What truly turns a house into a home?

Kim Hatley, Corcoran Reverie, Scenic 30A, FL

To me what turns a house into a home are the memories made there. The things that your children will remember long after they have gone on to lead their own lives. Memories of simple, fun times shared with family and friends will forever bring a smile to your face. Whether it’s the height chart in pencil on the wall or the fun times together just being a family, those memories will make that house ‘your’ home for many years to come.

Carlo Habet, Belize

Creating a home means making a space that is true to yourself and expresses how you choose to live your life. A home is where one feels safe and accepted. There are no masks to wear or expectations that need to be upheld once you walk in through your doors. A home tells the story of those who inhabit it, each moment documented through the deliberate placement of family heirlooms in visible places or an unforgettable moment kept in a picture frame in the center of the room. Home is a sense of belonging, a place that nourishes our soul, and provides ample opportunities to fully relax and be ourselves. Making a house into a home means curating an environment that makes you feel welcome, happy, and safe.

Paula Martins, Corcoran Reverie, Scenic 30A, FL

Our physical needs and cultural values dramatically shape the spaces where people spend their lives, by creating a reflection of what we consider most important. Designing a house that offers a welcoming environment to celebrate who you are, is what makes it a real home.

St. Croix

Photo Credit: Shutterstock

Amy Land-de Wilde, St. Croix

Sunshine, warmth, laughter, memories, nature, the outdoors, gathering, celebrating…that feeling you get when you walk through the door and exhale. Just a few of the words I use to describe “home” when it comes to living in the Caribbean.

I love experiencing the transformation from a house to a home with my clients, whether in person or through their social media. Often I get to join them in their “home” for champagne by their pool, yoga in their courtyard, or dinner on their gallery overlooking the sea. I love walking into a house transformed into a home that I sold to buyers and seeing how they personalized it — whether rearranging the furniture (most homes are sold furnished), adding their favorite art pieces to their bare walls, and usually incorporating some local art, or fully renovating the space to fit their lifestyle, like a tricked out kitchen or additional outdoor living space.

Many of the homes we sell are to second-home owners who are looking to design a home they can escape to in the winter months. Each individual’s version of home is a little different, built around their ideal style of living. I am inspired by my island friends on social media who share their morning rituals of watching the sunrise with a cup of coffee, growing their own edible garden, dicing ingredients in their open kitchen, or inviting their friends over for yoga on their pool deckled by one of our amazing yoga teachers. I have called St. Croix home for so many years, 42 to be exact, and there is no other place I would rather be!

Bekah Manley, Corcoran Reverie, Scenic 30A, FL

A house gets turned into a home when you learn who you are and fill it with the things that make you, YOU. Those things can be physical (plants, art, instruments, books, etc), OR non-physical (love, peace, happiness, etc).

Kersten Bowman, Corcoran Reverie, Scenic 30A, FL 

Picture a single Mother raising children in a place that is messy, unkempt, and full of life. Envision a quiet, retired couple with photos of countless memories on the wall from decades past. Or, think back to when you were new to the workforce with a full spirit and the latest HGTV trends spread out from floor to ceiling. What truly turns a house into a home are the people in it and the stories they have to tell. A home is a personal point of view shared with the people and items that most bring comfort. It maintains no specific dollar amount or status. In the simplest of phrases, a home is where the heart is.

Photo Credit: Shutterstock

Georgina Jacobson, Newport Beach, CA

Homeowners turn a house into a home by putting their personal touches on the house. Whether that be family photos on the wall, furniture that exhibits the homeowner's personality and style or hanging artwork throughout the house, these are all ways that make a home more personal to the homeowner and make it feel like home.

The post What Turns A House Into A Home? Haute Residence Members Weigh In appeared first on Haute Residence by Haute Living.

The luxury real estate buying boom that began in 2020 escalated in 2021. Insatiable demand depleted inventory across the U.S. and put upward pressure on prices. Driving the real estate surge was a combination of factors: 1) shifting consumer values caused by the Covid-19 pandemic, 2) historic wealth growth due to cryptocurrency gains, soaring stock markets, rising house prices, and increased savings, and 3) the idea of home became paramount. As people searched for safe places to put their wealth and re-envisioned homes as multi-functional spaces for work, play, and sanctuary, they sought out bigger and better living environments. Many luxury real estate professionals will look back on 2021 and be able to say that it was their best year yet.

The question now is: will 2022 build on this unprecedented momentum, or will there be a deceleration of demand as some experts are predicting? There are a number of unknowns that will dictate the future market direction, but here are five key trends to watch:

1. LOW INVENTORY

Low inventory continues to constrict the top 10% of the market. In September 2021, there were 36% more luxury homes sold than new inventory entering the market. One month later, that figure ballooned to 55%. Coldwell Banker Global Luxury® Property Specialists from across the country have told me that they do not see inventory levels improving any time soon. “The biggest story of the year is that our inventory is down 44% year-to-date in the Aspen area and 72% in Snowmass Village,” commented Carrie Wells, the No. 1 agent in the Coldwell Banker network.

2. NEW LUXURY PRICE THRESHOLDS

Declining inventory levels, combined with a lack of desirable properties, have pushed prices up across all luxury price points.

Median luxury sold prices* as of the end of October 2021, compared to the full year of 2020, has risen 23% for single-family homes and 14% for attached properties, according to recent stats compiled by the Institute for Luxury Home Marketing, the partner who helped us prepare our 2021 “A Look at Wealth” report released this fall.

One of the price segments with significant growth was the $1 to $5 million range. In the first 10 months of 2021, there was a 69.2% increase in the number of single-family sold properties in that price category and 65.3% for attached properties, compared to the full year of 2019. Based on current trends, sales for single-family homes priced $1 to $5 million will rise YOY by 64.6% compared to 2020 and 112.6% compared to 2019, while attached properties will rise by 81% compared to 2020 and 96.6% compared to 2019.

As a result, luxury price thresholds rose across the U.S. In Los Angeles, the entry-level luxury home price hovered around $2 million for many years, but is now closer to $3 million, according to Joyce Rey of Coldwell Banker Realty in Beverly Hills. It’s not just happening in major U.S. cities either. Even in a small resort market like Hilton Head Island, S.C., the barrier to luxury entry has increased nearly 40% since 2019, from about $550,000 to $779,000 – “while at the same time experiencing a more than 60% decrease in the inventory of homes,” noted Thomas M. Kersey with Coldwell Banker Access Realty.

3. HIGH DEMAND FOR TURNKEY PROPERTIES AND NEW CONSTRUCTION 

Turnkey properties are still sparking bidding wars and fetching the highest prices. Jade Mills, also in Beverly Hills, said earlier this year: “People have a lot on their plate, and adding a remodel to a move during such complicated times gives added attraction to a move-in condition house. Clients want done houses.” In Miami Beach, Danny Hertzberg of Coldwell Banker’s Jills-Zeder Group estimates that 90% of his affluent buyers want new construction, compared to 70% of them, pre-pandemic. Recent supply constraints in the construction industry – from labor shortages to materials like lumber, concrete, and paint – have only amplified demand for turnkey and newly built properties.

This is also the case in Manhattan, where new luxury construction appears to be leading the city’s recovery. A joint report by Marketproof and UrbanDigs recently found that Manhattan's new development deals in October 2021 rose 122% to 224 contracts from last year’s pandemic depressed 101. Month-over-month, the number of deals increased 28% from September’s 175 contracts. Median list prices also increased 71% year-over-year in October and 52% from September, buoyed in part by 200 East 83rd Street, a Robert A.M. Stern-designed luxury development by Naftali Group and Rockefeller Group, which reported 35 contracts ranging from $3.6 to $11.5 million. As Gerard Splendore, a broker for Coldwell Banker Warburg Realty noted: “It is not entirely surprising that most post-pandemic buyers prefer pristine and immaculate spaces that are previously unoccupied as opposed to older residences with wear and tear. After all, who wouldn’t want to move into an entirely new home, with the most modern accouterments and facilities at their disposal?”

4. THE MIGRATIONS CONTINUE

The Great American Migration was still in effect for much of 2021, except partly in reverse. Whereas in 2020 people were fleeing densely packed cities and pandemic hotspots to small-town hidden gems, suburbs, and popular second-home destinations, people returned to cities in 2021. Another group of buyers was also making moves to small to midsized cities with more affordable home prices and reasonable commuting distances to major employment centers.

5. THE RISE OF CO-PRIMARY OWNERSHIP

Happening concurrently with migrations, as remote work became the norm, was the rise of co-primary ownership. Some affluent buyers did not fully migrate to other locations; rather, they simply swapped a secondary residence for a primary residence or chose to own two primary properties in different locations and split their time based on lifestyle preferences.

LOOKING AHEAD

What will 2022 bring? Inflation, mortgage rates, and construction supply constraints are all economic factors to watch. Our Luxury Property Specialists are also keeping an eye on what wealthy international buyers will do now that U.S. travel restrictions are lifted. Markets like Miami are especially keeping close tabs on this development, per the Jills Zeder Group. “Miami has doubled the number of sales in the $5+ million range year-over-year,” they recently shared. “As international buyers make a slow comeback to the Miami market and start competing with domestic buyers, we anticipate an even tighter inventory.” And, with low inventory levels and turnkey properties commanding a premium, will we see some wealthy buyers pivoting to adjacent “aspirational” markets or adjusting their expectations and purchasing properties that need a little work?

All of these elements will be in play in 2022. The Coldwell Banker Global Luxury team will analyze it all in our forthcoming “The Report,” due out in February 2022.  I’ll be posting this then, but in the meantime, please contact me to discuss any of your real estate needs or questions.  I’m here to help!

The post Toni Itkin Reveals The Five Luxury Real Estate Trends to Watch in 2022 appeared first on Haute Residence by Haute Living.

Michael Scigliano and Fernando Alvarez

Photo Credit: Juan Pablo Castro

Curved Upholstered Sofa

Photo Credit: Troy Campbell Studio

The post Michael Scigliano Of MS2 Design Studio Reveals One Of His Greatest Design Secret Weapons appeared first on Haute Residence by Haute Living.