As the seasons change, so do the trends in luxury real estate. Spring 2024 brings a wave of new opportunities and shifts in the market. From innovative designs to sustainable features, here’s what’s heating up in the world of luxury real estate.
In Spring 2024, sustainability takes center stage in luxury real estate. From eco-friendly materials to energy-efficient designs, buyers are prioritizing properties that minimize environmental impact without compromising on luxury. Andrew Buss, Estate Director at Hilton & Hyland, says, “Green living is becoming a necessity,” and “with the advanced tech powering the next generation of architecture, anything is possible.”
3904 Valley Meadow Road, Encino. Represented by David Kramer and Andrew Buss. Photo Credit: Simon Berlyn.
Smart home technology continues to evolve, with Spring 2024 seeing a rise in seamless integration and personalized experiences. From voice-controlled systems to AI-powered amenities, luxury properties are embracing cutting-edge tech like never before. “The technology built into homes is tenfold the technology we had just a couple of years ago,” said David Kramer, President of Hilton & Hyland. “Daily, new inventions and innovations are introduced to us and I am consistently amazed with what I am seeing.”
Health and wellness are top priorities for luxury buyers this spring. Properties boasting spa-like amenities, wellness centers, and serene outdoor spaces are in high demand, offering residents a sanctuary to rejuvenate mind, body, and soul. “We are seeing more homes with entire wings or whole levels designated to personal health and overall well-being,” Kramer said. “Indoor pools, state-of-the-art home gyms, and circadian lighting are just some of the amenities that foster wellness in homes that are on or coming to market.”
Last year, during the period from January 1st to February 12th, there were 14 sales between $10 million and $15 million in Los Angeles and Malibu. “Fast forward to 2024, and we’re seeing promising figures,” said Chris Evangelatos, Broker Associate at Hilton & Hyland. “Since the beginning of the year, there have been 20 recorded sales, along with 5 pending sales, 1 active-under contract, and 73 active listings — all within the 10-15M range. This represents a 42% increase in recorded sales compared to last year’s timeframe.”
9911 Tower Road, Beverly Hills. Represented by David Kramer. Rendering Shown.
Despite the allure of hillside retreats overlooking the cityscape, urban luxury living remains desirable in Spring 2024. Properties offering convenience, culture, and connectivity are attracting discerning buyers seeking the best of city living without sacrificing luxury or privacy. “When everything imaginable in Los Angeles is at your doorstep, the proximity to the city is a luxury that cannot be beaten,” said Kathy Douglas, Estate Director at Hilton & Hyland. “More often, buyers recognize the endless appeals of urban living.”
One-size-fits-all no longer applies in luxury real estate. Spring 2024 sees a surge in custom-designed homes, where buyers have the opportunity to tailor every aspect of their property to reflect their unique tastes, preferences, and lifestyle. Stuart Vetterick, Broker Associate at Hilton & Hyland, says, “There are exceptional, unique, and completely custom estates in Los Angeles that continue to impress me.” He added, “From design to completion, custom homes are bringing interested buyers.”
As we embrace the vibrant energy of spring, the luxury real estate market reflects a dynamic landscape of innovation, sustainability, and personalized luxury. Whether you’re in the market for a sustainable sanctuary or an urban oasis, the trends of Spring 2024 offer something for every discerning buyer. Stay tuned as we continue to explore the evolving world of luxury real estate.