Luxury Outlook 2023 | Kathe Barge

KATHE BARGE Associate Broker, Realtor® Piatt Sotheby’s International Realty

412.779.6060 (M)

412.939.7000 (O)

kbarge@piattsir.com

kathebarge.com

My Thoughts on Our Luxury Market

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years later, there is rarely a day that I’m not deep in conversation about our real estate market, and while I enjoy working in all market segments across the Pittsburgh region, the luxury market always holds a special allure to everyone, even to those who are just window shopping. And the favorite question is, of course, where is the market headed?

This Luxury Outlook publication is a wonderful read if you are interested in expert opinions on where our luxury market is headed nationwide. The luxury market has historically paved the way for the rest of the market, so even if you are not currently a real estate consumer, or do not see yourself as a luxury consumer (there is, of course, luxury at every price point), there is still a lot of very interesting information on the pages that follow!

Real estate is hyper-local, however, and so trends are only trends and we always need to take a deeper dive into local markets. This has been an exciting six-month period for our luxury market. We recorded our highest MLS sale in December for the Sewickley market, at $4.475 million, listed by

Piatt Sotheby’s International Realty! It was spectacular, but compared to what is selling nationally, even at $4.475 million, the buyers realized an exceptional value. In fact, our high-end market offers outstanding value when compared to what is available in other vibrant metropolitan areas, and many buyers are discovering the gems that Pittsburgh and its neighborhoods are. It’s a very exciting time to be living in Pittsburgh!

This spring we are already seeing some exciting new introductions in our luxury market, and the buyer traffic has been impressive. The higher interest rates do not seem to have put a damper on the market – some buyers are using cash reserves and others recognize that interest rates are temporary – no or low cost refinances will be available at lower rates in the not-too-distant future, and a home is for the long term. Pittsburgh was recently ranked as one of the most stable real estate markets in the country and that is evident in buyer enthusiasm in this market.

I always love talking real estate and it’s a dynamic market, so if you’d like to chat more, please reach out – I love catching up!

WHERE OPULENCE AND LIVABILITY MEET

2 Beaver Street

Sewickley, PA 15143

Listed by Kathe Barge

A landmark home in the idyllic town of Sewickley. This kitchen showcases custom white cabinetry topped with granite, designer lighting and top-ofthe-line appliances.