Page 7 - Prestige

“The overall residential market ended on a positive note with an increase of

almost 8 percent in unique sales. Last year was the best performing residential

real estate market since the recession, and with new projects nearing

completion or just getting started, we anticipate another positive year.”

— Mark Weinreich, Berkshire Hathaway HomeServices Colorado Properties

sellers to become increasingly cognizant of to town, don’t want as much property and be seen, but this shift in values is shuffling
the real value of their homes as the number they don’t want to have to do work on a the property mix and disrupting more than
of foreign buyers willing to pay unrealistic property,” says Grafstein. a few markets where enormous homes on
prices continues to dwindle. The vision might be different, but tra- large parcels, even in a few platinum loca-
Contingency clauses are beginning to ditional real estate wisdom still rules. Con- tions, are taking longer to sell. For the right

BOSTON ORANGE COUNTY

reappear in contracts, even in California, dition, location and price are more critical buyer, however, this could be a once-in-a-
which Geronsin says is “another sign of a than ever, according to Helen Maher with lifetime opportunity.
healthy market” and a good indication of Berkshire Hathaway HomeServices New
growing confidence in the marketplace, England Properties in Greenwich. Buyers are Mirror Mirror on the Wall
which will energize move-up buyers and increasingly savvy and, Maher says, “they are Looking ahead, prices are projected to
promote dynamic movement in the mar- agnostic to the seller’s history. They want to rise by an additional 4 percent to 5 per-
ket overall. “Being able to tap into equity, know what a property is worth today.” They cent in 2017, although Frank Nothaft, chief
also expect to back up a price. Even though
economist for CoreLogic, expects rates to
and move up and buy something else, isn’t
BOSTON©ISTOCKPHOTO.COM/SUNNYXPLORER ORANGE COUNTY©ISTOCKPHOTO.COM/KRAPELS A New Vision For Luxury and outdated floor plans a pass. perience declines.” Overall, forecasts call for
sellers’ markets persist in many places, buy-
that what real estate is all about,” she adds.
vary by location, “Some neighborhoods will
ers are not likely to give poor construction
have double-digit growth and some will ex-
existing sales to track at 5.52 million. Expert
Demographics and changing consumer
Whether the location is California or
Connecticut or Chicago, ask real estate
preferences are nudging markets toward
agents interviewed for this article believe
what might be considered a new normal.
agents what buyers want and the answer
the year-end uptick bodes well for 2017. A
While boomers seek charming neighbor-
panel of experts surveyed by Zillow agree.
is the same: turnkey properties or new con-
struction, a location near restaurants and
hoods, walkability and less square footage,
Almost three-quarters do not expect the
young families also desire similar attributes.
pendulum to swing back in favor of buyers
shopping, contemporary or transitional
until well beyond 2017. The largest number,
architecture with a modern slant, and a
An estate-like setting with acreage is not
part of the changing luxury vision, especially
location that assures value. Whether it is a
42 percent, see it taking place in 2018, while
a few even look past 2020.
for younger buyers. “They want to be closer
temporary trend or a sea change remains to
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