Presented here is the current Sothebys Wealth-X Report. One of the most significant trends in the luxury home market is the rise of environmentally friendly homes. Therefore, my exclusively listed LEED Gold Certified property located at 1021 McCormick Ranch in Crested Butte is featured in the report on Page 11.
Many luxury builders are moving in the direction of sustainability, reflecting the rising market demand and increasing value placed on these kinds of properties. High-end home construction has begun to incorporate energy-efficient measures such as solar power, geo-thermal heating, rainwater collection systems, the use of renewable materials and touch technology to control heat and lighting. Younger ultra high net worth (UHNW) buyers are particularly interested in green construction, and the luxury home market is responding, with new builds incorporating these features which have been rising across western and global markets over the past five years. Looking at the total housing market, green home construction has been rising. The total number of LEED-certified homes on the market in the US rose 9.7% from 2014-15, and rose 19.1% in Canada. New BREEAM-certified home construction rose over 14% in the UK over the same period. 1 Green-certified residential construction has risen in the past year in every nation in Western Europe.
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ABOUT THE SOTHEBYS WEALTH X REPORT
Wealth-X has identified more than 211,000 ultra high net worth (UHNW) individuals globally with a net worth of more than US$30 million. This report reveals that within this group, buyers are increasingly seeking non-traditional luxury homes outside their domiciles – residences that are environmentally sustainable, technologically sophisticated, or that fit better with their personal and family needs. This report highlights four types of luxury real estate that serve the needs, aspirations, and lifestyle considerations of the global ultra wealthy: green homes, smart homes, private island homes, and serviced apartments. These home types have emerged to be favored residences among the global ultra wealthy. We also observe that UHNW multi-home buyers are fueling market growth in regions beyond global urban hubs such as London, New York City, and Hong Kong. To this regard, this report throws the spotlight on Miami, Florida; Geneva, Switzerland; and Long Island, New York. It also offers a compelling profile of the typical UHNW individual and the luxury residential market in these cities. Luxury home buying has become a truly global enterprise. As more ultra-wealthy individuals and their families become more mobile and sophisticated, we expect to see increasing demand for home types that serve the exacting needs of this wealth segment. We trust this report will become essential reading for those who want to understand and engage with this commercially significant segment.