We asked five top real estate agents to share the trends they are seeing on their home turf.
Jameson Sotheby’s International Realty
Where do new buyers want to be? I’m noticing a fairly even split between city and suburb. Many families struggle with the process of finding schools, and they see an easier path in the suburbs, but there are many families (like my own) that choose to stay in the city and take part in everything the urban environment has to offer.
What neighborhood is on the rise? I see Humboldt Park trending as the next hot place.
Gottesman Residential Real Estate
What’s the hype with downtown? Proximity to downtown is one of the biggest assets a home can have, and with our city’s traffic issues, living close and cutting down on commuting time becomes a quality-of-life decision.
Emerging neighborhoods: I’m seeing more growth with Allandale and the areas around North/Central Austin. Mueller is also an awesome community that feels like a city within a city. I believe buying there is a great investment.
LOS ANGELES, CA
Sotheby’s International Realty
What area is popular with your clients? They’re usually looking to buy a second, third or fourth home in Santa Barbara’s luxury market, which has been a haven for some of America’s wealthiest families for nearly 130 years–movers and shakers have vacationed there since the 1880s.
Preferred architectural style: Buyers are looking for more contemporary designs with bigger windows and open rooms.
In-demand locales: The Toro Canyon Road and Toro Canyon Park Road neighborhoods are taking off right now. Because the areas are close to town but the parcels are larger, they have a more rural feeling, and the views are incredible.
ORANGE COUNTY, CA
What do buyers want more of? People are mostly looking for additional square footage.
Choice location: Over the past few years, I have seen more families choosing to raise their kids in the village of Corona del Mar, which is a departure from the more suburban environment of the hill in Newport Coast. In fact, the average price per foot has nearly doubled, and this will go up depending on the location and view.
Gated communities remain strong: People are taking advantage of large estate lots and building 8,000-square-foot custom homes. The average cost of a teardown is approximately $3 million for the land alone.
Downsizing vs. upsizing: Even across the luxury demographic, home buyers are seeking smaller spaces, less yard and more of a community feel in their neighborhoods.
In-demand locale: Arcadia has been trendy for several years, but we are now seeing an alternative for the next generation of home buyers in Arcadia Lite. Located in the middle of Scottsdale and the Biltmore district, this area couldn’t be more walkable and convenient.
How about the suburbs? Younger buyers are happier with smaller spaces in the city with upscale finishes.