luxuryhomes

The uber-wealthy are in search or spacious retreats with all the amenities, is this fueling the high-end market?

A tennis court is typically a high-end feature included in a home that is on a big parcel of land. Seeing as tennis courts take up a lot of space, they have always been viewed as a very luxurious feature that the ultra-wealthy has. It can make for a great gathering space around the court to host outside and if maintained they truly look magnificent.

Tennis courts and other high-end features have been in much higher demand since covid. The uber-wealthy are in search of spacious retreats away from city highrises. An estate further out from a large city with land and extra amenities is typically cheaper than the luxurious high-rises they sold or are coming from. This is bolstering the high-end luxury market in many suburbs, the wealthy have gained more than anyone since the beginning of covid, and the luxury housing market has reaped the rewards with record-shattering numbers.

In 2021, at least 40 homes sold over $50M. This was a 35% increase year over year and the highest number of sales over $50M ever. The combination of low-interest rates and a hot stock market drove sales of these exclusive homes higher.

Maintenance is the #1 thing I would be wary of when buying a home with a tennis court. If you arent planning on using it and don't have a property manager or someone to help with the maintenance it can be very challenging to keep up with a property of that caliber. Maintaining a large home is a tall task and that is why many hire a house manager or help of some sort.

In the current climate, excess space and land are very desirable and viewed as a plus. The uncertainty of the world, covid, working from home, etc has left most people in search of homes that are made to be "livable" seeing as social engagements have been decreased. Having a place to entertain is highly sought after and that is why we are seeing these types of properties trade for record prices.

WORK WITH US.

We know how important client relationships are to ensuring a smooth transaction. We have a strong sense of local market knowledge, which provides tremendous value.

CONTACT US