00:59:59 · John Coogan, Jordi Hays, Thomas Wright
[00:59:59] S1: So what is the... Oh, sorry, Jordy. [01:00:00] S0: Yeah. I wanted to jump right in. I want to talk about the market overall at a high level, and then I want to go into some of these sub markets and, you know, we'll talk about Utah, but what you're seeing across the Western resorts markets. [01:00:14] S3: Sorry. You broke up again. I don't know if it's me or the connection. I'm sorry. [01:00:18] S0: So so let's talk about the market overall right now. We're well aware that pending home sales are at their lowest level since it sounds like you started at at or even lower than when you started at Sotheby's back Yeah. In the
01:00:18 · Jordi Hays, Thomas Wright
[01:00:18] S0: So so let's talk about the market overall right now. We're well aware that pending home sales are at their lowest level since it sounds like you started at at or even lower than when you started at Sotheby's back Yeah. In the [01:00:32] S3: Overall real estate market is it's very tricky. In the k shaped economy that we live in, there's a there's a... There's really become two different real estate markets. There's the general real estate market, and there's a luxury real estate market. And the luxury real estate market has really surged forward. I mean, you have now the upper 1%. I was just looking in the Sotheby's Luxury Outlook report represents $54,000,000,000,000 And they are looking for more than just real estate. They're looking for lifestyle, time with family. They're looking for unique experiences. And the general real estate market has kind of separated itself from the luxury market. The way we evaluate properties, the way we market and expose luxury properties is very different than what we do in the general real estate market. And for example, one of the big things is privacy and security. That's become a real thing in the AI age. People at the top of the market don't want their, you know, photos broadcast all over the Internet for the general real estate market because the buyers for their property are a unique set of people.
01:00:32 · Thomas Wright, John Coogan
[01:00:32] S3: Overall real estate market is it's very tricky. In the k shaped economy that we live in, there's a there's a... There's really become two different real estate markets. There's the general real estate market, and there's a luxury real estate market. And the luxury real estate market has really surged forward. I mean, you have now the upper 1%. I was just looking in the Sotheby's Luxury Outlook report represents $54,000,000,000,000 And they are looking for more than just real estate. They're looking for lifestyle, time with family. They're looking for unique experiences. And the general real estate market has kind of separated itself from the luxury market. The way we evaluate properties, the way we market and expose luxury properties is very different than what we do in the general real estate market. And for example, one of the big things is privacy and security. That's become a real thing in the AI age. People at the top of the market don't want their, you know, photos broadcast all over the Internet for the general real estate market because the buyers for their property are a unique set of people. [01:01:30] S1: So how does that match against, needing to promote properties through Instagram carousels and reels and bringing influencers in? It feels like the promotional machine around some of these properties is incredibly robust. What are are there? Is there a trade off there or or is there a strategy for that balancing act?
01:01:30 · John Coogan, Thomas Wright
[01:01:30] S1: So how does that match against, needing to promote properties through Instagram carousels and reels and bringing influencers in? It feels like the promotional machine around some of these properties is incredibly robust. What are are there? Is there a trade off there or or is there a strategy for that balancing act? [01:01:51] S3: Yeah, there's definitely a strategy. I think now consumers demand more than a one size fits all strategy that we've seen in the real estate market in years past. And we're fortunate to be led by a change agent, somebody that really understands this and is willing to bring change to our industry with Robert Revkin. I mean, he understands that consumers want a custom approach for their property. And it could be somebody in the general real estate market that has a security concern. Maybe they don't want somebody who has a restraining order against them knowing they're selling their property. Or maybe it's a high end client like those NFL players whose homes were targeted when they were on the road. Sure. You know, our job now is to sit in... With clients and ask them, how do you want your property promoted? What do... What risks are you willing to take? How much exposure do you want? And what can we do to fulfill our duty to you? Yeah. And not to some one size fits all system that that we have with the MLS in yesteryear. [01:02:45] S1: Yeah. That makes sense. What about
01:02:45 · John Coogan, Jordi Hays
[01:02:45] S1: Yeah. That makes sense. What about [01:02:46] S0: what about, like, overall... Like, I imagine you you spent time in a lot of these different markets. You have somebody coming in that's interested in what Utah has to offer, but I imagine a lot of buyers are looking at a lot of the other places you previously set up. Somebody might be trying to decide between Utah, Deer Valley versus Jackson or somewhere in Colorado. They might still be looking at Sun Valley and there's like trade offs in between all the different sort of regions. What's your what's your pitch for for Utah? And then when would you send people to other places?
01:03:25 · Thomas Wright
[01:03:25] S3: I love that they shop all the resort markets. I think that's fabulous. I was in our office in Jackson Hole or I'm sorry, in Lake Tahoe one day and I saw a client and I came home and then I saw the same client walking into our Park City office. So they're definitely shopping the resort markets and they should. They are all very different. They all have different attributes and unique things to them. And I just want clients to find what what works for them. So if it's in another resort market, I'm happy to refer them to somebody with Sotheby's International Realty in that market and let them let them find the property that works for them. Utah is unique because Utah has consistently been number one in business opportunity. Have a very friendly tax structure. We have the newest airport in The United States, which has been a boon for our economy. We're becoming a sports city with the recent addition of the NHL team to Utah. And then best of all, the East Village at Deer Valley doubled the terrain of Deer Valley, while XTell Development simultaneously is building Four Seasons, Waldorf Astoria, their ski in ski out lots at Deer Valley. They already finished the Grand Hyatt. And then there's even a great affordable option called the Piosche Village where you can buy a condo really close to the... To ski access for about $400,000. Woah. And I know one of your avid listeners that introduced me to your show, Gavin Van Wagner, would be stoked to hear his name. But there is a plethora of options there at the East Village Of Deer Valley, and it's really doubled the terrain. So our resort market has experienced this incredible growth because we've been able to double the amount of skiable terrain. And Deer Valley, you know, is consistently ranked the number one ski resort in North America, and you can get there now without going through one traffic light from the Salt Lake City International Airport, the newest airport in the country.