This article is a part of Realogics Sotheby’s International Realty’s 2023 Forecast Report Digital Exclusive Series. To get your digital or print copy of this comprehensive look at the Pacific Northwest’s ever-changing residential real estate landscape click here →
We’ve all heard the phrase “location, location, location” —the original meaning was one special spot, one choice that perfectly embodied where you want to live. In 2023 and beyond, we now find new meaning in this classic real estate adage —it means finding the places that enable you to fulfill your vision for your life, and this increasingly means multiple locations that offer distinctly different experiences.
We’ve just spent three years in a grand remote-work experiment, allowing us to understand what contexts enable us to thrive professionally. Some have stepped away from a daily work schedule and have the freedom to choose where they live without an office location requirement. This is also the case for those whose organizations continue remotely. For those whose businesses and offices have shifted to a hybrid policy, there are very few days each week when one is needed at their desks or in meetings; practically speaking, two overnights near the office are sufficient for a three-days-per-week hybrid model. Remote and hybrid work have become so prevalent that second homes have become the new normal.
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We are seeing consumer demand for multiple homes to serve distinct needs and visions for how people want to live, and an increased desire for a lock-and-leave lifestyle. Flexibility, security, and variety are key characteristics of this lifestyle.
The concept of Sea to Sky provides an example of Location (1), Location (2), Location (3)—a home on an island or near the water, a residence in or near an urban center, and a mountain property. Add a pied-à-terre in a vibrant city steeped in history, whether it’s Barcelona, Paris, or Porto—or a farmhouse or vineyard in Provence or Umbria—and you have a lifestyle offering adventure, interest, and nature.
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The last few years have also reinforced the importance of spending time with those we care about, whether it’s the family we’re born with or the family we make along the way. Different locations also enable us to channel our passions, whether it’s kayaking at sunrise, exploring a medieval city, or hiking the forest trail right outside your front door. Multiple homes enable us to bring together all the people and experiences we care most about—and spend time with those we cherish, having experiences that have meaning to us.
There is power, and value, in place. By partnering with our friends and colleagues in the development community, we are enhancing the unique qualities and sense of place for each new development. Careful attention to highlighting and channeling the unique qualities of place does good and does well—it enhances the quality of life for every resident and the community as a whole, and is a powerful investment.
Kelly Mann is a Global Real Estate Advisor with Realogics Sotheby’s International Realty and Land Use Lawyer. She contributed to New Urbanism Meets A New Paradigm in the 2023 Forecast Report.