How the Upstate fits into the Luxury Outlook
July 18, 2024
Sotheby’s International Realty’s 2024 Mid-Year Luxury Outlook, a first-of-its-kind mid-year report, delves into the pivotal, forward-looking issues shaping luxury residential property markets around the world.
And the Upstate.
“Luxury housing doesn’t always mean Ibiza or Napa,” said Joan Herlong, the founder and CEO of the Joan Herlong & Associates Sotheby’s International Realty. “Our own listings across this amazing region highlight that luxury is here as well.”
As the only Sotheby’s International Realty affiliate in the Upstate, the agency has the region’s current highest listing at $12 million for 132 Mountain Shore Trail in Six Mile, a more than a 9,600 SF home majestically sitting on 1.75 acres with an impressive 1,000 feet of shoreline on the most sought-after lake in the Southeast, Lake Keowee. In addition, Joan Herlong & Associates Sotheby’s International Realty holds the sales price record for an Upstate private residence when the Belle Terre listing went for $9 million in 2022.
According to the latest data from the Greater Greenville Association of Realtors, Joan Herlong & Associates Sotheby’s International has the highest average sales price among the top 15 brokerages for the first half of 2024. It’s almost twice as high as the average sales price among the top 50 brokerages (ranked by sales volume).
One of the key takeaways from The 2024 Mid-Year Luxury Outlook is now is a good time to buy a luxury home, citing an investment report released by J.P. Morgan Private Bank in April 2024, that concluded “the state of the luxury market, defined as the top 10% of home values, is not impacted by changing mortgage rates like the overall housing market.” With a post-pandemic surge in their net worth, along with factors like private aviation and remote work, luxury home prices have seen dramatic gains.
The report also highlights what drives people to buy luxury homes as being beyond a place to live, but that will also serve as an investment vehicle and increase in value.
In addition, the report delves into how the public investment and interest in the arts drives luxury housing. Harnessing cultural resources in the service of community-building leads to advocating for cities to be artfully designed environments tailored to the needs of its residents, the report stated. A perennial truth is that substantial cultural investment is an essential element of urban life around the country.
“Everything we see in the report on the national level, we are seeing across our own region,” Herlong said. “The lessons learned is that Greenville and the Upstate are thriving as a market because of commitments that go beyond the bottom line.”
About Joan Herlong & Associates Sotheby’s International Realty
Joan Herlong & Associates Sotheby’s International Realty is one of the leading and most trusted names in real estate in the Upstate of South Carolina. First founded by Owner/CEO Joan Herlong as AugustaRoad.com Realty in 2011, the firm has since handled thousands of properties in the Greenville and Upstate area. In 2017, the company affiliated with Sotheby’s International Realty, becoming Joan Herlong & Associates Sotheby’s International Realty. The company has more than tripled in agent count and production volume since that time. Joan Herlong & Associates Sotheby’s International has the highest average sales price among the top 15 brokerages for the first half of 2024 in the Greenville market, and it’s almost twice as high as the average sales price among the top 50 brokerages (ranked by sales volume). Learn more at www.jha-sothebysrealty.com.
About Sotheby’s International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. Sotheby’s International Realty Affiliates LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation, and settlement services. In February 2004, Realogy entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational, and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744.
