To shed light on the mindsets of the luxury buyers who will be viewing your home, we included results from recent reports looking at the shifting buying preferences of high-net-worth clients.
Live the Greenwich Lifestyle: the Benefits of a Summer Home
Known for its stunning natural beauty, with 32 miles of coastline, and well-manicured estates, Greenwich has long attracted the elite: celebrities, entrepreneurs, financiers, and politicians.
It offers a vibrant lifestyle with numerous private country clubs and yacht clubs, in addition to world-class cultural events.
Each community has its own character.
Old Greenwich: This chic, charming beach village is home to Tod's Point, one of New England's nicest beaches and a 147-acre park. The charming stores and restaurants along Sound Beach Avenue are favorites of local residents.
Greenwich: Greenwich downtown is renowned for its 5 star restaurants and world-class shopping along the iconic Greenwich Avenue. It's a quick 45 minute express train to Manhattan.
Riverside: Beautiful beaches, parks, boating, fishing and sailing make this sea-faring community a favorite among residents.
Cos Cob: A former Impressionist artist colony, Cos Cob is an area is rich in art history. Cos Cob Harbor offers abundant opportunities for outdoor activities, including windsurfing, sailing, swimming and fishing.
Proximity to New York City with Lower Fairfield County Taxes: Only 45 minutes to Manhattan, the picturesque town enjoys lower taxes than its Westchester County neighbors.
Good Appreciation Rates: A second home in Greenwich can be a solid investment. Neighborhood Scout rates Greenwich as having some of the highest appreciation rates in Fairfield County.
Cost: Greenwich's Variety of Price Ranges: Whether you're looking for a $1M home or a $40M estate, Greenwich has something for a variety of clients.
The Latest Research on Affluent Consumer Attitudes and Buying
Real Estate is the Leading Investment Category for High-Net- Worth Clients
Luxury Portfolio International recently released a report looking at residential real estate demand among the top 1%-5% income bracket of 17 countries (Forbes). Below are some of their most important findings.
High Affluent Consumer Financial Confidence: Buyers expect that their own property values will rise and the buyers pool will grow faster than the pool of those willing to sell.
-Real estate leads in "Buy" sentiment ahead of stocks, ESG-oriented investments, private equity, and gold.
Projected Number of Luxury Buyers in 2021
-2023: An estimated 10.3M households are in the market to buy a luxury residence.
- Stronger Buyer Demand: Buyer interest is stronger than sellers by 3:2.
- Space Under 10,000 SF: Luxury buyer wants around 10,000 square feet. In early 2021, luxury midsize homes sold in only 110 days on average while larger ones required 127 days and smaller ones 113. Homes between 5,000 and 10,000 square feet are well-positioned. (WSJ 3/19/21: Not Too Big, Not Too Small: The Sweet Spot for Luxury Home Sellers)
Heightened need for self-reliance
-place Luxury consumers are interested in homes that offer a space separate from main living areas: for example, a guest house, separate adjoined residence, and space for domestic help. (Luxury Portfolio)
Compass' Collaboration with Morgan Stanley
We are excited to announce our newly formed relationship with one of the world’s leading financial institutions, Morgan Stanley. Compass is now an approved provider with Reserved Living & Giving, a loyalty program for Morgan Stanley’s top clients. Morgan Stanley Reserved clients are invited to view Compass listings. Contact us to find out more.
California saw substantial year-over-year increases in luxury home sales in Q1 2021, particularly in San Jose, Oakland, and Sacramento, which posted
92.3%, 82% and 79.3% more transactions, respectively. (Mansion Global)
-Beverly Hills mega-mansion is the most expensive home ever auctioned at $51M (Daily Mail)
Madonna just purchased this gorgeous Hidden Hills mansion for $19.3M. (Daily Mail)
-San Francisco's New Launches: Buyers and Developers Are Thinking Bigger (Mansion Global)
-$135M Compound on 74-acre property in Woodside's is the Bay Area's Most Expensive Listing (Realtor)
Homebuyer Interest Has Soared for U.S Vacation Markets from Lake Tahoe to Cape Cod (Mansion Global)
-Jerry Seinfeld Lists Both of His Colorado Mountain Retreats for $18M. (Robb Report)
Greater Greenwich Q1 2021 and April 2021's SF YOY Sales Increases
Although Greater Greenwich's first quarter of 2021 posted an 86.3% year-over-year increase in single-family home sales (300 vs. 161), there was actually a decrease in sales compared to Q4 2020.
Although Q1 2021 sales were robust, an inventory drought prevented as many sales as there could have been. However, April 2021 saw significant YOY increases in new listings which will result in increased sales.
Buyer demand remains robust. April 2021's YOY increase in the number of single-family homes in contract guarantee momentum will continue through next month.
Q1 2021: YOY Increases in SF Homes Sold
Q1 2021: YOY Decreases in Average Days on Market
CT Gold Coast Real Estate
2021 Q1 posted year-over-year increases in single-family homes sold throughout Fairfield County.
-Greater Greenwich: +86.3%
2021 Q1 average days on market decreased year-over-year in multiple Fairfield County towns and cities:
-Greater Greenwich: -23.9%
The Darien market remains a bright spot in the Gold Coast: April 2021 saw a 100% year-over-year increase in sales and an 150% YOY increase in contracts, predicting an excellent May.
Fairfield County in Q1 2021: Significant YOY Increases in SF Homes Sold in Multiple Towns and Cities
Fairfield County in Q1 2021:
Substantial YOY Decreases in Average Days on Market in Multiple Towns and Cities
Click on the images below to see an updated selection of the most prestigious homes in Greenwich, Old Greenwich, Riverside, Darien, New Canaan, Stamford, and Westport.
Miami saw a large jump in luxury-home sales in Q1 2021 with a 101.1% year-over-year spike.
(WSJ Mansion Global)
-Newly-Built Miami Beach Estate Headed to Market for $21M: Mansion Global
-Ritz Carlton Residences at Miami Beach sold $130M worth of units in the last 75 days. Cindy Crawford and her husband just bought a $3M home there. (Cottages and Gardens)
-Set to Be Florida’s Tallest Tower, the Waldorf Astoria Launches Sales: Mansion Global
-The Appeal of Starchitects to Affluent Buyers: "Affluent buyers as are drawn to properties designed by so-called starchitects- architects who have achieved celebrity status for their exceptional projects- as they are to luxury cars or haute couture." (Penta)
-Leonard Steinberg on 3/21/21: "DID YOU KNOW? The high-end markets in Manhattan and Brooklyn continue to improve: signed contract volume in March 2021 is up over 150% compared to January!"
-From Rooftop Pools to Private Terraces, New York's Latest Developments Come Amenity Packed (Mansion Global)
Austin was named the #1 destination in the US for potential commercial real estate investment. It was also at the top of the residential markets just last year.
Luxury Listings in Your Area
Compass Sports & Entertainment Network; Elite Estates of Professional Athletes and Entertainers