Introduction: Who is Bess Freedman and why should you listen to her?

If you are interested in the luxury real estate market, you have probably heard of Bess Freedman. She is the CEO of Brown Harris Stevens, one of the oldest and most prestigious real estate firms in the US. She oversees more than 2,500 agents and brokers in New York, Connecticut, New Jersey, Florida, and the Hamptons. She is also a board member of the Real Estate Board of New York, the leading trade association for the industry.

Bess Freedman has been in the real estate business for over 20 years, and she has witnessed the ups and downs of the market. She has a wealth of experience and knowledge in the luxury sector, and she is known for her visionary leadership, innovative strategies, and client-centric approach. She has been featured in various media outlets, such as The Wall Street Journal, Forbes, Bloomberg, and CNBC, as an expert and influencer in the field.

In this article, Bess Freedman shares her insights and tips on the luxury real estate market in 2024. She reveals the key trends, challenges, and opportunities that shape the sector, and how you can navigate them successfully. Whether you are a buyer, a seller, or a curious observer, you will find valuable information and advice from one of the most respected and successful leaders in the industry.

The Evolving Definition of Luxury: How luxury real estate has transformed over the years and what it means today.

Luxury real estate is not a static concept. It evolves over time, influenced by various factors, such as economic conditions, consumer preferences, social changes, and technological innovations. What was considered luxury a decade ago may not be the same today, and what is luxury today may not be the same tomorrow.

According to Bess Freedman, the definition of luxury real estate has changed significantly over the years. She says that luxury used to be associated with size, location, and amenities, but now it is more about quality, design, and lifestyle. She explains that luxury buyers today are looking for properties that offer more than just space and convenience. They want properties that reflect their personality, values, and aspirations. They want properties that enhance their well-being, comfort, and enjoyment.

Bess Freedman also notes that luxury real estate today is more diverse and inclusive than ever before. She says that luxury is no longer limited to a few elite markets or segments. She says that luxury can be found in different types of properties, such as condos, townhouses, penthouses, lofts, and villas, and in different locations, such as urban, suburban, rural, and coastal. She says that luxury is accessible to a wider range of buyers, from millennials to baby boomers, from local to international, from single to family.

Bess Freedman believes that the evolving definition of luxury real estate is a positive and exciting development. She says that it creates more opportunities and choices for buyers and sellers, and it encourages more creativity and innovation in the industry. She says that it also challenges the real estate professionals to adapt and deliver the best service and value to their clients.

The Rise of Secondary Markets: How emerging locations are challenging the traditional hotspots for luxury properties.

One of the most noticeable trends in the luxury real estate market in 2024 is the rise of secondary markets. These are the markets that are not the primary or dominant destinations for luxury properties, but are gaining popularity and momentum due to various reasons. Some of the examples of secondary markets are Austin, Nashville, Denver, Portland, and Charleston in the US, and Lisbon, Berlin, Barcelona, and Copenhagen in Europe.

Bess Freedman says that the rise of secondary markets is driven by several factors, such as:

• The COVID-19 pandemic, which has changed the way people live and work, and has increased the demand for more space, privacy, and nature.
• The affordability and availability of properties, which are more attractive and competitive than the saturated and expensive primary markets.
• The lifestyle and culture of the locations, which offer more diversity, vibrancy, and charm than the conventional and crowded primary markets.
• The infrastructure and development of the locations, which offer more convenience, connectivity, and amenities than the outdated and congested primary markets.

Bess Freedman says that the rise of secondary markets is a challenge and an opportunity for the luxury real estate sector. She says that it is a challenge because it requires the real estate professionals to expand their knowledge and network, and to adjust their marketing and sales strategies. She says that it is an opportunity because it opens up new markets and segments, and creates more demand and supply for luxury properties.

Bess Freedman advises the buyers and sellers to explore and embrace the secondary markets. She says that they can find great value and potential in these markets, and they can enjoy a different and better quality of life. She says that they should also be aware of the risks and uncertainties of these markets, and they should do their due diligence and research before making any decisions.

The Impact of Technology: How proptech, AI, VR, and cybersecurity are revolutionizing the luxury real estate sector.

Technology is another major trend that is transforming the luxury real estate market in 2024. Technology is not only changing the way people search, buy, and sell properties, but also the way properties are designed, built, and managed. Technology is creating new possibilities and expectations for the luxury real estate sector, and it is also creating new challenges and threats.

Bess Freedman says that technology is a game-changer for the luxury real estate sector. She says that technology is enabling more efficiency, convenience, and transparency in the real estate transactions, and it is enhancing the customer experience and satisfaction. She says that technology is also enabling more innovation, customization, and sustainability in the real estate development, and it is improving the property performance and value.

Bess Freedman cites some of the examples of the technologies that are impacting the luxury real estate sector, such as:

• Proptech, which is the term for the technology that is applied to the real estate industry. Proptech includes various tools and platforms that facilitate the real estate processes, such as online platforms, mobile apps, CRM systems, data analytics, blockchain, and smart contracts.
• AI, which is the term for the artificial intelligence that is used to enhance the real estate services, such as chatbots, voice assistants, recommendation systems, predictive analytics, and machine learning.
• VR, which is the term for the virtual reality that is used to create immersive and realistic simulations of the real estate properties, such as 3D tours, virtual staging, and virtual reality headsets.
• Cybersecurity, which is the term for the protection of the real estate data and systems from cyberattacks, such as hacking, phishing, ransomware, and identity theft.

Bess Freedman says that technology is a double-edged sword for the luxury real estate sector. She says that technology is a benefit and a necessity, but it is also a risk and a liability. She says that technology can enhance the real estate experience and value, but it can also compromise the real estate security and privacy. She says that technology can create new opportunities and advantages, but it can also create new challenges and disadvantages.

Bess Freedman advises the buyers and sellers to leverage and embrace technology, but also to be cautious and vigilant. She says that they should use technology to improve their real estate decisions and outcomes, but they should also be aware of the limitations and implications of technology. She says that they should also seek the guidance and assistance of the real estate professionals, who can help them navigate the complex and dynamic real estate landscape.

The Importance of Personalization: How luxury buyers seek bespoke experiences and customized solutions that reflect their individuality.

Personalization is another key trend that is shaping the luxury real estate market in 2024. Personalization is the process of tailoring the real estate products and services to the specific needs, preferences, and expectations of the buyers. Personalization is not only about the physical features and functions of the properties, but also about the emotional and psychological aspects of the properties.

Bess Freedman says that personalization is essential for the luxury real estate sector. She says that personalization is what distinguishes luxury from ordinary, and what creates value and loyalty for the buyers. She says that personalization is what makes the buyers feel special, appreciated, and understood, and what makes the properties feel unique, authentic, and meaningful.

Bess Freedman says that personalization is a challenge and an opportunity for the luxury real estate sector. She says that it is a challenge because it requires the real estate professionals to understand and anticipate the buyers’ needs, preferences, and expectations, and to deliver the products and services that meet or exceed them. She says that it is an opportunity because it creates a competitive edge and a differentiation for the real estate professionals, and it enhances the customer satisfaction and retention.

Bess Freedman cites some of the examples of the personalization that are in demand in the luxury real estate sector, such as:

• Customized design and architecture, which allow the buyers to choose and modify the style, layout, and features of the properties, such as the colors, materials, fixtures, and appliances.
• Personalized amenities and services, which offer the buyers the convenience and comfort of the properties, such as the concierge, housekeeping, fitness, spa, and entertainment.
• Bespoke experiences and solutions, which cater to the buyers’ lifestyle and interests, such as the travel, education, health, and social.

Bess Freedman advises the buyers and sellers to value and pursue personalization. She says that they should seek and offer the products and services that reflect their individuality