Each Friday, the executives of Briggs Freeman Sotheby’s International Realty write about luxury, trends, business and more in the advertising pages of the Mansion section of The Wall Street Journal. Below is president Russ Anderson's letter of January 27, 2023.
THE PRESIDENT’S POINT OF VIEW
Do you have a sense of what’s important for a luxury lifestyle now?
We do — because luxury is our business. We study the luxury real estate industry, near and far. So does Sotheby’s International Realty, which does a superb job of sharing its findings every year in its Luxury Outlook, a trend-packed report about everything from the hottest home amenities to the cities where luxury buyers are flocking. The annual report surveys Sotheby’s International Realty agents around the world who transact in the $10 million and up category and is complemented by data from other industry experts, including the Federal Reserve, Credit Suisse, the National Association of REALTORS and the art and luxury experts at Sotheby’s, the famed auction house, to round out luxury trends in the year to come.
I’m going to share just some of the eyer-openers from the new issue, which you can read in full at briggsfreeman.com/market-moves:
• The world has seen a surge of wealth creation in recent years and the affluent have more money to spend. And, since many luxury purchases are made in cash, the high-end real estate sector remains somewhat insulated from interest-rate fluctuations.
• Massage rooms and cold-plunge pools are two of the new must-haves at home. Healthy living is hot.
• There is a lifestyle change resulting from Covid-19 that we believe is here to stay: People are spending more time at home. That means luxury homeowners can rationalize the expenses of owning multiple properties since they are spending more time in them.
• Bulgaria, Romania and Montenegro are gaining as spots for second homes.
• Luxury agents remain busy brokering deals for their clients, many of whom are looking to make opportunistic investments during this fluctuating market.
• Wine as a strategic investment is a growing phenomenon. (That’s my favorite finding, as I am a bit of an oenophile.)
What’s important to you? Come explore all the trends in luxury — art, cars and fashion included. Then, let’s talk about it over a glass of good wine.
Briggs Freeman Sotheby’s International Realty