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While 2020 may have dropped some of the most unpredictable scenarios on the industry, the ebbs-and-flows of the luxury real estate were especially prominent and extreme.
Despite early predictions that the market would stall and holiday homes would be the first to go up for sale in the pandemic, luxury actually saw the biggest boom in years. Amid closures and travel restrictions, affluent buyers looked for comfortable places to quarantine, while the rental market in enclaves like Malibu and the Hamptons exploded. Some even went so far as paying millions for secret underground bunkers with all the top amenities.
It has, above all else, been a year of expectations not aligning with reality a desire for stylish urban apartments was replaced by mansions and acre-rich rural estates. As buyers’ needs and desires changed rapidly, agents were forced to think on their feet to meet clients’ demands more than ever before.