“Work/lifestyle balance may have been a trend that was cemented by the pandemic in 2020, but this initial trend has long been in the making as people recognized the need to de-stress their lives. As we move in 2021, there is an expectation that this will be one of the lasting trends and exurban, rural, and resort locations will be the beneficiaries. The pandemic is still fueling the uptick in numbers of new residents who are now ready to enjoy the perks of these lifestyles, especially given that they can work from home.”
There is no doubt that 2020 was the year of unpredictability, from dramatic stops and starts to multiple offers on properties that had sat on the market for years, as well as significant lifestyle changes in both work, home, and play.
As we look to the trends being predicted for 2021, many experts find themselves in a quandary as the pandemic is still a major factor, and its long term effects remain somewhat of an unknown entity. Work/lifestyle balance may have been a trend that was cemented by the pandemic in 2020, but this initial trend has long been in the making as people recognized the need to de-stress their lives.
As we move in 2021, there is an expectation that this will be one of the lasting trends and exurban, rural, and resort locations will be the beneficiaries. The pandemic is still fueling the uptick in numbers of new residents who are now ready to enjoy the perks of these lifestyles, especially given that they can work from home.
Equally it is expected that the affluent will continue to realign their priorities to spend more on real estate to provide their families a sense of security, health safety, and privacy. For the wealthy this will mean that work, school, socializing, and entertainment will take place in their homes through much of 2021.
Prices for luxury properties have climbed steadily over the last few months in the majority of luxury markets across North America, even in major metropolitan cities. Another recent surprise has been the uptick in the number of sales in the attached property market.
Much of this demand has stemmed from the growth of the wealthy, both in terms of financial and NORTH AMERICAN LUXURY REVIEW numbers, during 2020. They have been responsible for an upsurge in property purchases in exurban and rural communities, as well as larger attached properties in metropolitan markets.
For those who did sell their city property, it is speculated that there will be a return of the pied-a-terre as they buy back into their metropolitan city. These buyers are taking advantage of condo prices that did fall slightly and increased inventory levels that rose significantly during the last six to eight months of 2020.