Hottest Trends in Luxury Real Estate

For those who can afford some prime real estate, it appears to be a buyer’s market around the world.

New York City has been affected by the volatility of Wall Street, rising interest rates and political uncertainty, so buyers aren’t so easily seduced into plunking down big bucks for a luxury pad unless it features some incredible amenities.

Thus far in 2019, home sales are sluggish in Manhattan, and real estate experts believe it is due to an overpriced luxury market. According to NYC’s Donna Olshan, president of Olshan Realty, people are showing up at open houses but not taking the bait. She says that sellers are having to reduce prices by 10-percent to try and lure a potential buyer.

For those who are interested in the purchase of a luxury condominium or apartment, certain features are making the selling easier. Today’s home hunters are attracted to a property’s extras that deliver well-being and serenity. For example, there is an 88-story super-luxury tower in NYC that has splurged on the health and wellness factor. The special amenities comprise 44,000 square feet on the 50th and 51st floors and house spacious facilities that include a 75-foot pool, a yoga studio, a fitness center and a private spa.

Across the country in San Francisco, the numbers show a different story with the Bay Area maintaining its domination as one of the fastest growing locations for homes over $1 million. High-price buyers are fearless thanks to tech industry start-ups moving into the region and bringing with them a major boost to the economy…

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Technology in Real Estate

Despite being the single largest industry in the United States in terms of assets, the real estate sector has been surprisingly behind the times when it comes to the adoption of cutting-edge technology.

According to a recent article in Forbes, the real estate industry is at the same place now that many other industries were just getting to in the late ‘90s and early 2000s. Many of the largest real estate companies are using proprietary technology, which entails frequent updates, patches, and ever-expanding functionality, along with all of the known problems that those sorts of fixes bring.

At the same time, there has been little interest in adopting industry-standard platforms in almost all other sectors. This has led to terrible inefficiency, a sort of constant reinvention of the wheel as 20 different companies develop 20 different solutions to precisely the same problem without ever collaborating with each other or determining what an optimal solution might look like based on their collective experience.

All told, the real estate industry is behind the technological times.

Some innovations are showing big promise…

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