We sat down with award-winning, luxury realtor Katrina Léonce of Katrina Sells Georgia (Keller Williams) to discuss the latest trends in this niche real estate segment.
Since the start of the pandemic, buyers have struggled with bidding wars and a limited number of houses for sale.But one area of the cutthroat real estate landscape is improving. It’s the luxury segment, where listings are up and homes are selling at a rapid clip.
The demand is so great that even “white elephants” – high-end homes that sat on the market for months before the pandemic began – are selling quickly as their owners willingly splurge on remodeling projects to spruce them up. The motivation is the hot market for premium properties, and an urge to make shabbier ones more alluring for buyers.
At a time of unprecedented shortages of available homes, improving sales of larger, high-end properties means that a few people are moving up the price ladder, and putting a limited number of less expensive houses on the market.
Q: What does it mean in the market when larger luxury homes begin to sell more?
A: Buyers in our current market are frustrated with the escalation of home prices, lack of inventory and the very aggressive bidding wars. They are substantially increasing their budgets to minimize competition and purchase their forever home sooner than originally anticipated.
Q: Is this a good time to buy or sell in the luxury real estate space?
A: It’s a definite win for sellers, and buyers will have the opportunity to purchase a home at a price less than what they will be expected to pay in future years, based on escalating home prices.
Q: How are you being innovative during this time as a luxury realtor?
A: As a former publicist, marketing is my forte, so we are using all of the latest tech tools, quality photos and videos, staging, ad placement targeted to the high end consumer, coupled with reaching out nationally to colleagues in the luxury space providing our listing package and offering previews to ensure the listing is seen by as many high end buyers seeking a home in Georgia. My clients include high -level executives, athletes, and noted professionals – so we continue to use innovation to appeal to discerning tastes.
Q: Usually with luxury real estate buys – buyers just don’t want to fix anything and want to to enter into a turnkey property. How is this fairing during the pandemic?
A: I prepare a cost analysis of items that should be improved/replaced, and how those improvements can impact their net with less time on the market. Although it is ultimately the sellers decision, we are always still able to get homes sold reasonably quickly in this current market.
Q: What trends would you say are fueling the revived demand for high-end homes? (i.e. people wanting to spend more time at home)
A: The pandemic taught us that life is short and we should enjoy spending quality time with loved ones while confined in our homes. Many of our clients began large renovations to improve their spaces. However those that didn’t have the space available to fit their needs, began to search for higher end homes that would better suit this new lifestyle of working and learning remotely in a more resort style environment.
For more information on Katrina Léonce visit www.KatrinaSellsGeorgia.com or connect on social @KatrinaLeonce for all your luxury real estate needs.