There was a time not too long ago when prime real estate was location-based, usually determined by a structure’s proximity to businesses, schools, parks, and luxurious amenities. But these days, the “prime” indicator means different things to different people. This makes it tougher to pin down as the definition is pulled this way and that way by changing economies, demographics, and trends. Still, we can already see the directions in which prime real estate, no matter your definition, will be moving over the next five years or so. According to the buyers, investors, and developers who have kept their fingers on the pulse, here is where prime real estate is going.
1. Not the Cities You’d Expect
The country’s biggest metropolitan areas carry the wealth of premium properties, but they are by no means the only places you’ll find them. Don’t sleep on the rapidly growing secondary cities like Charlotte, Boise, Nashville, or Austin. These markets are often favorable for premium real estate developments because of their robust job markets, lower cost of living, and a near-constant demand for higher living. With remote and hybrid positions still being a very real part of the post-COVID world, prime real estate will continue to expand beyond the more traditional cities.
2. Prime Real Estate Goes Green
The market isn’t asking for eco-conscious sustainability. It’s demanding it. Especially when it comes to high-end real estate. Over the next decade, this trend will drive up the value of properties that incorporate environmentally friendly designs, energy efficiency, and smart features. Keep an eye out for properties that boast LEED certifications, carbon-neutral construction, and solar panels. These are the homes that will be in demand among the younger generations of prospective homeowners.
3. Secluded in Suburban Sophistication
When COVID-19 swept the globe, those who could escape into seclusion did so. And that preference for affluent privacy continues into the foreseeable future. These days, the search for prime real estate has extended beyond the cities and into the loftier suburbs, especially amenity-heavy gated communities. Obviously, golf courses are a major selling point here. But this new wave of suburbanites doesn’t want to be shackled to the cookie-cutter world of HOAs, preferring instead to pay top dollar for something private, comfortable, and secure, yet simultaneously customizable.
4. Technological Advances Still Matter
Unsurprisingly, advances in technology will continue to play a major role in defining prime real estate over the next several years. Connectivity, automation, and resilience aren’t just buzzwords anymore. They’re indicators of smart features and touchless conveniences that are becoming hallmarks of a premium real estate experience. You can already see the wave mounting in luxury condos and new construction targeted at high-income professionals.
5. Prime Real Estate Looks Up
The country’s largest cities may no longer hold the monopoly on prime real estate, but advancements are still moving vertically. Those who want the city life (and can afford it) are grappling with limited land in coveted markets, so luxury high-rises and new mixed-use construction are continuing to push the boundaries of what we consider “prime”. We’re even seeing repurposing of commercial real estate, like warehouses and factories, into chic high-end living spaces.
6. The World Invests in Major Metro Areas
Finally, we’d be remiss if we didn’t mention that international investors will continue to be major players in the acquisition of prime real estate across the country. These investors are still primarily focused on major metropolitan areas like New York, Miami, and, of course, Los Angeles. Foreign investors still see plenty of opportunity in the United States. And if you don’t believe us, just follow the money!
So, yes, the next five years will reframe our ideas of prime real estate. Location and square footage will continue to carry weight, but they’ll be joined by other factors like sustainability, flexibility, and technologically-advanced conveniences. No matter whether you’re searching for a luxury home for yourself or as an investor, understanding the changing face of premium real estate will be essential for making crucial decisions on the way to securing success.
With a brand that says as much as JohnHart’s, Senior Copywriter Seth Styles never finds himself at a loss for words. Responsible for maintaining the voice of the company, he spends each day drafting marketing materials, blogs, bios, and agent resources that speak from the company’s collective mind and Hart… errr, heart.
Having spent over a decade in creative roles across a variety of industries, Seth brings with him vast experience in SEO practices, digital marketing, and all manner of professional writing with particular strength in blogging, content creation, and brand building. Gratitude, passion, and sincerity remain core tenets of his unwavering work ethic. The landscape of the industry changes daily, paralleling JohnHart’s efforts to {re}define real estate, but Seth works to maintain the company’s consistent message while offering both agents and clients a new echelon of service.
When not preserving the JohnHart essence in stirring copy, Seth puts his efforts into writing and illustrating an ongoing series entitled The Death of Romance. In addition, he adores spending quality time with his girlfriend and Romeo (his long-haired chihuahua mix), watching ‘70s and ‘80s horror movies, and reading (with a particular penchant for Victorian horror novels and authors Yukio Mishima and Bret Easton Ellis). He also occasionally records music as the vocalist and songwriter for his glam rock band, Peppermint Pumpkin.
