LuxuryTrends
2ND QUARTER 2024
51 In Business years
$8,371,415,427 In Sold Volume Since 2019
13,340 In Sold Transactions Since 2019
344 Local Real Estate Experts
12 Offices
Quarterly Update, 2nd Quarter 2024
The Pulse of Luxury Real Estate
I hope you are enjoying the beautiful summer season in our vibrant community. As we navigate through an everevolving real estate landscape, I wanted to take a moment to share some important insights and updates with you regarding our luxury housing market.
Firstly, you may be aware of the recent National Association of Realtors Settlement and the accompanying changes that will impact our industry. One of the immediate shifts is in how real estate agents search for past and present properties and trends on the multiple listing service. While the “old” methods are being phased out, we are rapidly adapting to new techniques to ensure we continue providing you with the most valuable and accurate information.
Given the recent unpredictability of the market, I undertook a comprehensive review of our luxury markets over the past eight years to gain a fresh perspective. Despite a whirlwind of recent events—from extreme weather (it hit 106 degrees in Reno last week) to the shifting political climate and other significant news—the luxury real estate market has shown remarkable resilience.
I am pleased to report that the sales volume from January to June 2024 ranks as the third-best in our local history. This is an impressive feat considering the numerous distractions and challenges we have faced. One notable observation is the impact of increased active listings, which has slightly slowed the sales process. However, this is a sign of a healthy, competitive market, and after this review, I am feeling more optimistic about our future. Here are some specific findings from my analysis of luxury sales from $2,000,000 and above from January to early July for the years 2017 to 2024:
• Reno/Sparks Sales (Jan - June 2024): There have been 48 sales year-to-date, with only 2021 (50 closings) and 2022 (55 closings) having higher numbers. Dollar volume remains slightly lower than in 2021, and the days on market have increased modestly, with luxury homes now taking about 82 days from contract to closing, compared to a median of 61-68 days in those two previous years.
• Carson City: Sold 5 homes priced at $2,000,000+ year-to-date, just below the 7 homes sold in 2021.
• Carson Valley (Genoa, Minden, Gardnerville): Sold 14 homes from January to early July priced at $2,000,000+, surpassing the previous best year (2021) which had 5 sales.
• Incline Village: Maintained steady performance with 21 homes sold over $1,000,000, consistent with last year's figures.
• Truckee, California: Experienced a stronger second quarter in 2024 for homes priced at $1,500,000 and above, though the year-to-date sales are slightly down (96 units in 2024 versus 109 units in 2023).
Despite the growing inventory across all our markets, prices remain stable. We will continue to monitor supply and demand dynamics, interest rates, and the potential impacts of the National Association of Realtors settlement to gauge future pricing trends. Our commitment is to keep you informed and confident in your real estate decisions.
In addition to our market performance, there are several delightful events and exhibitions to look forward to this July, including Artown's diverse events for all ages, the Maynard Dixon Show at the Nevada Museum of Art running through July 26, and the upcoming exhibit following the Dixon show. These cultural activities, along with the strength of our local luxury markets, bring me joy (and I hope, you also) and a sense of community.
Thank you for your continued trust and partnership. Have a wonderful summer, and let us stay optimistic about the future of our luxury real estate market.
CEO, Dickson Realty
Nv. License B.0019733CORP
775-691-2674
Over $2 Million* 2024 vs. 2023
MARKET SNAPSHOT
TOTAL HOMES SOLD
APR-JUN 2024 APR-JUN 2023 VS 2.2%
2024: 47 2023: 46
AVERAGE PRICE PER SF
AVERAGE SOLD PRICE
3.1% 0.5% 73.2%
2024: $611.59 2023: $593.08
2024: $2,814,632 2023: $2,801,280
AVERAGE DAYS ON MARKET
2024: 239 2023: 138
Luxury
Luxury Homes By Price Range Over $1 Million* In Reno/Sparks
ACTIVE as of 6/30/2024
SOLD Apr – Jun 2024
Months of Inventory
The graph displays activity from April 1st to June 30th in 2023 and 2024. We calculate the months of inventory by comparing homes sold in the last 3 months to the active listings on June 30th.
Median Sales Price Per Area
Apr 1st - Jun 30th
$6,250,000
$6,250,000
116.3
Old Greenwood Gray's Crossing
Lahontan
Schaffer's Mill
Martis Camp
Tahoe Donner
Northstar
Palisades Tahoe
$ 2,500,000
67.5
113 Average Days On Market Homes Sold All Areas Over $1.5 Million
We're Local We're Global
Dickson Realty is a member of Leading Real Estate Companies of the World,® a global community of real estate companies awarded membership based on rigorous standards for service and performance. Every fifteen minutes a quality client introduction is made within Leading Real Estate Companies of the World.® As a member of Leading Real Estate Companies of the World,® Dickson Realty combines authentic, local expertise with global connections to the highest quality real estate firms worldwide. We’re Local. We’re Global.
1.2 Million annual global transactions
550 companies
$586 Billion total annual home sales volume
4,900 offices
138,000 sales associates
70+ countries 6 spanning continents
Worldwide Exposure Local Excellence
luxuryportfolio.com
Luxury Portfolio International, founded in 2005, is a prestigious global network of luxury real estate professionals. Affiliated with Leading Real Estate Companies of the World, it offers exceptional marketing and exposure for high-end listings. As a proud member of Luxury Portfolio International, Dickson Realty extends the reach of its client’s properties to a global audience, maximizing exposure for each property.
We deliver access, insights and sophisticated guidance to discerning clients around the world.
As the luxury division of Leading Real Estate Companies of the World,® we have a direct relationship with the top independent property brokerages along with the most well connected and successful agents in cities around the globe.
LeadingRE members handle $353 billion in U.S. home sales volume, more than other real estate network, franchise or brokerage brand.
Luxury Living
Explore our handpicked selection of exceptional homes, each chosen for their distinctive style and quality craftsmanship across Northern Nevada, Lake Tahoe, and Truckee.
UNDER CONTRACT
90 Hawken Road
Reno, Nevada
Offered at $4,895,000
775-224-1957
Cathy Hamel
2130 Green Tree Lane Reno,
Offered at $6,900,000
Joseph Wieczorek (775) 335-5962
14246 S Shore Drive
at $5,200,000
Kane Schaller (530) 448-3792
386 Questa Court Reno, Nevada
AVAILABLE Offered at $4,375,000
Carol Bond (775) 690-1870
5269 Axe Handle Canyon Road Reno,
at $4,299,999
Lori Welsh (775) 771-6574
7450 Bryan Canyon Road
at $3,685,000 Rebecca Dickson (775) 742-2120
5360 Franktown Road
20840 Parc Foret Court
Loretta Fagan (775) 690-0396
11280 Thelin Drive
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Offered by: Dickson Realty, Heather Houston, Realtor, NV Lic# S.176629
Models
Open at Rancharrah in Reno
Offered by: Dickson Realty, Heather Houston, Realtor, NV Lic# S.176629
Models Now Open at Rancharrah in Reno
Hide & Sleek
Image Credit: Don Kaveen on Pexels
Designers are adding storage space and concealing clutter with style
By Lisa Klein
Appliances, supplies, toys — the accumulation and necessities of daily life are often the bane of a puttogether residence. Sure, things can be stowed away in closets and cabinets, but everyone knows what lies just behind those doors. Now, designers are coming up with more clever ways to clean up the clutter, creating storage spaces and functional features that double as design elements — or that disappear altogether.
“Hidden amenities are always fundamental, and a challenge we love to take on again and again,” says Josh Linder, cofounder of the Boston-based Evolve Residential. “Any opportunity to conceal is an opportunity to keep a space feeling clean and uncluttered. [And], in many homes, especially in the city, concealed storage isn’t just about hiding stuff — it is often more about capturing and utilizing every space available and maximizing every square inch.”
At New York-based Jennifer Hunter Design, principal Jennifer Hunter often fields requests to hide the mess for young families who are juggling kids, pets and the clutter they create in smaller apartment homes. Using space wisely can conceal just about everything, from toys to brooms — a technique that works even in bigger rooms to keep things looking beautiful. “Being smart about your space — even in large homes, why wouldn’t you want to add these sorts of features?” Ms. Hunter says.
Laura McCroskey, principal of McCroskey Interiors in Kansas City, Missouri, agrees, adding that creating a seamless look by concealing the clutter is all about aesthetics. “It’s cleaner, prettier,” she says. “It quiets the space down. I think it’s just more stylish.”
Nearly anything in a home can be tucked away, from office supplies on shelves behind wood paneling to a modern medicine cabinet in the bathroom, complete
with makeup lighting and USB chargers. But one room that is really taking the lead in the covert is the kitchen. Nearly every designer is asked to cover up microwaves and other small appliances, but now the entire kitchen is being blended with the rest of the home in a bigger and more cohesive way — especially appealing in open-concept homes where the kitchen is literally part of the rest of the space.
A recent project completed by Evolve Residential did just that, with the entire oven stack, refrigerator and dishwasher covered in sleek, all-black panels. “The kitchen was a special project, as it runs along the side of the living room,” says Thomas Egan, the other cofounder of the firm. “The objective was to conceal the kitchen almost entirely, so one does not feel as if they are hanging out in the kitchen when entertaining guests. [They] are always shocked when it is revealed and exclaim, ‘Oh, this is a real kitchen!’”
There are a few kitchen appliance companies making fully panel-ready appliances, so that it is impossible to tell the difference between cabinets and the large, obtrusive-but- necessary devices.
McCroskey Interiors sometimes takes the idea a step further, installing wall-size, sliding panels, often created with huge, marble slabs hung with clamps hidden in soffits and running on tiny, hidden wheels along the countertop (Ms. McCroskey advises to be careful about their thickness, lest they get too heavy to hang). Behind the panels are shelves, ranges, oven hoods and more. And not only are the marble panels beautiful, they’re functional too, with an internal space — anywhere from five to 10 inches — to store spices, oils, cookbooks and even dishes.
“People, in general, are moving out of, ‘The kitchen is functional;therefore, it can’t be aesthetically
pleasing,’ into the realm of ‘Hey, my kitchen can be amazing like every other room, and not even really look like a kitchen because it’s so beautiful,’” Ms. McCroskey adds.
The importance of creative use of space extends far beyond the kitchen to the rest of the house, and one place that designers find themselves in — or under, in this case — regularly is the stairwell, hiding storage away with paneling that becomes part of the overall design. “What could be better than capturing unused space and tucking it in in a way that not only adds storage, but integrates and conceals it from the world?” Mr. Linder says. “One does not know it is there until it is needed, and then, ‘ta-da!’ extra space.”
Ms. Hunter recently had clients who combined two New York apartments, one above the other, adding a staircase. Most people don’t think about the area under the stairs as anything but a place to board up, but she had other ideas, creating a full entertaining area in the triangular, awkward space, complete with a built-in stone bar and seamlessly blended storage for glasses and other barware.
“The stairs are such a beautiful architectural feature in the space, so why not highlight it?” she says. “Now, when they have guests over, everyone just goes right there. It’s really kind of a focal point in the apartment.”
Sometimes extra storage can be a bit less glamourous, purely. a product of necessity, but with a designer’s touch will stay out of sight. Evolve Residential emphasizes the importance of concealing storage near every home’s entry — it is always needed near the door, but it is also the first place guests see when they walk in.
The city apartments that Ms. Hunter works on don’t have mud rooms anywhere, so she often carves out small spaces near the door for shoes, sports equipment and coats — once even converting a tiny, outdated AV closet. Even spots already made for storage, and expected to be there, can do a disappearing act. A bedroom closet in a small space was transformed by Evolve Residential to both add more room and fade into the wall. “The bedroom closet storage is designed to completely disappear — and double the amount of storage in a petite pied-àterre,” Mr. Egan says. “We even found space to add and conceal a washer/dryer.”
There are countless ways for amenities to blend in, from the marble of kitchen panels extending to countertops, to doors done in the same wallpaper or woodwork of walls, to extending antique molding or paneling to new storage spaces. Even outlets are hidden in kitchen counters, islands or baseboards with the same treatment.
Image Credit: Simona Sergi on Pexels
Ms. McCroskey also likes using “magic door” hardware, a system that conceals tracks and other utilitarian pieces to hang doors and panels so that they look absolutely seamless.
“I think the goal is to take the functional and make it disappear,” she says. “When you have the ability to integrate functionality into your space, it doesn’t end up interrupting the design. It’s very freeing if you’ve got solutions that help you hide things — it helps enhance the design.”
While Ms. McCroskey’s favored kitchen panels look beautiful, they’re also very practical, adding storage while acting as a major design feature. Many such amenities can hide in plain sight, often becoming focal points for entertaining: Evolve Residential’s openconcept kitchen- living room combo, Jennifer Hunter Design’s under-stair bar and McCroskey Interiors’ panels that slide open for everything from camouflaged bars to a 15-foot, self-serve kitchen buffet.
AND THESE FEATURES are just the start. “The way that designers and architects are thinking about storage in design, it’s just something that’s now second nature for me,” Ms. Hunter says of hidden amenities. “Usually, it’s the first thing a client says: ‘We want to conceal the mess.’”
Text reproduced with permission from Luxury Portfolio International and Luxury Portfolio magazine. © Luxury Portfolio International. All rights reserved.
Image Credit: Backbone Visuals on Unsplash
Image Credit: Mason Tuttle on Unsplash
