In so many ways, California’s real estate market is a bellwether for the rest of the US. Concepts and promotional methods that work well in the Golden State tend to meet with similar success in the Midwest, South, Southwest, and East Coast region. While location has long been a central part of any property’s value, California’s residents have begun placing even more emphasis on the most famous aspect of a property’s profile. In a similar way, technological enhancements for houses in the West Coast’s largest state are beginning to spread eastward.
Of particular interest are private elevators, which are starting to turn up in more new homes than ever before. Other California real estate-related developments are showing staying power, including gated communities, modular living units, and off-grid residences. Never has the great state of California spawned so many real estate trends. As the 2020s continue to be transformative years in so many industries, it’s no surprise that the West Coast culture plays a central role in that movement. Here are details about some of the most important Golden State real estate trends for 2023.
Location, Location, Location
There’s an urban legend that the oft quoted real estate phrase about location, location, and location being the three most essential characteristics of a property originated in a Los Angeles real estate office in the 1960s. Whether that’s true or not, the concept is part and parcel of the state’s attitude toward the property marketplace, particularly in the 2020s. While the location principle has always been true, today’s buyers in places like San Francisco make it a reality as they place enormous emphasis on location over all else. It’s not unusual for someone to purchase a home in an excellent seaside neighborhood and then tear it down to build new. Place is indeed more important than any other factor.
Private Elevators
For many reasons, those who live and work on the West Coast place a high value on residential elevators for homes, both as safety features and aesthetic enhancements. When owners decide to install a home elevator, they gain access to a long list of potential benefits, not the least of which is a higher resale price. But residents in cities like Los Angeles and San Diego revel in the idea of having private elevators just for the sake of convenience and to avoid falling on steps. Older consumers tend to value the safety factor over everything else. Regardless of the reason the state’s citizens prefer homes with elevators, the fact is that the units have the power to ramp up property value and deliver excellent benefits for the people who use them.
Off Grid Capability
Licensed agents are finding an increased demand for properties that are off grid capable. That typically means land or small houses that can accommodate wood burning stoves, several generators, extensive solar arrays, and large food gardens. The recent surge of interest in independent living plays a central role in the rise of popularity of off-grid real estate sales in the western state. Keep in mind that while California is home to some of the nation’s largest and most densely populated urban areas, it also includes plenty of wide-open spaces that lend themselves to off-grid lifestyles.