MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 6/5/2023 – 6/12/2023

Did You Know?

Quiet Luxury? Marked by expensive materials in muted tones, quiet luxury, also known as stealth wealth, is the complete lack of logos and anything too conspicuous. Luxury brands rely on the quality of the materials, and they have techniques that are very particular to them. The cut, stitching or other small details only recognizable to those who are very familiar with a particular item becomes a differentiator for those in the know. When it comes to homes, think heated driveways, purified air with perfect humidity, self-cleaning windows, tech-controlled landscape irrigation…..

In a move that could be a boon to condo and co-op boards, New York City has proposed regulations to make unmanned aircrafts – drones – legal, paving the way for more widespread use of drones in building facade inspections. Maybe cutting back on the excessive use of scaffolding?

What is the next MUST HAVE amenity for ultra-luxury real estate? Maybe it’s every developer’s worst nightmare…….customization? Many new buildings have offered kitchen options and other smaller upgrades, but the list is growing…. If Rolls Royce is an indicator of the ultra-luxury markets, brace yourself: The Rolls Royce Cullinan is by far the best selling model, accounting for about half of global sales. In 2022 Rolls-Royce sold 6,021 cars – up 7.8% from 2021 – with an average price of  $534,000. up 7.8% from 2021, another record year.  35% of sales were the U.S. is its top market, followed by China. Transaction prices have climbed as high as they have because of….. the Bespoke program, which creates limited editions and one-of-a-kind cars like the Blue Shadow. Customers can choose paint colors, the wood types and special-order interior appointments. Unique body styles are possible, too,…at a price:  a custom Sweptail in 2017, cost an estimated $12.8 million. And the wait is up to 4 years! (PENTA)

Although San Francisco lost a billionaire, it saw a growth of 68% in its population of high-net-worth individuals from 2012 to 2022. (Henley & Partners)

According to Real Trends, here is the average number of sales per agent compared to some other luxury US-based brokerages:

– COMPASS:  8 

– ANYWHERE (Coldwell Banker, Sotheby’s, Corcoran, etc:  5.2 

– Douglas Elliman: 3.6 

– Home Services (Berkshire Hataway):  6.8

– The Agency:  5.5 

– Brown Harris Stevens:  2.1

Courtesy of Stephen Lascher, Wells Fargo