Bruce Strebinger is an expert in the housing market after having bought and sold numerous properties across different industry sectors. He brings his unique experience to the topic of luxury home development and how today's trends are likely to influence tomorrow's demand.
As the pandemic dust slowly starts to settle and people look to the future, many have turned to the more significant trends of the property market to get a better idea of what's on the horizon for the economy. Bruce Strebinger, an expert in luxury housing, shares his insight into what's happening in development and how it's impacting the larger sector.
Slow but Climbing Prices
While Bruce Strebinger knows that every area in the country has its own story to tell, luxury real estate has recently cooled its heels. The staggering price increases aren't as dramatic as they once were, which has affected the immediate need for luxury single-family home development. Still, the prices and demand are relatively strong, attributed to the continuing inventory shortage experienced in many parts of the US.
This has ultimately led luxury buyers to make significant compromises in terms of their expectations and budget. Offering more for less is never the ideal situation, but luxury buyers with little choice have been forced to make these decisions. Additional indoor and outdoor space remains a driving factor, which may lead to more development proposals in the near future.
Privacy Vs. Community: Bruce Strebinger on Development Today
Bruce Strebinger says that there's a need for balance these days, more so than ever before. Whereas there may have once been a need for ivory towers for the wealthy, there's a pull for people to build stronger communities now. So even as privacy remains an invaluable benefit, wealthy individuals do seem to want to spend quality time with their neighbors too. They want their homes to support this kind of lifestyle, so it's that much easier to organize their calendars.
As a real estate developer, Strebinger needs to be firmly in touch with how the residents will interact with the space and how the intangible benefits will affect each property's current and future value. Bruce says these new sentiments may mean more planned communities designed with communal amenities or a focus on locations with the existing infrastructure that can support small and large gatherings alike.
Whether it's new development or restoration, the demand for luxury single families doesn't appear to be dropping off anytime soon. And while it's likely that we'll see economic shifts in the near future, it's unlikely to affect the wealthier demographics. If anything, based on what's being seen now, and Bruce Strebinger says, it may mean more competition to snatch up single-family home investments.
Bruce Strebinger Vancouver
SOURCE: Bruce Strebinger
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