We are very proud to announce our 2020 Select Sotheby’s International Realty President’s Club! Each agent who is inducted into this club will provide you with an unparalleled experience with buying or selling your next home. Congratulations to all of these outstanding professionals.
Sotheby’s International Realty Sees 32% Sales Growth, Achieving $150 Billion In Global Sales Volume In 2020
Sotheby’s International Realty is pleased to announce that its affiliated brokers and independent sales professionals achieved a record US$150 billion in 2020 global sales volume, a nearly 32% increase in sales growth year over year, as the definition of home changed for consumers around the world. Due to a longstanding commitment to innovation, Sotheby’s International Realty® agents were able to seamlessly help clients navigate the changing market dynamics brought on by the global pandemic with existing technology offerings which propelled business momentum.
Agents affiliated with Sotheby’s International Realty quickly pivoted to address the impact of the global pandemic,” said Philip White, president and CEO of Sotheby’s International Realty. “Thanks to innovations we pioneered nearly a decade ago, our affiliated companies and agents made the impossible possible. Their adaptability to serve clients safely further extended our position as a leader in luxury real estate.”
Long-Standing Commitment to Virtual Technology Paved Way for Success
Sotheby’s International Realty continued to lead the industry and was well-positioned to meet the needs of consumers as the buying and selling process became increasingly virtual. Sotheby’s International Realty agents accelerated the use of the brand’s existing video, virtual reality, and live-streaming technology to produce new forms of content that engaged buyers and set a new standard for marketing luxury properties. Currently, buyers can safely tour more than 6,000 properties via virtual reality or video on sothebysrealty.com. Property videos also proved engaging on social media where the brand’s YouTube channel delivered 43 million views, or the equivalent of more than one million hours watched.
As a leader in the luxury real estate industry, Sotheby’s International Realty is able to anticipate trends,” said Chief Marketing Officer, Bradley Nelson. “Our priority remains to present listings in the best possible manner and to provide a superb end-user experience however buyers prefer to search for their new home. Virtual technology has been at the forefront of our marketing strategy for several years and comes as naturally to us as our commitment to high quality service.”
The brand also unveiled a new website, sothebysrealty.com, available in 14 languages and nearly 60 currency conversions, to continue serving its growing international clientele and fuel referrals worldwide. The website achieved a notable amount of traffic for the brand with 37 million visits in 2020. Property videos on the site produced by Sotheby’s International Realty agents were especially popular and played nearly 13 million times in 2020, totaling more than 90,000 hours watched.
A Year of Strategic Growth and Record Achievements
Despite travel restrictions, Sotheby’s International Realty remained committed to expanding its global footprint and achieving strategic growth. In 2020, the brand opened more than 50 new offices across the world, bringing the brand’s total presence to nearly 1,000 offices in 75 countries and territories with approximately 24,000 independent sales associates worldwide.
The brand’s existing affiliated companies around the world continued to grow in 2020. Sotheby’s International Realty increased its total domestic presence to 45 states around the country. Sotheby’s International Realty facilitated affiliate expansions through 12 domestic M&A transactions, including California, Colorado, Florida, Massachusetts, and Washington.
The brand also continued to expand internationally in key markets and opened offices in seven new territories. In Europe, the brand expanded to Ukraine, Romania, Montenegro, and in Germany. In the Asia-Pacific region, the brand opened its first office in South Korea and expanded in the Caribbean and Latin American region with two new offices in Paraguay and Antigua & Barbuda.
Our international footprint is one of our greatest competitive advantages,” said Tammy Fahmi, vice president, global operations and international servicing. “Our brand’s locations are in the most desirable places around the globe, so our clients know they can rely on our local market expertise wherever they are looking to buy or sell.”
As affluent individuals looked to acquire secondary homes in markets around the world, Sotheby’s International Realty agents acted as true global real estate advisors and referral volume surged by 42% to US$2.9 billion in closed sales volume.
Our 2020 results prove what is possible when you focus on quality above all else. We remain proud to be the real estate brand of choice for so many luxury real estate experts and affluent clients. We will continue to work tirelessly to prove their trust has been well placed,” concluded White.
2020 Brand Stats Video
From an elegant mansion in California, to a glamorous waterfront home in Florida, this issue of Significant Sales – Volume I, Issue IX also showcases homes from throughout the United States, Australia, Belgium, Dubai and the Bahamas. Congratulations too all our affiliates represented in this issue!
From a historic home in the Hamptons, to a waterfront estate in Cape Cod, this issue of Significant Sales also showcases homes from throughout the United States, Australia, St. Barthelemy, Belgium and Italy.
The Sotheby’s International Realty® brand is the official launch sponsor of The High End, the new destination for luxury real estate from the New York Times.
Enjoy reading the first post here: From Saints to Hot Springs – The Luxury of Mountainside Living.
Our Top Producer last year Keir Weimer was recently featured on the cover of Top Agent magazine, on their international and national editions. It is a huge honor to be selected from hundreds of top producers from all over the world. Congratulations Keir! The full article can be read here: http://bit.ly/2enrYqa
But the enthusiasm doesn’t stop here…Keir also recently brokered the successful sale of the Northeast’s premier cross country ski resort, Garnet Hill Lodge, in the Adirondacks. The full story on this complicated and significant sale for the region’s economy can be read in the Albany Business Review which covered this important deal by clicking this link: http://bit.ly/2dDxFO2
In the fast-paced San Diego real estate game, successful agents are harnessing mobile data to stay two steps ahead while house hopping.
Luckily, in the age of smartphones, specialized apps put market information at your fingertips. Plus, they give you the ability to win over clients and streamline the paperwork with a few taps.
While some companies such as Zillow and Trulia have built online empires by providing always-up-to-date listings, there are lots of useful smartphone tools that can help agents work faster and more efficiently in the field.
Whether you’re searching for a home in Mission Hills or selling a four-bedroom in East Village, here are nine apps that will help you close the deal fast.
Find the house
The best-laid plans often go awry, and even if you came prepared with a list of prime properties in the bay area, your buyers could decide their budget or taste in neighborhoods have changed. With the right apps, you can adapt on the fly.
There are two big dogs on the mobile house-hunting scene: Zillow and Trulia. And while they mostly focus on buyers, both of their pocket guides guarantee you will have the most current listings and pricing info.
Zillow Real Estate (free on Android and iOS) puts 100 million searchable properties on your smartphone, plus helpful features such as notifications for favorite properties, search within an area that you draw on the map, and price estimates based on surrounding homes and market trends.
Real Estate by Trulia (free on Android and iOS) also uses built-in GPS to find nearby houses on the fly, and adds essential components such as crime maps, school locations, and filtering by criteria like number of bedrooms and total square footage.
Show it off
Once you’re in the ballpark of price and location, it’s time to exhibit the interior features. Even if the buyer isn’t with you on the initial visit, your smartphone’s camera can help you communicate some of a spot’s key characteristics.
For that in-the-room-with-you vibe, try 360 Panorama (99 cents on iOS). This app lets you stitch multiple photos together into a sharable, interactive picture that shows all 360 degrees of a space.
If you need to point out specific details, Skitch (free on Android and iOS) lets users quickly mark up photos and PDFs with highlights, boxes, arrows and overlaid text. It’s perfect for focusing in on oak cabinets or a cobblestone-framed fireplace.
If the prospective buyers want to update the space with their own DIY touches, Zillow Digs(free, iPad only) will help you estimate and factor in those costs. The app provides a database of searchable home-improvement ideas along with tools for projecting project pricing based on location.
Seal the deal
Once your clients are ready to pull the trigger on the home of their dreams, don’t let the paperwork hold up the process.
First, make sure payments are within reason by using Zillow Mortgage Marketplace (free on Android and iOS). This app will help your buyers budget monthly payments and shop around for loan quotes with its dead-simple interface.
Once you agree on terms and have the contract written up, Docusign Ink (free for Android and iOS, $15/month basic plan) will help you get the necessary signatures to make the sale official. All you need is a smartphone and your finger, so it’s perfect for endorsing documents while you’re out and about.
And if you’re completely committed to going paperless, there are a bunch of cloud-based services that keep your documents organized and accessible. The two best options for real estate purposes are Cartavi (free on Android and iOS, $10/month basic plan), Docusign’s sister service that was built specifically for realtors and emphasizes collaborative document sharing, and Dropbox (free on Anderoid and iOS), which links up directly with Docusign and makes it simple to distribute contracts via any online medium.
The housing market continued its uneven recovery in 2013 and will enter 2014 closer to normal than it was a year earlier. Consumer optimism is climbing back: in Trulia’s latest survey, 74% of Americans said that homeownership was part of achieving their personal American Dream – the highest level since January 2010. Even among young adults (18-34 year olds), many of whom struggled through the recession and are still living with their parents, 73% said homeownership was part of achieving their personal American Dream, up from 65% in August 2011. Rising prices over the past two years have been great news for homeowners, especially for those who had been underwater, and the real estate industry has benefited from both higher prices and more sales volume.
At the same time, the effects of the recession and housing bust still sting: the barriers to homeownership remain high, and a few markets – mostly in Florida – still have a foreclosure overhang. Plus, the housing recovery itself brings its own challenges, including declining affordability and localized bubble worries, especially in southern California.
Barring any economic crises, the housing market should continue to normalize. Here are 5 ways that the 2014 housing market will be different from 2013:
- Housing Affordability Worsens. Buying a home will be more expensive in 2014 than in 2013. Although home-price increases should slow from this year’s unsustainably fast pace (see #4, below), prices will still rise faster than both incomes and rents. Also, mortgage rates will be higher in 2014 than in 2013, thanks both to the strengthening economy (rates tend to rise in recoveries) and to Fed tapering, whenever it comes. The rising cost of homeownership will add insult to injury in America’s least affordable markets: in October 2013, for instance, 25% or less of the homes listed for sale in San Francisco, Orange County, Los Angeles, and New York were affordable to middle class households. Nonetheless, buying will remain cheaper than renting. As of September 2013, buying was 35% cheaper than renting nationally, and buying beat renting in all of the 100 largest metros. However, prices and mortgage rates might rise enough to tip the math in favor of renting in a couple of housing markets – starting with San Jose.
- The Home-Buying Process Gets Less Frenzied. Home buyers in 2014 might kick themselves for not buying in 2013 or 2012, when mortgage rates and prices were lower, but they’ll take some comfort in the fact that the process won’t be as frenzied. There will be more inventory on the market next year, partly due to new construction, but primarily because higher prices will encourage more homeowners to sell – including those who are no longer underwater. Also, buyers looking for a home for themselves will face less competition from investors who are scaling back their home purchases (see #3, below). Finally, mortgages should be easier to get because higher rates have slashed refinancing activity and pushed some banks to ramp up their purchase lending. Moreover, the new mortgage rules coming into effect in 2014 will give banks better clarity about the legal and financial risks they face with different types of mortgages, hopefully making them more willing to lend. All in all, more inventory, less competition from investors, and more mortgage credit should all make the buying process less frenzied than in 2013 – for those who can afford to buy.
- Repeat Buyers Take Center Stage. 2013 was the year of the investor, but 2014 will be the year of the repeat home buyer. Investors buy less as prices rise: higher prices mean that the return on investment falls, and there’s less room for future price appreciation. Who will fill the gap? Not first-time buyers: saving for a down payment and having a stable job remain significant burdens, and declining affordability is also a big hurdle for first-timers. Who’s left? Repeat buyers: they’re less discouraged by rising prices than either investors or first-time buyers because the home they already own has also risen in value. Also, the down payment is less of a challenge for repeat buyers if they have equity in their current home
Biggest Obstacle to Homeownership
18-34 year-olds only
Saving enough for a down payment
Not having a stable job
Having a poor credit history
Qualifying for a mortgage
Unable to pay off existing debt
Rising home prices
Rising mortgage rates
Among renters who wish to buy a home right now. Respondents could choose multiple options. Survey conducted November 2013.
- How Much Prices Slow Matters Less Than Why And Where. Prices won’t rise as much in 2014 as in 2013. The latest Trulia Price Monitor showed us that asking home prices rose year-over-year 12.1% nationally and more than 20% in 10 of the 100 largest metros. But it also revealed that these price gains are already slowing sharply in the hottest metros. How much prices slow matters less than why. If prices are slowing for the right reasons, great: growing inventory, fading investor activity, and rising mortgage rates are all natural price-slowing changes to expect at this stage of the recovery. But prices could slow for unhealthy reasons, too: if we have another government shutdown or more debt-ceiling brinksmanship, a drop in consumer confidence could hurt housing demand and home prices. Where prices change matters, too. Slowing prices are welcome news in overvalued or unaffordable markets, but markets where prices are significantly undervalued and borrowers are still underwater would be better off with a year or two of unsustainably fast price gains.
- Rental Action Swings Back Toward Urban Apartments. Throughout the recession and recovery, investors bought homes and rented them out, sometimes to people who lost another (or the same!) home to foreclosure. In fact, the number of rented single-family homes leapt by 32% during this period. Going into 2014, though, investors are buying fewer single-family homes; loosening credit standards might allow more single-family renters to become owners again; and fewer owners are losing homes toforeclosures to begin with – all of which mean that the single-family rental market should cool. At the same time, multifamily accounts for an unusually high share of new construction, which means more urban apartment rentals should come onto the market in 2014. Urban apartments will be the first stop for many of the young adults who find jobs and move out of their parents’ homes. In short, 2014 should mean more supply and demand for urban apartment rentals, but slowing supply and demand for single-family rentals. Ironically, economic recovery means that the overall homeownership rate will probably decline, as some young adults form their own households as renters. Still, the shift in rental activity from suburban single-family to urban apartments would be yet another sign of housing recovery.
What other reasons will cause 2014 be different? New local markets will take the spotlight. Ourtop 10 markets to watch are entering 2014 with strong fundamentals, including recent job growth and longer-term economic success, as well as recent construction activity typical of vibrant markets. They are, in alphabetical order:
- Bethesda–Rockville–Frederick, MD
- Charlotte, NC-SC
- Denver, CO
- Fort Worth, TX
- Nashville, TN
- Oklahoma City, OK
- Raleigh, NC
- Salt Lake City, UT
- Seattle, WA
- Tulsa, OK
Why are so many of the high-profile markets of 2013 missing from our list? We ruled out markets that were more than a little overvalued according to our latest Bubble Watch, which eliminated most metros in Texas and coastal California. We also struck markets with a large foreclosure inventory (thanks for the data, RealtyTrac), like most of Florida. Our 10 markets to watch, therefore, should have strong activity in 2014 with few headwinds.
Finally, our most certain prediction: Trulia will be giving you the inside scoop on the housing market in 2014. Our Housing Barometer will track the recovery; our Price and Rent Monitors are the earliest leading indicators of how asking prices and rents are trending nationally and locally; our Rent vs Buy reports will lay out all the math; and we’ll keep analyzing home-search patterns, demographics trends, affordability, and more. We can’t wait for the year to begin.
Which amenities can luxury homebuyers expect to find in today’s market? For our latest Real Estate Lab report, we combed through two years’ worth of luxury listings to see which words and phrases are trending up and down. We defined luxury listings as homes for sale that are priced at least four times above the median asking price for a given metro area: that means a million-dollar home in Rochester, NY, is a luxury listing, while a million-dollar home in San Francisco is not. We compared luxury homes listed between July 1, 2012, and June 30, 2013, with those listed in the previous year, between July 1, 2011, and June 30, 2012.
What’s In: Marble, Windows, and Booze
Looking at all of the words and phrases that appear in luxury listings, we identified twenty phrases that trended upward most strongly in the past year compared with the previous year. Luxury listings are now 78% more likely to mention a marble bath than one year ago, and 30% more likely to mention marble floors. Outdoor space is also on the rise: roof deck and terrace were 63% and 42% more common, respectively, than they were a year ago.
Luxury listings were also more likely to mention windows in the past year compared with the previous year. Oversized, floor-to-ceiling, ceiling, and large windows – as well breathtaking and ocean views – all trended upward, which suggests that buyers of luxury homes are increasingly paying for what they see when they look outward.
Home Luxuries: What’s Trending Up
|14||wood burning fireplace||
Finally, more luxury listings mentioned fitness amenities like gyms (up 28%) and tennis courts (up 24%). But residents should remember to use those before they hit another upward-trending luxury amenity: wine rooms (up 30%).
What’s Out: Kitchens and Formality
Many kitchen and cooking amenities trended downward over the past year. Luxury listings were 16% less likely to mention a BBQ, compared with the previous year. Additionally, phrases that were kitchen-related (custom cabinets, center island, granite counters, breakfast area) and appliance-related (double sinks, stainless appliances) were less likely to appear in luxury listings over the past year than in the previous year.
Also decreasing were mentions of formal rooms: formal dining and formal living room were both down 4%.
Home Luxuries: What’s Trending Down
|16||formal living room||-4%|
|18||large master suite||-3%|
What’s behind these trends in luxury listings? One factor is a shift in where luxury homes are for sale. Luxury listings increased in the New York and Washington D.C. metro areas, and where many high-priced homes there are fancy condos or co-ops, which are more likely feature urban luxuries like roof decks than suburban luxuries like BBQs, covered patios, or pools. Still, many of the upwardly trending luxury features like tennis courts, ponds, and outdoor kitchens aren’t found in urban condos, so these trends aren’t ONLY about geographic shifts in luxury listings.
Overall, there seems to be a move toward luxury listings calling out expansive windows, great views, and fitness amenities – and a move away from indoor cooking and eating. The real winner of these recent trends in luxury homes could be fancy restaurants: luxury homes aren’t emphasizing kitchens as much as they used to, but buyers of those homes still need to eat. For some of those luxury-home buyers, the most desirable view out of those floor-to-ceiling windows might be onto a lively neighborhood full of good restaurants