury property sales. Over the years, negotiations over commissions have been particularly pronounced in luxury and hyper-luxury sales, signifying what the Department of Justice (DOJ) aims to address by joining the court and plaintiffs in challenging the practice of advertising buyer compensation in the MLS. Drawing upon insights from industry experts such as Brian Boero, co-founder of 1000Watt, Victor Lund from WAV Group, and Samantha DeBianchi LaViola of DeBianchi Real Estate in Ft. Lauderdale, Lerner provides a comprehensive background to her analysis. Luxury properties present unique challenges due to their often-customized nature. These homes frequently feature bespoke elements such as elaborate irrigation systems, numerous outbuildings, multiple wells, fortified sea walls, or extravagant features like front entry doors valued at $250,000. In the realm of hyper-luxury, understanding comparable properties often necessitates extensive national and international research. Furthermore, transactions in this segment typically involve intricate coordination with family offices and complex trusts. Lerner's meticulous attention to detail and balanced reporting sets her article apart in an industry often plagued by sensationalism and misrepresentation. As such, it is imperative to acknowledge and support high-quality journalism like hers. Share this insightful piece on your social media platforms to contribute to a more informed discourse within the real estate community. By the way, Michele Lerner is a freelance journalist and has won the Platinum Award for her writing of the best real estate article of the year. She has been published in The Washington Post, USA Today, and dozens of other leading publications. If you have a story for Michele, be sure to pitch her on LinkedIn. To view the original article, visit the WAV Group blog.

Coldwell Banker Debuts 'Best of the Best' Guide of Must-Have Luxury Home Essentials
The Coldwell Banker Global Luxury program has released the "Best of the Best," an online, shoppable guide that reflects the most notable luxury home trends, amenities and in-demand luxury home products. Carefully curated from survey insights gathered from Coldwell Banker Global Luxury Property Specialists, Best of the Best defines the most desirable amenities in a luxury home today and sheds new light on the must-have room comforts and features heading into 2024. "Best of the Best is a powerful asset to help agents support their clients in envisioning their dream home," said Jade Mills, president, Jade Mills Estates and International Ambassador of Coldwell Banker Global Luxury® program. "I love being able to offer my clients trustworthy insights into what's trending in the luxury home design space. This guide is truly a game-changer for wealthy consumers, supplying them with on-trend products that not only elevate their homes, but also add comfort and convenience to their lives." The following style trends are defining and shaping the future of the luxury home, according to Coldwell Banker Global Luxury Property Specialists: The in-demand luxury home Affluent trendsetters are creating luxury sanctuaries and retreats from the outside world in the comfort of their own home. The most desirable homes are equipped with a chef's kitchen with unique features and tech-enabled appliances, multi-functional indoor-outdoor living spaces that provide a seamless connection to nature, spa-like bathrooms that bring an oasis into the comfort of home, and advanced smart home technology that controls, automates and optimizes functions such as privacy, security, entertainment, lighting, temperature and landscaping, accessible from anywhere. Two is better than one: Double duty kitchen islands are the leading feature in chef's kitchens To be called a luxury chef's kitchen, one must have: A double kitchen island with ample space for cooking, gathering and entertaining is the most important kitchen feature according to Coldwell Banker Global Luxury Property Specialists A centerpiece of the luxury kitchen, elegant oven ranges and designer appliances provide sophistication with superior function Statement range hoods with pops of color and unique design features that add style and personality Reimagining a staycation: Cabanas and natural water features are the most popular additions to luxury backyards Two-thirds of Coldwell Banker Global Luxury Property Specialists surveyed agree that the biggest trend in luxury outdoor spaces is the merging of indoor and outdoor living. The must-have amenities in indoor-outdoor living spaces include: State-of-the-art cabanas and pergolas offer resort-style comfort and relaxation in one's backyard Water features, from heated swimming pools to waterfalls, fountains and plunge pools, provide an oasis-like atmosphere that every luxury buyer seeks Outdoor living areas that serve as extended entertainment spaces such as sitting rooms, outdoor bars, expanded chef's kitchens with pizza ovens and built-in grills, expansive gas fire pits and movie screening areas under the stars Where elegance meets renewal: The freestanding soaking tub is essential in luxury spa bathrooms Having a spa-like bathroom with unique wellness features is top-of-mind for luxury homeowners. To have a spa-like bathroom, one must have: A freestanding soaking tub is the leading trend in luxury bathrooms that epitomize elegance and relaxation, allowing one to lean back comfortably and be fully submerged Hydrotherapy showers that offer a spa-like features with massage jets, customizable water pressure and a wide range of shower spray functions Designated treatment rooms with spa-design elements such as heated floors and towel racks, and infrared saunas Healthy living meets smart home technology: Wellness products, from advanced air purifiers to human-sized sound therapy pods, are the top tech products in luxury homes The key to smart home living is having a seamless integration where the technology enhances not only the home itself, but also the well-being of its inhabitants. Having technology that satisfies luxury consumers' personal wellness needs are significantly reshaping the modern luxury home. To own a smart home, one must have: Human-sized sound therapy meditation pods that gently mix body vibrations with immersive music, serving as a personal sanctuary to relieve stress Tech-infused fitness equipment including immersive smart gyms with touchscreen mirror displays virtually bringing a variety of fitness experts into the home Smart thermostats that allow complete control over the temperature of the home with voice command functions, real-time air quality monitoring and sensor technology that helps conserve energy Advanced air purifiers that guarantee a near 100% particle-capture efficiency rate to eliminate pollutants in the home's air, easily controlled from an app View the full guide here.

eXp Launches the eXp Luxury Design Center
eXp Realty is enhancing services and investments in its luxury division with the launch of the eXp Luxury Design Center and exclusive training. "We are dedicated to investing in our luxury agents through our forward-thinking eXp Luxury program that features industry-leading tools and innovative technologies," said Michael Valdes, Chief Growth Officer. "As the largest independent brokerage in the industry, our unique reach coupled with this luxury focus enables our agents to grow their business and provide unparalleled service to their clients." eXp Luxury Design Center offers high-quality marketing support The launch of the eXp Luxury Design Center provides agents with exclusive luxury-branded templates for print, mail, social media, signage and more. The Design Center allows agents to quickly edit, download and share assets from a single easy-to-use interface and order professional print and mail services directly from the application. Open workshops and member masterminds offer best-in-class training eXp Luxury agents will have access to several open workshops and member masterminds throughout the spring and summer focused on luxury networking. Top eXp Luxury agents will share insights for expanding a sphere of influence and building valuable relationships in affluent communities. Join the Upcoming 'Secrets of Luxury Networking' Workshop: Date: June 22, 2023Time: 10 a.m. PT / 1 p.m. ET Register here today!

Coldwell Banker Global Luxury's 'The Report' Identifies the 2023 Trends and Opportunity Markets Impacting Global Luxury Real Estate
The Coldwell Banker Global Luxury program released "The Report: 2023 Global Luxury Market Insights," an in-depth analysis of worldwide luxury real estate market trends. The Report reveals the most advantageous areas in the United States prime for purchasing luxury real estate, the most popular cities for secondary luxury home ownership, luxury agent perspectives on pricing trends, the influence of the global community on U.S. real estate and the trends driving luxury consumers, both domestically and internationally. "The Report sheds light on the micro-level factors that are currently impacting the state of the luxury real estate market. As we've seen over the past three years, the core definition of luxury has swiftly changed; ultra-high-net-worth individuals are a driving influence in the market, with this demographic leading the way in luxury home buying. With their well-diversified investment portfolios and assets, this ultra-wealthy consumer will have staying power in the real estate market today and in the years to come," said Liz Gehringer, president of Coldwell Banker Affiliate Business and chief operating officer, Coldwell Banker Real Estate LLC. Key findings featured in The Report: The Opportunity Index The Opportunity Index evaluates and ranks 125 U.S. markets based on buyer and seller opportunities. The Index uncovers the locations that could present the most exciting buying and selling possibilities this spring by looking at supply, demand, inventory levels and pricing, and how each of these areas favors the buyer or the seller. The markets most likely to be the friendliest for buyers: Marco Island, Fla. Palm Beach, Fla. Summit County, Colo. Miami, Fla. Lake Tahoe, Nev. The markets most likely to be the friendliest for sellers: St. Louis, Mo. Hamilton County, Ind. Richmond, Va. Johnson County, Kan. Raleigh-Durham, N.C. Global Luxury Agent Market Perspective Coldwell Banker Global Luxury Property Specialists polled in a special Agent Vision Survey remain upbeat about the current luxury outlook as wealthy consumers continue to flex their spending power, prioritizing financial stability, long-term wealth growth, family, health and wellness. More than half of the Global Luxury Property Specialists surveyed expect 2023 luxury home prices to remain flat or up slightly from 2022. Over half anticipate demand to remain consistent throughout 2023, while nearly 30% believe demand could be stronger by the end of the year. Global Luxury Property Specialists transact in the top 10% of their respective markets. Multiple Homes Are Mainstays for Americans in the U.S. and Abroad The percentage of U.S.-based individuals with a net worth of $5 million or more who own two or more properties grew from 70% in 2021 to 79% in 2022, per Wealth-X. Data from Coldwell Banker's fall 2022 Trend Report backs this claim: 72% of wealthy buyers noted that their future home purchase would be a second residence, vacation home or rental property. Gen-X and millennials are leading the way with their desire to own multiple homes, seeking out hybrid properties as part-time getaways and rentals as part of their wealth building strategy. The top five U.S. metropolitan areas driving secondary-home ownership among individuals with a net worth of $5 million or more, per Wealth-X are: New York City Silicon Valley San Francisco Los Angeles Chicago Wealthy U.S. individuals are not just looking domestically for properties either; the propensity to own a home abroad is on the rise thanks to the strength of the U.S. dollar and rising costs of U.S. living. According to Wealth-X, more than 64,000 overseas properties in 2022 were owned by U.S. consumers with $5 million or more in net worth, up 20% from 2021 and 115% over 2020. In Coldwell Banker's new international survey, conducted by Censuswide, 91% of affluent Americans said they are most likely to own a home overseas. Europe is a big draw for Americans, but emerging markets like Central America and Asia, particularly with younger affluent individuals, are increasingly popular locations. Global Real Estate Influence According to Credit Suisse, the number of global millionaires is at its highest point in history. By 2026, it is estimated that the number of millionaires worldwide will surge by 40%, and one in seven adults will have a net worth of at least $1 million. Major U.S. markets and traditional centers of wealth, like New York and Los Angeles, continue to be a major draw globally for affluent international buyers. Findings from the Coldwell Banker international survey also found that affluent buyers desire to live in locations that are architecturally and culturally diverse, like Chicago, and luxurious resort towns like Aspen. New York is still the number one city globally for high-net-worth primary residents and secondary homeowners. Cities in Asia regained position in the top global cities with primary and secondary homeowners as borders reopened, with Singapore, Beijing and Guangzhou ranking in the top 10, according to Wealth-X. Increased desire for travel, investment opportunities, growing popularity for dual citizenship / "Golden Visas," and favorable tax laws are major factors that are driving the global affluent population to look abroad for their next home purchase. "The List" – What Trends Are Driving the Luxury U.S. Consumer? Property location, home condition and amenities are the highest priorities for the affluent when looking to purchase primary and secondary residences, according to Coldwell Banker Global Luxury Property Specialists. Global Luxury Property Specialists also find that a home with breathtaking views, quality of construction materials and privacy are the top three qualities that their clients look for when defining their dream home. A have-it-all mentality could become a larger consideration in the high-end residential market this year as buyers flex their leverage and become more selective. Home design and style trends are also influencing factors; Global Luxury Property Specialists noted that open floor plans, bespoke architectural elements and neutral color palettes will have staying power among wealthy individuals. Tech-friendly homes are also top-of-mind for affluent buyers, with home automation systems, energy efficient appliances and electric vehicle charging stations ranking as the top three most valuable tech amenities.

Coldwell Banker Uncovers Why International Buyers Dream of Owning U.S. Real Estate
From diverse American cities and regions to being inspired by Hollywood, wealthy international consumers are dreaming of home in the United States. According to a recent survey by Coldwell Banker Real Estate LLC and the Coldwell Banker Global Luxury® program, affluent international buyers are dreaming big, spurred by location/lifestyle preferences, an overall positive outlook on the U.S. luxury real estate market and more. In fact, a significant number of respondents say they are optimistic about the state of the U.S. real estate market; 80% of luxury consumers believe purchasing real estate in the United States is a safe investment and 76% rate the current market conditions to purchase a home as "excellent and/or good." The survey conducted in partnership with Censuswide highlights the consumer sentiments of over 1,200 high-net-worth consumers from 12 countries. The findings serve to unpack the dreams, desires and attitudes of international luxury home buyers, offering insight into what's driving their interest in U.S. real estate, where they're dreaming of moving to and the factors impacting those relocation purchases. International investors are willing to bet on U.S. real estate Traditionally seen as a hedge against inflation, real estate may provide financial, emotional and psychological stability, especially in the face of uncertain market conditions. International wealthy consumers seek to diversify their real estate portfolios, build generational wealth and make opportunistic buys in luxury markets. In fact, 84% say they already own residential real estate outside of their home country. The survey also reveals that virtually all (97%) respondents from Mexico consider purchasing real estate in the United States as a safe investment, ranking them the most likely country surveyed to do so. Participants from Spain and the United Arab Emirates did not fall far behind with 92% saying that U.S. real estate is a safe investment. Desires, dreams and motivations for purchasing in the U.S. Consumer motives and preferences are not universal when it comes to international buyers looking for their dream home in the U.S. The survey indicates that some of the leading motivations to purchase property in America are as follows: Frequent work/business trips to United States cities Three-way tie: A movie or television series based in the United States A recent vacation to a United States city Investment opportunity Social media Dual citizenship / golden passport The below amenities are rated as the top five most important for international respondents based on their desires when selecting a dream home purchase abroad: Latest smart home technology Eco-friendly and sustainable design features State-of-the-art security system Home with breathtaking views Privacy International consumers are dreaming of new destinations It's evident that the United States has captured the hearts of international home buyers for various reasons with the nation's cities offering diversity in experience and atmosphere from coast to coast. Respondents identified the following as their top choices for their dream location of their next home purchase: Cultural diversity and prominent architecture like Chicago Ranked highest by Argentina with over a quarter (27%) of respondents, followed by Costa Rica (20%) In the hustle and bustle of a major city like New York Ranked highest by Spain with nearly a quarter (24%) of respondents, followed by Mexico (20%) Warm weather with sprawling homes among the glamorous elite like Los Angeles Ranked highest by Portugal with 21% of respondents, followed by Turkey (16%) A waterfront property with breathtaking views like Miami Ranked highest by Costa Rica with just under one-fifth (19%) of respondents A luxurious resort town in the mountains like Aspen Ranked highest by France, with one-fifth (22%) of respondents "The appetite for owning U.S. real estate from overseas buyers has never been stronger, according to our survey. From investment opportunities to even being inspired by the entertainment industry and social media, buyers are confident in putting their money towards their dream of making the United States their home away from home. From coast to coast, there are plenty of reasons why wealthy buyers aspire to American living," said Michael Altneu, Vice President, Coldwell Banker Global Luxury® program. Luxury property specialists are seen as a trusted resource to a community and all that it offers. The survey results reveal that 88% of respondents are highly likely to lean on the support of an agent when navigating the process of purchasing a home abroad. In addition, younger millionaires aged 25-34 are the most likely age group to use an agent for an international home purchase (97%). As the connection point to their communities, the white glove service and world-class expertise of a top agent provides immeasurable value. Beyond sharing market knowledge, agents serve as resource to sharing insights on other factors luxury buyers consider when purchasing a property, like connections to desired schools, introductions to social groups and much more.

[Podcast] Market Trends, Supporting Agents and Luxury Real Estate with Damon Knox of Coldwell Banker Global Luxury Brokerage
In this episode, RentSpree CEO Michael Lucarelli is joined by Damon Knox, a long-time successful agent whose career has culminated in being elected as the President of the San Francisco Association of REALTORS while also serving as the Assistant Branch Manager at Coldwell Banker Global Luxury Brokerage. Damon dives into his real estate journey and lays out the keys to success to build a strong client base and how that experience translated into also serving the luxury end of the business. Also, with the current market trends, Damon offers advice and insights into how to navigate rising interest rates and low inventory. Furthermore, he looks at how brokerages should work to be more modern to support today's real estate agent.    

Real Estate Webmasters and LuxuryRealEstate.com Partner to Bring an Exclusive Platform to LRE Teams and Brokerages
Real Estate Webmasters (REW) and LuxuryRealEstate.com (Who's Who in Luxury Real Estate) have just announced a massive partnership aimed at bringing the best real estate websites, agency design, CRM, and lead generation exclusively to LRE members. This new program, which includes a limited edition custom version of REW's award-winning Renaissance platform and specialized lead generation specific to luxury, will be officially unveiled and made available to LRE® members at their 25th Annual Fall Conference held in Seattle Sept. 19-22. However, Meghan Barry has hinted that a few select members may be given special access early. "We are so excited to be bringing this limited edition custom platform exclusively to LuxuryRealEstate.com members," says Morgan Carey, CEO at Real Estate Webmasters, Inc. "Not only will members benefit from our hyper-targeted lead generation programs specific to luxury, but there is no agency or company anywhere in the prop-tech space with as much experience or as long of a track record working with luxury teams and brokers as Real Estate Webmasters." REW's track record and past client roster are well known and include A-listers like Shark Tank's Barbara Corcoran, Million Dollar Listing New York's Fredrik Eklund, and Beverly Hills Powerhouse brokerage The Agency founded by Mauricio Umansky. "Real Estate Webmasters is the best-in-class choice for custom real estate websites, leading the industry for decades. Their sites are beautiful and functional, delivering the lead generation a top brokerage requires and the customer experience a luxury consumer demands. With a sizable overlap in our customer bases, our partnership is a logical move for both companies. We are excited to expand the benefits offered to the members of Who's Who in Luxury Real Estate," says Meghan Barry, President of Who's Who in Luxury Real Estate. A truly unique luxury program What makes this program unique is that everything from the design of this new platform, to the creation of what REW calls "white glove onboarding," is custom-tailored to the luxury market. Real Estate Webmasters knows exactly what it takes to succeed in the luxury space and they have a roster of 1,000+ brokers to brainstorm, test, network, and gain feedback from. It's this network, combined with LuxuryRealEstate.com's dominant presence in global luxury, that enables this partnership to reach its full potential. For more information on this unique program (exclusive to LuxuryRealEstate.com members). visit realestatewebmasters.com/lux.

Sotheby's 2022 Luxury Outlook Report Reveals Return of International Buyer, Hybrid Work Model Fuels Real Estate Investment
Sotheby's International Realty released its 2022 Luxury Outlook report, which identifies the trends likely to shape the world's prime housing markets in the year ahead. The comprehensive report offers insight into the high-end real estate industry as the starts-and-stops of the pandemic's reopening fueled even stronger demand and inventory struggled to keep pace. The global report reveals that relief from the market frenzy may not happen quickly as prices are expected to rise in 2022. In addition, a shift to a hybrid work model is fueling more buyers to invest in real estate and seek larger homes that can accommodate remote work while remaining within commuting distance. "Once again, Sotheby's International Realty remains a trusted resource for buyers and sellers looking to navigate the luxury real estate market," said Bradley Nelson, chief marketing officer for Sotheby's International Realty. "It was important for us to offer our perspective on the trends ahead as luxury real estate remains a trusted investment amid relatively low interest rates and inflation. Now in its second year, the 2022 Luxury Outlook report offers expert insight following last year's frenzied housing market and what buyers can expect in the coming year as pent-up demand from international buyers is expected to increase." The Sotheby's International Realty 2022 Luxury Outlook report was compiled by surveying Sotheby's International Realty agents around the world who transact in the US$10M+ price category. This information was complemented by gathering supporting data from other leading industry experts, including UBS Wealth Management; Henley & Partners, a global citizenship and residence advisory firm; the National Association of Realtors; in addition to art and luxury experts at Sotheby's, the famed auction house, to round out luxury trends in the year to come. Key findings featured in the report include: 2022 is likely to be the year of the international buyer as borders open and vaccinations and boosters roll out Nearly half of respondents agree that a rise in interest rates might affect the market In North America, millennials and Gen Xers are expected to make up the majority of luxury-home sales in the coming year Between 2018-2042, nearly US$70 trillion will be passed down from older generations and millennials will continue to use their share for real estate, according to Cerulli Associates In the U.S., price appreciation of second homes is expected to continue even after the number of transactions slowed due to limited inventory The most important amenities for today's luxury buyers are a garage with storage, first-floor full bathroom, eat-in kitchen, and deluxe primary bedroom suite "Following another historic year in real estate, Sotheby's International Realty agents around the world continue to have their finger on the pulse on industry trends and market acuity," said Philip White, president and chief executive officer of Sotheby's International Realty. "Luxury Outlook heavily relies on the expertise of our network spanning 77 countries and territories to provide on-the-ground insight on the biggest stories in 2021, from the resurgence of urban cities to the role of cryptocurrency, and what it means for buyers and sellers in the short and long term." Click here to read the complete report.

Staggering Wealth Growth Drives Luxury Real Estate's New Power Players, Coldwell Banker Global Luxury Report Reveals
Coldwell Banker Real Estate and the Coldwell Banker Global Luxury program released the "Real Estate's New Power Players" report, part of the annual "A Look at Wealth" series. The luxury real estate market is seeing yet another dynamic year. Staggering wealth growth – driven by rebounding stock markets, cryptocurrency gains and higher 401(k)s – combined with soaring home prices and low interest rates meant buyers borrowed and saved more while reinvesting cash, leading to the emergence of a new set of Power Players redefining the meaning of luxury. The report reflects that luxury real estate's latest movers and shakers have had tremendous influence on the market over the last 18 months. Nearly three times as many individuals with a net worth of $5 million and up own real estate in the $1 million to $5 million range compared to numbers in 2019, an 180% increase of luxury property ownership in a three-year period. About 71% of those with a net worth over $5 million now own properties in the $1 million to $5 million range. In fact, luxury homes purchased from January through August 2021 in the $1 million to $5 million range jumped 142% for single-family homes and 129% for attached properties compared to the same period in 2019. The growth in the volume of wealth has also been extraordinary; between 2019 and 2020, it rose by over 21%, and escalated to 79% when compared to January through August 2021 during the same eight months of 2019. Data from the end of August 2021 already shows that the volume of real estate wealth in the luxury property market is greater than both the full years of 2019 and 2020. Coldwell Banker Real Estate gathered the latest wealth research and data generated by WealthEngine, Wealth-X, and other third-party sources and combined it with anecdotal evidence from Coldwell Banker Global Luxury® Property Specialists in the field to identify luxury's affluent Power Players dominating the shifting wealth archetypes in the current market. The four core groups identified are having a major impact on the luxury real estate landscape in 2021: Baby Boomers: Representing 51% of the Power Players, Baby Boomers, those aged between 57-75, are speeding up their retirement plans and moving into the home of their dreams. Many Boomers have leveraged the equity of their primary residences and sought out dream homes in more remote locales, like the rural countryside or resort towns. There are 2,020,854 Boomers who own more than three properties — the most out of any age group. Golden Millennials: Golden Millennials, those aged 35-40, represent 60% of all millennial-owned luxury properties today. Holding more focus on values and the desire for sustainability and authentic living, this age group has shown a greater propensity for secondary cities and suburban locations that can offer them enough space for work, school and access to amenities. The influence of Golden Millennials will be important to watch as their wealth and real estate portfolios grow. Second Homeowners: Largely attributed to the pandemic, many consumers desired a "get-away" residence, resulting in a rise in second-home purchases. Their influence on the overall luxury property market is one to watch; nearly 70% of those with a net worth of $5 million and up own two or more properties. Urban Repatriates: As COVID-19 restrictions ease, a resurgence of the nation's cities is prevalent. Luxury attached property values in 2021 increased an average of 14% compared to 2020 and 2019. Of the 184 U.S. cities reviewed by Wealth-X, there are 1,647,110 properties owned by the affluent with a net worth of $5 million and up in downtown cores as of August 2021. With suburban settings, resort markets and secondary cities still booming, and major metropolises surging back, Coldwell Banker Global Luxury® also identified the top markets where Power Players are moving: Baby Boomers Scottsdale, Arizona Sarasota, Florida Lowcountry, South Carolina (including Hilton Head, Bluffton and Beaufort) Golden Millennials Atlanta, Georgia Chicagoland, Illinois Seattle, Washington Second Homeowners Monterey, California Coeur d'Alene, Idaho Park City, Utah Urban Repatriates San Francisco, California Boston, Massachusetts Brooklyn, New York Shifting the priorities of all generations, the pandemic formed new hotspots in the luxury real estate market. As these Power Players continue to make moves in the high-end housing landscape, new definitions of luxury will emerge as they refine how and where their wealth is spent. "In 2021, we've seen a continuation of trends we began to see in 2020, from renewed focus on family, health and wellness, to what we have seen this year with surging stock markets, soaring home prices and increased savings – all of these variables created a perfect equation for a profound shift in the volume of wealth. These factors propelled the market to new heights, altering the definition of luxury along the way," said Michael Altneu, vice president of luxury for Coldwell Banker Real Estate. "The emergence of new Power Players flush with cash has been transformative in many markets around the country as affluent buyers flocked to sleepy rural towns, resort markets and the suburbs, and are now contributing to the resurgence of major cities. As interest rates remain low, paired with all-time high demand and the return of international buyers, the luxury market will continue to experience low inventory levels that we anticipate will have a lasting effect in the years to come," said Judy Zeder, co-founder and broker-associate of The Jills Zeder Group, Coldwell Banker Realty. A Look at Wealth is a collaboration between the Coldwell Banker Global Luxury® program and Wealth-X, WealthEngine and the Institute for Luxury Home Marketing. Released once a year, A Look at Wealth is a supplement to The Report, which combines industry research with anecdotal insights from local market experts affiliated with the Coldwell Banker® brand.

Coldwell Banker Releases 'The Report,' a Comprehensive Profile of the 2021 Luxury Real Estate Market
Coldwell Banker Real Estate LLC, a Realogy brand, and the Coldwell Banker Global Luxury program released "The Report: 2021 Global Luxury Market Insights," an in-depth analysis of emerging luxury markets and buyers. Included in the report are noteworthy trends shaped by an extraordinary year full of uncertainty and change, as well as top performing luxury markets of 2020 and those to watch in 2021.

Alex Lange Named CEO of Forbes Global Properties
WAV Group congratulates Alex Lange, along with Jeff Hyland (Hilton and Hyland) and Bonnie Stone Sellers, for the formation of Forbes Global Properties. Together, they are forming an international real estate company focused on luxury. The brand will operate similarly to Christie's. We look forward to watching these very talented people develop this successful venture with Forbes as their branding partner. It worked for Better Homes and Gardens; I would expect it to work for Forbes. Press release follows:

Industry Acquisitions Drive Luxury Brokerage to Launch New Tech Stack
Willis Allen Real Estate, a leading luxury brokerage in the greater San Diego area, announced that they are launching a new tech stack for agents, "WAREhouse." The new platform will be launched in phases, with the first phase released to agents on June 17.

Meet Michael Gabriel: The "East Coast's Craigslist" Is Now a Luxury Real Estate Leader
When I interviewed Craig Newmark for California Real Estate magazine a dozen years ago, it struck me how down to earth and unassuming he was. After all, he had created one of the most pervasive and influential internet sites in the world. But Craig remained remarkably modest, humble and approachable. I called him the "Reluctant Internet Mogul." Last year, Forbes wrote how Craig has now become the reluctant internet billionaire. When I interviewed him by phone, he spoke with me sitting at his favorite San Francisco coffee shop, dog treats in his pocket, ready for dispensing to an anticipated visitor as part of his daily routine. His story and his business/life philosophy were captivating and compelling. And he was so... San Francisco. He remains one of the most intriguing people whom I've ever interviewed. I became a lifelong fan. Becoming the East Coast's Craigslist Fast-forward to last year and an interview I had with Craig's East Coast counterpart, Michael Gabriel, founder of Gabriels Technology Solutions.

Can Luxury Real Estate Learn from Luxury Clothing?
Customer experience is the cornerstone of luxury purchases. Buying luxury yachts, jewelry, clothing, cars, restaurants—you name it, it's always different. Now let's look at the other side of the coin. Have you noticed that retail in your downtown area is dying? Have you noticed that malls are struggling? Macy's, Target, Walmart, Gap, Nike and so many other retailers are struggling. The silent voices are the small, non-chain merchants, commonly known as the mom and pop retailers. When is the last time you went into an independent toy store? The consumer has gone online, and Amazon is the category killer. Duh! Right? Consumers use the internet to shop. It is a lot easier to find products and pricing using your keyboard and a browser than it is to go in and out of stores, parking, cashier lines, etc.

Do You Need a Celebrity Broker to Stay Competitive in the Luxury Real Estate Market?
The latest in real estate trends: Celebrity brokers are upping the ante on sales in the luxury market. With the popularity of reality TV in regards to the real estate and home improvement market, however, this probably will not come as a surprise to many agents, sellers, or buyers. Who's cashing in on the celebrity broker trend? It's no secret. CNBC's "Secret Lives of the Super Rich" asked some of the top celebrity brokers how their starlit status is helping them cash in. Here's what they had to share: 1. Ryan Serhart – "Million Dollar Listing New York" Actor-turned-agent Ryan Serhart leads one of the top-selling teams in New York. He credits his success in building his brand to the show. He had only been in business a year and a half before his audition, and remembers praying for his phone to ring. Now the phone is ringing, and his status is opening new doors he would otherwise never have been able to.

Hunt Tops Who’s Who List in Luxury Real Estate
When you think of western New York and cities like Buffalo, Rochester, Syracuse and Albany, you probably do not think of luxury. Your impression is way off the mark. These communities were once the capitals of the industrial revolution in America and occupied the space that Silicon Valley holds today for innovation. Those homes from that era that include designs from Frank Lloyd Wright continue to afford luxury lifestyle today, and are complimented by some amazing new and remodeled properties. This area is situated along the Great Lakes and bordering Canada's Golden Triangle. They are densely populated, distinguished among the NFL and NHL cities, and complimented by outstanding arts communities and parks. The many mansions and grand homes continue to flourish in the real estate community where luxury lifestyle trades at a 1 to 5 discount over many other regions of America with similar attributes. Hunt is a member of The Realty Alliance, a group of the 70 largest firms in America. They are among the largest ERA franchises in the world and among the most active participants in the CARTUS relocation network. In the first quarter of this year, they were invited to join Luxury Real Estate's network of Who's Who in Luxury Real Estate.

Green and Smart Homes Top the Want List for Luxury Home Buyers
Ultra-high net worth (UHNW) individuals, those with a net worth of at least $30 million, are changing real estate trends – and not just for the ultra-rich. According to Wealth-X and Sotheby's International Realty UHNW Luxury Real Estate: Multi-Use Homers Report, topping the want list of the world's wealthiest individuals: Homes that are both smart and green. A Smart investment Smart homes offer amenities those with UHNW long for, including top-of-the-line security, energy management systems, HVAC control, health monitoring, media, music, and more. Further driving the trend: Almost 10% of Americans with UHNW made their moolah in the tech industry. Putting the green in greenbacks UHNW real estate investors also want green homes. Home that are not only sustainably sourced and constructed, but environmentally friendly and sustainable with features like solar power, geo-thermal heating and cooling, rainwater collection, and efficient appliances. Sphere of influence UHNW buyers are fueling real estate trends, shifting consumer perception with the help of other knowledgeable homebuyers to invoke a 10% rise in LEED-certified homes in the U.S. – double in Canada. The market has been quick to respond.

Brokers Out-Marketing Competitors
I attended Luxury Connect last week in Beverly Hills. If you are not familiar with the event, it was expertly delivered by the team from Inman News that is host to the Real Estate Connect conferences held annually in New York City and San Francisco. I don't think that anyone really appreciates how difficult it is to put on a great event. This group does it with ease and grace even when pitted against seemingly insurmountable challenges. There was so much fanfare about this event, it is speculated that the original property selected for the event was sold! A week before, they had to move the conference to a new location – another $100M+ listing in Beverly Hills. It was as perfect as possible, despite a few logistical challenges that everyone quickly forgave. Luxury is different, and this Luxury Connect highlighted just how different. One quote that put it all together for me came from my friend Mark McLaughlin, CEO of Pacific Union: "We develop lofty strategies that are different and difficult, and that nobody else will do." It took me awhile to understand how profound this statement was. I did not fully internalize it until I watched Steve Ozonian of Carrington look at a new product from Matterport – a "3-D virtual tour." I had seen the Matterport product in the past. They have signed up a number of large and progressive brokerages. I naturally put them in the category of a very fancy virtual tour. What I learned from watching Steve Ozonian look at the 3D Showcase product for a few minutes is that it is so much more. It is what Mclaughlin was talking about. It is a product that stops you in your tracks. It differentiates home marketing. It provides firms, who want to offer elite services, the ability to translate excellence into something that stuns affluent clients. There is not much that Ozonian has not seen before.

Social Media for Luxury Real Estate
Anyone trying to sell anything knows that marketing is important, and the marketing industry has become obsessed with social media. For most real estate, this is no exception, but for those in the luxury niche, it can be difficult to pinpoint which marketing tactics just won't work. After all, luxury is all about exclusivity, while social media is all about accessibility. Making the two work together is tricky, but it can be done. History of Luxury Marketing Marketing in the luxury niche has always been prone to paradoxes. You want your brand to be visible, but not easily obtainable. It's just like you want your product and service to be accessible and convenient for your target audience, but not to the world at large. In both scenarios, the answer comes down to knowing and targeting your audience. Yes, you might want the world to know your name, but you don't want to pull a Gucci and lose your status because of overzealous sales and marketing tactics. When Gucci tried created a mobile app, they failed to connect it with fashion; this created a disconnect with their audience and failed to meet user expectations. They also failed to maintain the quality of their products in their social atmosphere, which made the brand seem like it was losing focus.

Luxury Homes for Sale Skyrockets Above 30,000 Nationally
Inventories of homes for sale for over one million rose above  30,000 nationally last week according to the Institute for Luxury Home Marketing’s weekly housing report.  Average days on market for higher end homes has slowly risen since the summer to each 165 days last week, still far below the national average of 292 days on market for all listings in January reported by Realtor.com. New luxury listings are entering the market at a rate of about 1600 properties a week and a third, 34 percent, of all luxury homes on the market have reduced their prices.  Average prices in the luxury category have held steady through the fall, at just above one million.

Behind the Secret Walls of Luxury Real Estate
There is an exclusive group of luxury real estate agents that have been working together for some time, also know as the Who's Who in Luxury Real Estate. They are an international membership organization comprised of 1,000 brokerages and 75,000 sales associates in 69 countries. The average sales price of a property by this group is $2,250,000 and they sold more than $200 billion in properties last year. Trust me when I say that it is a privilege to be invited to join this group. Their website has more traffic viewing luxury listings than any other site on the planet – and they refer piles of business to each other – worldwide.