What luxury market trends in new developments and interior design do you see continuing in 2021, particularly in LA and NY? In general, we expect to see a continued demand for more ample and flexible spaces and square footage to accommodate a variety of lifestyle needs. This past year only heightened existing desire for seamless indoor/outdoor living that brings nature into the built environment, which is essential to many homeowners in Southern California. Moreover, we are focusing on enhancing wellness in our communities and have been exploring emerging technologies like natural antimicrobial finish materials, four-stage air-purification systems, and hydro-optic water filtration to enhance and monitor the quality of the indoor living environment. These elements were already on the forefront of new trends in planning and design prior to COVID-19, and they are now top-of-mind concerns for the majority of our buyers. How have housing needs and lifestyle preferences evolved for high-end buyers in the past year? What are some must-haves? Obviously, home offices and home gyms have been a big priority, in addition to expanded outdoor spaces, ample light, storage, and just more square footage in general.
What are some of the options available for people looking to invest in luxury real estate? Our focus at etco Homes is really on luxury lock-and-leave condominium living. By this, we aim to afford luxury buyers with ample, high-design spaces that boast all the advantages of a single-family home in some of the most coveted neighborhoods of Los Angeles, sans all the burden that generally goes along with that kind of ownership. The services component that underlies most of our communities offers convenience, access, and worry-free maintenance for our homeowners, which is a peace of mind that home buyers are hungry for like never before. What else should home buyers keep in mind? With work from home this past year and desire for more space while at home, we witnessed much of the market scattering to suburban locations, just beyond the bounds of what we would consider prime metro markets in Los Angeles. I think buyers should keep in mind the long-term value of coastal Southern California real estate, as there is only so much oceanfront or coastal-area property available. Therefore it will always trade at a premium and gain value over the long term. We also see our higher-density submarkets rebounding rapidly, as buyers crave connectivity and social outlets afforded by nightlife, shopping, and community engagement that just can’t be found in suburban areas. While some degree of remote work will continue, human desire for social connection and recreation will never be in dying demand, and consequently, luxury living in metro areas that offer these elements will only continue to gain traction and value over time in Los Angeles.