Reno/Sparks Luxury Trends Report: 3rd Quarter 2022

LUXURY TRENDS

3rd Quarter, 2022 DicksonLuxury.com

Are We On Pause?

I have had several calls recently asking me this question. Our clients have read the headlines. With mid-term elections on the horizon, interest rates rising, inflation, and geopolitical situations around the world, people are concerned. Everyone has assumed that sales this quarter would have slowed down, but that is not really the case. I think it must feel slower because there is a 74% increase in inventory since the first of the year (14.81% since 2nd quarter). Buyers have many more options; this includes an opportunity to take the time to explore before making an offer.

I was encouraged by the research done by our partners at Luxury Portfolio International (LPI). The Business of Luxury Real Estate research was conducted among LPI member owners, brokers, management, marketers, and licensed agents. A companion survey was conducted by Affluent Consumer Research Company. 1,259 affluent consumers responded to this survey. Here is what their survey indicates:

•

The luxury real estate industry is poised for a strong finish to 2022.

• Luxury Portfolio International member firms are cautious in the face of the many factors affecting the luxury markets that are out of our control. But even with economic worries, buyers are still interested in purchasing luxury homes and still have a high level of confidence in their personal finances.

• The international buyer segments are slowly returning.

• Growth now and in the future will rely on a strong business community, an influx of affluent populations, and a reputable government that invests in its infrastructure.

In short, the public is optimistic for the year to come. I am happy to report luxury prices are expected to stabilize with fewer bidding wars. New construction is still a draw but well-maintained and updated resale homes will continue to fetch a premium, especially in our area where many times the older properties are in the best and most unique locations.

Our community and state have much appeal to people in other areas of the county, whether from our state tax structure to the many natural and outdoor lifestyle amenities in the region.

If you would like a copy of the Business of Luxury Real Estate report, please email me at nfennell@dicksonrealty.com.

If you have questions about the market or are thinking about buying or selling a luxury home, please reach out to one of our Dickson Realty Luxury Experts. It would be an honor to assist you.

Happy Fall!

HOME: 2241 Cold Creek Trail Reno, NV $1,999,990 MLS# 220008334

— CEO, Dickson Realty

Reno-Sparks Luxury Market Snapshot

AVERAGE

Sales Over $2 Million*

AVERAGE

$2,800,308

$2,787,575

$564.20

$517.62

Your View of Reno Will Never Be the Same

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Luxury Home Sales By Month

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Market Snapshot

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The Farm, in Reno, Nevada, sits on 17 bucolic acres of graceful trees, a shimmering pond, with spectacular views of the Sierra Nevada mountain ranges, revealing nature all around you. This iconic property balances the desire for timeless architecture design with a sense of privacy and nature's bounty. The property is securely gated and fenced with a 9,000+ square foot Main residence, a one level Guest residence, several outbuildings, and barns. Water rights are included.

coveted location in Washoe Valley featuring peaceful, panoramic views across the valley. In perfect condition with freshly refinished hardwood floors throughout. The comfortable one level floor plan features a great room, wet bar/wine cellar, a spacious study, formal dining with prep pantry connected to kitchen and a laundry/mud room just off the garage complete with dog washing station! Comfortable country living,a ten minute drive to Carson City and twenty minutes to South Reno.

This modern architectural masterpiece is a study in contrast with its sharp corners and curved lines. Designed by Wimberley Alison Tong & Goo lead Designer Charlie Sims, this Award Winning estate has been featured on HGTV and ABC TV as well as showcased by Dupont Luxury Homes and Reno Magazine. Nestled on a bluff near Arrowcreek, this 8011 square foot custom estate sits on 2.42 acres and has unbelievable Panoramic views of the entire City of Reno from the Sierras to the Virginia City foothills.

Spectacular custom home in gated ArrowCreek. 1.67 acres with unobstructed city & mountain views! Circular drive with Porta cache. Foyer leads to grand, open great room, kitchen, formal dining overlooking the city lights & grounds. Extensive landscape and outdoor living spaces creating a private luxury retreat complete with putting green, outdoor kitchen, fireplace & water feature. Main level living includes master suite, 3 additional bedrooms. Perfect for comfortable luxury living or 5 star entertaining.

Create your family legacy at this sprawling estate, where the sanctuary of home meets the independent spirit of the west. Situated on over five acres near Verdi, Nevada, this property will serve as a backdrop for a lifetime of milestones and memories. The footprint of this 8-bedroom, 9-bath home has been thoughtfully divided into four zones; the owner suite, kids wing, community rooms, and guest wing.

Situated on a lush green 2.002-acre lot is this grand and elegant home. With an expansive 6,936sqft of living space, quality finishes and fixtures throughout as well as room to entertain, this property is sure to capture the attention of those looking for a luxurious and private home. From every room, you can enjoy stunning views of the surrounding area thanks to the abundance of windows that let in the perfect amount of natural light.

Current

Luxury Listings

RUG R AT

Homeowners are all in on rolling out the right carpets for their living spaces — from Persian toTibetan and beyond

By Katie Tamola

Content courtesy of Luxury Portfolio International

What would a remarkable home be without a pristine

rug to lay one’s eyes — and feet — upon?

People have sought the right rug for thousands of years, and luckily have quite a breadth of stylechoices such as Aubusson, Persian, Turkish, Kashmiri and Tibetan to complete their homes and,sometimes, expansive carpet collections.

“Many interior designers consider a beautiful rug to be the foundation, both literally andaesthetically, of a room’s design scheme,” says Anthony Barzilay Freund, editorial director of1stDibs. “So, a top-quality piece — whether it’s antique Persian, Chinese art deco, midcenturySwedish or a contemporary show-stopper — can be an investment on top of which all otherdecisions follow.

“As we’ve emerged from a long period of neutral interiors that dominated the fi rst decades of thiscentury, people have once again been embracing color and pattern and the textural warmth that textiles can give to a room,” he says.

The very first rugs were made from sheep’s wool or goat hair as early as 2000 or 3000 BC. Manybelieve carpets to have originated in the Middle East, being used for comfort or to keep the groundwarm during cold temperatures.

Thousands of years later, rugs and carpets are now made of exceptionally thoughtful and exquisitematerials and come in many forms.

Aubusson rugs, named after the French town, came onto the scene around the 16th century, whenweavers were designing tapestries and carpets for castles. These kinds of rugs are hand-knotted,traditional woolen rugs with handcarved designs.

Whenever a new French ruler came into power, he would have an Aubusson rug crafted torepresent his leadership and style. A mid-18th-century pile French Aubusson carpet can retail for sixfi gures on sites such as 1stDibs.

An Oriental rug refers to heavy woven fabric produced in any area that is in the Eastern worldrelating to Europe.

Persian rugs are Oriental rugs, but they are only made in Iran and are known for their thickness,with up to 160 knots per square inch. According to handmade rug specialist Little Persia, theprominence of this kind of carpet traces back to the disparate rulers of the country over time.

Persian rugs are also known for their unique colorways and design motifs, as well as a distinct knot.The patterns are said to refl ect Persia’s history and culture.

Afghan rugs are handwoven, usually made in the northern and western parts of Afghanistan. Theyare immensely popular — the country exported 800,000 square meters of rugs, worth an estimated$30 million, from March 2021 to January 2022, according to the Afghan Chamber of Commerce andIndustry.

Afghan rugs hold a rich history. The “war rug,” or “Afghan war rug,” style emerged from the SovietUnion’s occupation of Afghanistan in the 1980s. While they share some design elements withPersian rugs, these Afghan versions usually illustrate imagery of war as opposed to typicalgeometrical designs.

The earliest records of Tibetan rugs stem back to the British invasion of Tibet in 1903. Tibetan rugsare usually made from Tibetan highland sheep’s wool, called changpel. People in Tibet are knownfor using rugs for several purposes, including flooring, wall hangings, horse saddles and seating.

Nomadic people in Nepal originally used sheep’s wool and other natural resources to make theircarpets. The wool in Nepal is known for its softness and warmth, and its carpets for incorporatingsoft and shiny fabrics such as silk inserts.

Turkish rugs hold a history stemming back to the 13th century, with 18 surviving pieces wovenduring the Seljuk Turk’s empire. These rugs illustrate fl oral and geometric patterns and were wovenin the Sivas, Kayseri and Konya provinces, where people still do so today.

There are several types of rugs produced in Turkey that are classifi ed according to the materialsused — silk on silk, wool on cotton, wool on wool, viscose on cotton, Kilims and Tulu. These rugsusually have either geometric, stylized motifs or naturalistic and fl oral designs.

“Certain types of rugs, such as Aubusson, Persian, Afghan, Tibetan, Nepalese and Turkish rugs, areoften considered to be pillars of luxury due to their intricate designs and high-quality materials,”says Chloe Hughes, editor in chief of architecture, decoration and interiors Web site Foter, NewYork. “Such rugs can often be quite expensive and are seen as a symbol of wealth and status.”

The right rug can complete a room. Aubusson rugs are largely used to complement spaces, withrecommended placements including in front of a fi replace, under a dining room table, at the foot ofa bed or in a hallway.

Persian rugs are recommended for bedrooms, often in front of dressers, working as a pillar toestablish harmony amongst the room’s furniture.

“Many of our clients, even though they also invest in artwork, the rugs are the last thing they want tolet go of because they have an actual personal relationship with them,” says Jan David Winitz,founder and president of Claremont Rug Company in Oakland, California.

DOWNTOWN RENO CAUGHLIN RANCH DAMONTE RANCH SOMERSETT MONTRÊUX SPARKS 775.324.7000 775.746.7000 775.850.7000 775.746.7222 775.849.9444 775.685.8800

RANCHARRAH INCLINE VILLAGE TRUCKEE PORTOLA NORTHSTAR 775.746.7000 775.831.6600 530.587.7444 530.832.1700 530.562.1140

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