The wishes of wealthy Americans when it comes to a dream home can be correlated into a simple type of property – a self-designed “lifestyle property” on the shores of a river or a lake and with a garage for a collection of cars. The Baltic Sotheby’s International Realty real estate company has declared this on the basis of a Sotheby’s International Realty® Luxury Lifestyle report.
Sotheby’s International Realty Affiliates LLC, in turn, has found that wealthy British people appreciate homes of historical value, Chinese people want room to display their art collections, while Brazilians wish to live in a “smart” home – one that is technologically modernised. The survey found that buyers from various countries take similar decisions that are based on their lifestyles and family needs, also taking into account the future value of their real estate investment.
Sotheby’s International Realty has identified several homes which satisfy the criteria that are listed in the survey, and so wealthy buyers can feel safe about the idea that if they can afford such a home, they can turn their dreams into reality. Examples include a coastline home in Water Mill, New York, which has a garage for three automobiles, a flat on the banks of the Thames River in England that was built in 1894, a “smart” home in Arizona in the United States, and a house in Hong Kong with room to display a collection of artworks.
Water Mill, the United States, Property ID Z2XKYB. Photo: Sothebysrealty.com
The Sotheby’s International Realty® Luxury Lifestyle Report involved a survey of wealthy consumers in the United States of America, the United Kingdom, Brazil and China – people who have at least $1 million in cash resources. The survey found that over the next five years, most of them plan to purchase a “lifestyle” property as their primary residence. In thinking about the purchase, most respondents want to purchase a property that is on the water. The study also reviewed lifestyle criteria that are published on the Sothebysrealty.com homepage – criteria that show that “on the water” was the most frequently sought criterion in 2013 among those who visited the homepage (42% of visitors entered that criterion).
Most wealthy consumers in the USA, UK, Brazil and China stated the desire to purchase “family homes” that they would present to their children or other family members (93% in China and 92% in Brazil). A survey of members of the Sotheby’s International Realty network found that more than one-half of clients plan to spend between $1 million and $3 million for the “family home.”
The Peak, Hong Kong, Property ID MYQS4L. Photo: Sothebysrealty.com
The Sotheby’s International Realty® Luxury Lifestyle Report also found that those who invest in real estate often want to sell the property in future. In comparison to the situation five years ago, most wealthy consumers are far more convinced about the real estate market in their country, believing that it is offering the best real estate value at this time.
“Last year we found that the luxury property sector was the most important factor in the recovery of the market,” says Sotheby’s International Realty Affiliates LLC president and CEO Philip White. “The study of consumers who have lots of money helped us to have a better understanding of these market trends. The results proved things that we already knew about buyer motivation and desires. They seek homes that will satisfy their various lifestyle needs and are appropriate for their families as the most important value. Such consumers also know how important real estate is in enhancing wealth. They expect to earn a profit from their investments. The belief that the value of their properties will increase in future confirms the health of the luxury real estate market.”
Baltic Sotheby’s International Realty has been an active and successful real estate market participant in the Baltic States since 2010. The company is part of the international Sotheby’s International Realty network. Baltic Sotheby’s International Realty offers outstanding real estate throughout the world, a high level of services, and individual approach to each client, international databases and effective sales tools. Baltic Sotheby’s International Realty has offices in Rīga, Jūrmala, Tallinn and Vilnius.
The Sotheby’s International Realty network has offices in 54 countries and territories throughout the world, with approximately 15,000 independent sales partners who work in approximately 700 offices. Sotheby’s International Realty sells properties on the global Sothebysrealty.com homepage. In addition to the fact that this source offers recommendations and a great deal of visibility, network brokers and clients gain benefits from links to the Sotheby’s auction house and the global marketing programmes of Sotheby’s International Realty. Each office is individually owned and operates independently.
