Quarterly Note: Fall 2024
A Team Founded Upon Family
In 1849 Jean-Baptiste Alphonse Karr wrote:
" The more things change, the more they stay the same."
There is no question that the world has changed in the last few years. Real Estate is no exception to that adage. Not long ago, we saw 4% interest rates, a market with frantic buyers waving Purchase Agreements above asking price in front of sellers with no inspection contingencies and, in some cases, never even seeing the house. Then came inflation. Within a few months, interest rates ran to 8%. Building costs rose along with the shortage of inventory. With money being expensive, the pace of buying slowed significantly.
But now we are seeing interest rates fall, some at 5.8% as I write this newsletter. The expectation is that the housing market will begin to pick up again. There seems to be a bit of a delta between the price sellers are expecting to get and what buyers are willing to pay.
At the upper end, luxury homes are experiencing prices never seen before. Many Sellers are choosing, at least initially, not to go through MLS but instead try alternative methods in more pointed, discrete, and direct ways to reach these discerning buyers.
If you are a buyer or seller of real estate, then the changes and nuances described above require engaging a partner who understands the business, knows his/her craft, can explain and advise the best path forward at each turn, and has seen it before. And that takes us back to Jean Baptiste's quote above.
Velie Real Estate has dominated the luxury market for over twenty years through every imaginable twist, turns, and ups and downs. In addition to traditional MLS marketing, we have the network and marketing capability to tell your story to a specific few or thousands.
Below are a couple of examples of what we do:
Featured in Architectural Digest: Wayzata Native, Photographer, Thea Traff
Thea Traff (left) and Lucy Gordon Baird in Thea’s prewar Brooklyn apartment. Matthew Williams
Studio LGB reimagined a 900-square-foot prewar Brooklyn apartment, merging vintage charm with modern design. Owned by photographer Thea Traff, the space showcases bold color contrasts—like a blue bathroom and a red bookcase—alongside Scandinavian minimalism. The design balances the apartment’s historical elements with vibrant, travel-inspired details, creating a functional yet artistic home.
Look What’s New in Wayzata
Ask us about our brand new, upcoming, immaculately maintained listing within walking distance of downtown Wayzata for under $1,000,000!