Productivity | Strategy | Profitability
Executive Global
®
Productivity | Strategy | Profitability
I have experienced the ebb and flow relating to behaviours and trends over the past 13 years, while noticing that the market creates certain buyer behaviours. Some come and go in seasons, never to be seen again, some are cyclical; while other behaviours and trends are seemingly here to stay.
I have chosen to elaborate on one that remains a “case study” for me as it pertains to Las Vegas. It has created a debate regarding preferences in choosing between modern and traditional designs in architectural style & décor when working with buyers. Which style is “in-season” and which is timeless? Is the beauty of a property simply in the eye of the beholder or does a person’s life experience and travel also play a role? A chief concern is almost always inherent when calculating the value proposition. Thusly, I pose this question: Are “Modern over Traditional” home purchases a causality of trend or is the choice itself an individual expression of free thought?
Prior to becoming a Broker, I, like many REALTORS® had to do some bouncing around to different brokerages before finding what I like to call “the proper balance.” I have been an associate at local “Mom & Pops” types of brokerages, National franchises, world class outfits like Sotheby’s International Real Estate and even flew to London to bring the first (in their 250 year history) Christie’s International Realty affiliate brokerage exclusively to southern Nevada. Actually, all this took place before realising that “the proper balance” lied within me opening my own sole proprietorship. Nonetheless, one can imagine that I developed a healthy book of business in representing clients throughout those years; which provided many experiences for me to draw from regarding buyer influences in a transaction.
Many who visit my beautiful city come to have a great time with loved ones and take part in our modern indulgences. (Factoid: A presumed five thousand of said visitors eventually become residents each month and more than half of them are homebuyers.) Our most popular “indulgences” by way of AAA-rated five diamond resorts (i.e. Wynn/Encore and Bellagio to name a few) are bubbling over with a modern take on historically traditional opulence. It’s the type of opulence where you can’t go one step without seeing large columns, marble floors, high coffered ceilings and meticulous attention to detail between the plethora of bustling shoppes & restaurants- all the things that come to mind when we think of luxury. The majority of my sphere of influence opts to spend their time in places like these before they choose to reside at one of the more “futuristic” establishments with cleaner lines, sharper edges and more of a minimalist approach to design. I would attribute this to the way the former makes them feel; whereas the latter often comes off as “cold” and perhaps less inviting; or so I’ve been told.
While I can almost always appreciate a minimalist take on décor and do think the edgier styles are cool, I tend to see this look contend with “the proper balance” of comfort in exchange. However, when it comes to purchasing property to call home, I see many buyers spring for the Frank Lloyd Wright styled, new construction home on a smaller land parcel over a charming Paul Revere Williams styled property featuring more land. In terms of value, from a seller’s standpoint, history proves that a traditional style home on more land will always get more eyes from the buyer pool, thusly resulting in a successfully closed transaction and better year-over-year appreciation; but that doesn’t answer why today’s buyer leans the other way. Perhaps the answer will remain an enigma; or maybe more data disclosing the demographics and psychographics of modern buyers, would help with the bigger picture to tip the scale in the other direction. EG