On this episode, we're joined by Michael Martinez of ONE Sotheby's International Realty in Florida to discuss how the world of NFTs and Cryptocurrency are impacting the landscape of luxury real estate.
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Sotheby's International Realty is pleased to announce that its global network achieved a record US$204 billion in 2021 global sales volume, a 36% increase in sales growth year over year, as U.S. cities saw a resurgence of interest following the pandemic and sales activity in secondary and resort markets around the world remained strong. The brand's U.S. sales volume grew by 33.8% year over year, significantly outpacing NAR's national increase of 20.6% from the prior year,1 underscoring the brand's leadership in the high-end market.
"Our office’s sales volume in York County increased by nearly 35% over 2020 totals."2 said Linda Briggs, broker/owner of Anne Erwin Sotheby’s International Realty. "Our agents outperformed the industry average as clients continued to depend on our trusted expertise to navigate a constrained market."
Reinvigorated Interest in Cities and Continued Strength in Secondary Markets Fueled Sales
The Sotheby's International Realty® brand's existing presence in major metropolitan and resort markets around the world ensured the brand was well-prepared to meet the renewed interest in cities and the sustained boom of secondary home markets.
Interest in U.S. cities such as New York, Miami, San Francisco, and Austin returned to pre-pandemic levels and helped trigger record-breaking sales. Other U.S. cities, such as Atlanta, Houston, and Los Angeles, also saw strong performances in 2021.
With remote and hybrid work models influencing buyer behavior in 2021, secondary markets and resort areas continued to produce high demand and increased prices. In the U.S., areas such as Florida, Hawaii, and Colorado saw record performances. Globally, second home markets in Australia, Spain, and Switzerland and resort areas in the Bahamas, Cayman Islands, Turks & Caicos, and Puerto Rico achieved notable growth and record sales.
As buyers continued to prioritize properties that offered more space and land, states with no income tax such as Florida, Texas, and Wyoming offered added appeal, while the Bahamas, Cayman Islands, Switzerland, Hong Kong, and Singapore remained popular for their favorable tax structures and saw significant gains.
An Award-Winning Year for the Brand's Innovative Technology and Offerings
Sotheby's International Realty continued to lead the industry with its technology and marketing efforts. Sothebysrealty.com saw more than 46 million visitors in 2021, a 25% increase year-over-year and the most visits to the website in its history. The site was also named Best Real Estate Website in the People's Choice Category in the 25th Annual Webby Awards, recognizing the brand's efforts to introduce translations in 14 languages, nearly 60 currency conversions, and a mobile-first approach to emphasize the method in which today's clients are buying and selling homes.
Property videos, which exploded in popularity during the 2020 lockdown, have continued to trend as more buyers start the initial viewing process online. Videos produced by Sotheby's International Realty agents were played nearly 90 million times – a 50% increase year-over-year.
Sotheby's International Realty was also awarded the honor of 2021 Top Luxury Brokerage by Inman, the industry's leading source of real estate information. The prestigious award is a testament to the brand's achievements in luxury marketing, record-breaking sales, and high-quality service.
"Buyers continue to rely on virtual technology to make their homebuying process more convenient," said Chief Marketing Officer, Bradley Nelson. "As a brand, we have always sought out to establish the highest standard for marketing luxury properties and I am proud that our marketing and technology investments have been recognized as the ‘best' in the industry in 2021."
Fortifying a Strong Network with Global Growth
During another record year, Sotheby's International Realty continued to strategically expand its presence around the world. In 2021, the brand opened 86 new offices, bringing the brand's total presence to more than 1,000 offices in 79 countries and territories with more than 25,000 independent sales associates worldwide.
"Sotheby's International Realty continued to expand internationally in key markets," said Tammy Fahmi, senior vice president of global servicing and strategy for Sotheby's International Realty. "In 2021, the brand opened offices in five new territories and our international sales volume grew by 56% year over year. Our global presence is a draw for our agents and clients, and we continue to evaluate markets that will support our strategic growth."
In the EMEIA region, the brand expanded to Oman and Morocco and opened three new offices in the Swiss Alps region. In the Caribbean and Latin American region, the brand opened new offices in Jamaica and St. Kitts & Nevis during a boom of Caribbean interest.
As affluent individuals looked to purchase homes in a market with limited inventory, Sotheby's International Realty agents acted as true global real estate advisors. Referral sales volume within the brand's global network increased by nearly 80% year over year and the average sales price of these referrals increased by 21% year over year.
"Our ability to produce another historic year amid record demand and low inventory shows beyond a doubt that Sotheby's International Realty agents are resourceful, committed, and informed to meet and exceed the needs of their clients," concluded Fahmi.
The Sotheby’s International Realty® 2022 Luxury Outlook report is an ambitious exploration into high-end residential markets across the globe. With demand reaching record levels, inventory generally not keeping up, and people caring more than ever about their homes, this year has been a busy one. In this report, we follow the trends that are likely to shape the coming months across the world's prime housing markets, from the resurgence of urban cities to the return of the international buyer.
"More than ever—for buyers and sellers—working with a knowledgeable agent who truly understands the local market is of utmost importance. A great agent scours the market for deals where there is minimized inventory and can advise on the strongest secondary markets and areas of highest potential growth." - Philip A. White Jr., president and chief executive officer, Sotheby’s International Realty®
Presented by Sotheby's International Realty in Collaboration with Frieze
In this episode, artist Francesca DiMattio explains how living and working in the complex she built in rural upstate New York has not only shaped the nature of the building, but the work she has made there.
UNIQUE SPINS ON THE LOBSTER ROLL, THAT ULTIMATE SUMMER STAPLE
There's no sandwich that’s more synonymous with summertime than a lobster roll. It’s as simple as it is tasty, and depending on where it’s served, you can enjoy it New England style (hot with melted butter) or Maine style (cold with mayo). But many eateries are introducing their own spins on the seasonal favorite, with surprising flavors.
Brown Butter Lobster Roll, Eventide Oyster Co., Portland, Maine, and Boston
The James Beard Award-winning seafood restaurant serves its lobster roll in a classic New England style, but the roll takes its inspiration from an Asian favorite. The Brown Butter Lobster Roll comes in a house-made bao, a Chinese-style steamed bun.
"We wanted our lobster roll to be something wholly different—evocative of the delicious classic, but distinct enough to be entirely our own," says Mike Wiley, chef and owner of Eventide. The lobster roll is prepared with brown butter, which Wiley says "lends a jammy concentrated dairy to the sweet, rich, hand-torn lobster meat." And it also can be prepared gluten-free.
The James Beard Award-winning Eventide Oyster Co. serves its roll on a house-made bao bun.
The Clobster Roll, The Crabby Shack, Brooklyn, N.Y.
Gwen Woods and Fifi Bell-Clanton’s Crown Heights-based eatery is a mecca for seafood lovers, especially those who love crabs. And just as its name suggests, the Clobster Roll is a half-crab, half- lobster sandwich.
The roll is packed with premium Alaskan snow crab and lobster meat, with the crab tossed in a butter sauce and the lobster tossed with their signature Shack sauce, and served warm on a lightly toasted bun. Woods says the roll was created because "our customers were always torn between the Crab Roll and the Lobster Roll. It’s the best of both worlds in one sandwich."
Curry Lobster Roll, Bite into Maine, locations across Maine
This Maine mainstay has a variety of unusual lobster rolls on its menu, but perhaps none as unique as the Curry Lobster Roll. And that’s by design, according to co-owner Sarah Sutton. "When we started our Bite into Maine food cart [in 2011], we knew we wanted to do one thing exceptionally well—lobster rolls," Sutton says. "We had only been living in Maine for five years and couldn’t understand why lobster rolls in Maine were only made with mayo or butter. We thought to ourselves, ‘why not incorporate other flavors that we’re fond of?’"
So Sutton and her husband, Karl, created different kinds of mayo, including Indian curry mayo, which has been featured since opening day. The mayo has a vibrant yellow color from the turmeric in the curry, and Sutton describes it as "a marriage of sweet lobster and savory curry, without heat or saltiness."
Angry Lobster, The Happy Lobster, Chicago
Longtime friends Alex Robinson, Tyler Cullitan, and Neal Bassett started The Happy Lobster in 2014 as a way to live out their dreams of opening a food truck. And while they have a traditional New England-style lobster roll on its menu called Happy Lobster, they also have its fiery opposite: the Angry Lobster. And true to its name, this lobster roll is served New England-style with an emphasis on heat, as it’s prepared with special seasoning, hot giardiniera, and spicy mayo.
If you’re looking for a lobster roll with an edge, the Diablo Lobster Roll might be for you. Chef and co-owner Marco Barrila, who was born and raised in Sicily, created the Diablo Lobster Roll on a whim, yet also as a nod to his heritage.
"One of my top specialities is lobster fra diavolo, which I make with black squid linguine," he says. "One time I was making a lobster roll, and I was thinking, 'why not use my beautiful fra diavolo sauce for the roll?'"
Barrila says it was an immediate hit, especially because he created it during wintertime, and his clientele—including members of the Shinnecock Indian Reservation, where the restaurant is located—welcomed the amped-up heat and spice.
Served on a toasted and buttered brioche roll with homemade potato chips, Barrila describes the Diablo Lobster Roll's flavor as having a spicy, earthy quality. "The flavor is like dipping a piece of bread into a beautiful spicy tomato sauce—that also has a chunk of fresh Maine lobster [inside it]."
Sotheby’s International Realty is pleased to announce that its affiliated brokers and independent sales professionals achieved a record US$150 billion in 2020 global sales volume, a nearly 32% increase in sales growth year over year, as the definition of home changed for consumers around the world. Due to a longstanding commitment to innovation, Sotheby's International Realty® agents were able to seamlessly help clients navigate the changing market dynamics brought on by the global pandemic with existing technology offerings which propelled business momentum.
"Agents affiliated with Sotheby’s International Realty quickly pivoted to address the impact of the global pandemic," said Philip White, president and CEO of Sotheby's International Realty. "Thanks to innovations we pioneered nearly a decade ago, our affiliated companies and agents made the impossible possible. Their adaptability to serve clients safely further extended our position as a leader in luxury real estate."
Long-Standing Commitment to Virtual Technology Paved Way for Success
Sotheby's International Realty continued to lead the industry and was well-positioned to meet the needs of consumers as the buying and selling process became increasingly virtual. Sotheby's International Realty agents accelerated the use of the brand's existing video, virtual reality, and live-streaming technology to produce new forms of content that engaged buyers and set a new standard for marketing luxury properties. Currently, buyers can safely tour more than 6,000 properties via virtual reality or video on sothebysrealty.com. Property videos also proved engaging on social media where the brand's YouTube channel delivered 43 million views, or the equivalent of more than one million hours watched.
"As a leader in the luxury real estate industry, Sotheby’s International Realty is able to anticipate trends," said Chief Marketing Officer, Bradley Nelson. "Our priority remains to present listings in the best possible manner and to provide a superb end-user experience however buyers prefer to search for their new home. Virtual technology has been at the forefront of our marketing strategy for several years and comes as naturally to us as our commitment to high quality service."
A Year of Strategic Growth and Record Achievements
Despite travel restrictions, Sotheby's International Realty remained committed to expanding its global footprint and achieving strategic growth. In 2020, the brand opened more than 50 new offices across the world, bringing the brand’s total presence to nearly 1,000 offices in 75 countries and territories with approximately 24,000 independent sales associates worldwide.
The brand's existing affiliated companies around the world continued to grow in 2020. Sotheby's International Realty increased its total domestic presence to 45 states around the country. Sotheby's International Realty facilitated affiliate expansions through 12 domestic M&A transactions, including California, Colorado, Florida, Massachusetts, and Washington.
The brand also continued to expand internationally in key markets and opened offices in seven new territories. In Europe, the brand expanded to Ukraine, Romania, Montenegro, and in Germany. In the Asia-Pacific region, the brand opened its first office in South Korea and expanded in the Caribbean and Latin American region with two new offices in Paraguay and Antigua & Barbuda.
"Our international footprint is one of our greatest competitive advantages," said Tammy Fahmi, vice president, global operations and international servicing. "Our brand's locations are in the most desirable places around the globe, so our clients know they can rely on our local market expertise wherever they are looking to buy or sell."
As affluent individuals looked to acquire secondary homes in markets around the world, Sotheby's International Realty agents acted as true global real estate advisors and referral volume surged by 42% to US$2.9 billion in closed sales volume.
"Our 2020 results prove what is possible when you focus on quality above all else. We remain proud to be the real estate brand of choice for so many luxury real estate experts and affluent clients. We will continue to work tirelessly to prove their trust has been well placed," concluded White.
Sotheby’s International Realty is pleased to announce the release of its inaugural 2021 Luxury Outlook report which examines high-end residential markets across the globe in the wake of the Covid-19 pandemic. The comprehensive report provides insight into the world’s top primary and secondary markets and the anticipated wealth trends that will drive discretionary investment in the coming months. The report reveals that global wealth is forecasted to grow and pandemic trends are expected to persist in the year ahead. With priorities shifting toward larger homes with special amenities, including "Zoom rooms," multiple offices and workspaces, and an increased interest in sustainable homes with wellness and technology features, the Luxury Outlook highlights new spending habits and homebuying trends.
"As a leader in luxury real estate, it was important for us to analyze trends emerging from the most unparalleled year in modern history," said Bradley Nelson, chief marketing officer for Sotheby’s International Realty. "The pandemic recalibrated interest in larger, greener properties, secondary cities, and geographies with favorable tax and emigration policies. These preferences are likely here to stay for the foreseeable future, and it was important for us to provide a resource to those looking to navigate the months ahead."