Redefining the Triangle’s luxury market :: WRAL.com

By Erica Jevons Sizemore, writer for New Homes & Ideas

This is part of an ongoing series: What is Making the Triangle Area so Desirable?

There is a symbiotic relationship between wealth and real estate. According to a report produced by WealthEngine, Wealth-X and The Institute for Luxury Home Marketing (ILHM), there has been an 180% increase in luxury property ownership in a mere three-year period. The volume of wealth in the country has grown in part due to the cryptocurrency boom and surging stock markets, paired with soaring real estate prices and low interest rates. This has subsequently allowed individuals to borrow and save more, fueling a strong real estate market across the nation and across the Triangle.

alues are shifting among affluent consumers and homeowners. Buyers are flocking to cities with walkability, a focus on nature and well-rounded quality of life, with an eye for good food and a vibrant art scene; they are tech savvy and environmentally conscious. Their consumer preferences paint a picture of those redefining the marketplace and with increasing wealth many are purchasing luxury real estate. The rise of teleworking has made it possible to live and work from anywhere for many individuals. The lifestyle benefits the area has to offer that we have explored in earlier issues of this series, have made it an attractive place to be.

For companies like Beacon Street Development Company, who have been shaping the quality and character of the community since 2004, with boutique residences including The Wade, Fairview Row and now The George in Durham, set to start construction in spring 2022, the demographic evolution of the Triangle has been fascinating to watch. “It’s exciting to craft something influenced entirely by the way we live and work, and that is how we have designed The George,” says Jim Wiley, President of Beacon Street. “The interiors and exteriors reflect the demand for how people are living, given their experiences during covid, and the style and taste of those coming from other US and international markets.”

With several units already under contract at The George in downtown Durham, this seven floor condo building, with residences starting in the $400s and the highest priced units over $2m, will be among the area developments redefining the high-end real estate landscape. Wiley reminds, “When we think about the idea of luxury it is by nature something we self-define. It’s a state of great comfort built from our inward experience out – it’s how we live and what we believe in. Our buyers put value on what really means something to them. In our case, they’re placing a premium on lifestyle and value, not just square footage.”

Cutthroat Area Demand

Sixty-three percent of real estate professionals nationally expect luxury home prices to continue to rise over the next three years. Demand has surged for larger homes, vacation and second…