Bigger Is Better for Homes

This sprawling home in Georgia offers water views and lots of room to roam around inside and out.

“I find that a lot of ultra-highnet-worth individuals want to replicate the features they love about their original home when they buy a second or third home.”

MARTIN BIKHIT

Managing Director Berkshire Hathaway HomeServices London Kay & Co.

a couple of years ago, the luxury housing market

was in the dawn of the jewel-box era, when perfectly designed small places were desirable. As soon as lockdowns began, luxury buyers recognized that they wanted as much space as possible and adopted a “more is more” attitude.

“Leading up to the pandemic, we were seeing an interest in smaller spaces closer to downtown and the resort. But that quickly pivoted to buyers wanting bonus spaces in their homes for offices and workout areas, bigger and more private outdoor living spaces, and estate homes with multiple wings to allow for multigenerational living,” said John Sofro, co-owner of Berkshire Hathaway HomeServices Sun Valley Properties in Ketchum, Idaho. “That being said, the rising costs of building and real estate in general makes it feasible that there will be a return to embracing the jewel-box properties that were gaining favor before the pandemic.”

Affordability issues are likely to increase demand for smaller spaces going forward, said Michael Slevin, president of Berkshire Hathaway HomeServices Colorado Properties in Vail, while demand for larger homes and homesites increased dramatically over the past two years.

“Theater and exercise rooms were in demand, as were formal home offices versus transitioning an extra bedroom into an office,” said Mr. Slevin. “Outdoor living space and access to trail systems, the ski slopes and other activities were also priorities.”