Top Luxury Real Estate Market Trends to Watch in 2018
The United States will see many new trends in 2018 due to a huge rewrite of the tax codes. Some of these trends will be found within the luxury real estate market. Of course, the tax code won’t be the only thing impacting the luxury market in 2018.
Tax Impact will be Felt Globally
While the United States provides the largest changes to the tax code, other areas made changes, as well. The changes in the US will provide a race to dodge the new taxes from foreign investors, flexible workers and second-home buyers in the US. Those looking to buy multi-million dollar homes will now be dealing with limited tax deductions for mortgage interest and property taxes.
In addition, the plan to take away tax deductions at the state and local level could cause many to move away from high-tax states, such as Connecticut and New York. Empty Nesters and self-employed workers may head for states, such as Florida and Texas, which don’t have a state income tax.
Luxury Developments won’t Stop Growing
While new luxury developments are expected to continue to grow in 2018, they may look a bit different. Many luxury buyers are seeking wellness-lifestyle real estate and communities, which means a different look at new developments. Amenities, such as community gardens, gyms, swimming pools, multi-level courtyard gardens, sports and leisure amenities and parks are expected to take center stage for new developments in 2018.
Specific Features Will Take Over
Along with the wellness-lifestyle amenities, many luxury buyers are seeking specific features, whether in a condo, penthouse or single-family home. Communities featuring pools, gym clubs, party rooms and other amenities are key. In addition, new kitchen gadgets and high-end features throughout homes will be on the rise.
The typical amenities and features packages aren’t going to be enough anymore. Many luxury buyers will seek golf simulators, children’s play rooms, pet spas, stroller storage in the lobby and other high end amenities.
In addition, luxury buyers will be seeking real services instead of the pretend services that have been offered in the past. They want services, such as room service, beach butlers, pool butlers, housekeeping, travel services and spa services.
Many luxury real estate trends are expected to become fixtures in 2018. These are just a few of the things you may notice if you’re shopping in the luxury market this year.