Luxury Real Estate Survey for the Savannah and Lowcountry Market Released by Celia Dunn Realty
Monday, December 18, 2006
TBR

Celia Dunn Sotheby's International Realty, a luxury real estate firm serving Savannah and the Lowcountry, released a review last week on a national luxury realty study that found a large percentage of luxury home buyers are seeking to purchase an additional home within the next two years. The study also contains information that can be helpful in guiding the direction of residential home builders.

"The Southeast coast is appealing to baby boomers as well as retirees and young families," Celia Dunn said, based on strong interest in access to waterfront property. The national study, entitled "Seeking a Luxury Lifestyle," was commissioned by its partner Sotheby's International Realty Affiliates, Inc. and Architectural Digest and found that:

  • One in three Architectural Digest subscribers (36 percent) is planning to acquire a secondary/additional home within the next two years.
  • Of those who already own three or more homes, 49 percent percent plan to acquire an additional home within two years.
  • Of those who already own a second home, 35 percent plan to acquire a third home within two years.
  • In an indication that young affluent consumers are in the market for second homes, 44 percent of those under age 45 stated that they may acquire a second home in the near future.

"Seeking a Luxury Lifestyle" found that waterfront property (75 percent) is the most sought after amenity when buying a secondary residence. Surprisingly, a pool (5 percent) was the least significant amenity: Oceanfront/waterfront: 75 percent ; On/near ski slopes: 28 percent; On/near golf courses: 48 percent; Wine cellar: 18 percent; Near aquatic activities: 45 percent; Gourmet/large kitchen: 10 percent; In-home fitness center: 34 percent; Large backyard: 5 percent; Media room/home theater: 32 percent and Pool: 5 percent

Founded in 1981, Celia Dunn Sotheby's International Realty, owners are natives of Savannah who have more than 60 years' combined experience in real estate. The offices are located at 9, 13 and 17 W. Charlton St. on Madison Square in Savannah and 6 Bruin St. in Bluffton, S.C.