This is a long-form magazine-style read, with coverage of the US and global luxury markets, so not everything here will be relevant to everyone, but I always find it useful to get the bigger picture, as it provides context for what we're dealing with here at home. And a few of the points made in the report are very true in our market, and not just at the high end:
"Unquestionably, 2020 was the year of the second home, the suburban home, the single family home---just about any spacious property that offered an escape from claustrophobic apartments in locked-down cities. [However]...industry insiders are largely bullish on the future of cities, and are beginning to look ahead to a steady increase in activity when the Covid-19 vaccine is more widely distributed."
After years of trending toward smaller-spaces, in 2020 homebuyers "...were suddenly spending months on end in their spaces, and found themselves in search of properties that could serve as all-inclusive offices, home schools, restaurants, recreation centers, home theaters and private parks, with extra guest rooms to spare." This trend is expected to continue for years, even in a post-pandemic world.
"The first half of 2021 is likely to be strong for areas within commuting distance of major financial centers... But the jury is very much out on how major suburbs will perform in the longer term... some experts think 2021 will mean a return of the excitement and energy of global cities at the expense of their suburban outskirts. Others say relocated families are in the suburbs to stay, especially as companies continue to allow workers to login from home."