REDEFINING LUXURY IN SEATTLE
As we close out on an extraordinary year, the luxury market in the Greater Seattle area has experienced a transformation – perhaps most apparent in consumer mindset.
“The pandemic has heightened people’s awareness of how they spend their time and where they want to live – particularly if they can work from anywhere,” says Kelly Weifield, who has been with Compass since 2018. Kelly, who commands $250M+ in career sales and counting, has served as the #1 Real Estate professional for Waterfront sales on Mercer Island and is in the Top 10 of Agent’s Ranked by Volume in Washington State.
Fueled by the success of technology companies in the area, the Seattle luxury market has seen higher buyer demand due to a widespread increase in wealth and resources, and is experiencing a shift from city homes to luxury waterfront properties. “Due to COVID,” Kelly reports, “there is a general flight from the density of metropolitan areas. My clients have expressed concern about spending time in the Downtown Seattle Area.”
Record-setting sales of waterfront properties has defined the pandemic in Seattle and seems to be becoming a new normal in the ultra-high-end market. “Luxury has always been about lifestyle – and I think the lifestyle that many people are seeking now is changing. Outdoor space is highly valued, as is having space away from other people. A comfortable place for everyone to work remotely as well as somewhere to exercise at home has become essential for most luxury home buyers.”
Because the pandemic has also limited travel, buyers are prioritizing finding ways to incorporate luxury into their home lives. “Especially in a time where travel is challenging, more and more buyers are looking to create a lifestyle where they can boat, surf, kayak, and have a vacation-type experience on the water from their own home,” Kelly says. With buyers and sellers alike focused on the goal of creating their ideal living situation, inventory is low in the Greater Seattle area and the market is highly competitive. “The reality sets in pretty quickly after a few home tours that the options are limited – savvy buyers recognize that they need to be ready to compete aggressively for a hot property.”
There is no sign of a slow season approaching and Kelly anticipates the desire for waterfront properties to remain strong as more buyers from other areas like California continue to make the move to this growing technology hub. And in the midst of a change-filled year, one thing remains the same: the Greater Seattle area continues to offer breathtaking escapes along it’s seaside coast, where homeowners can enjoy the best of the Pacific Northwest right in their backyard despite the year’s limitations.