Why Portland’s Luxury Homes Are Selling Fast—Even in an Uncertain Economy

📝 Episode Summary:

In today’s episode of Off the Record, Joe and Makayla pull back the curtain on how Portland-area luxury buyers are navigating a volatile economy—and why the $1M+ housing segment remains surprisingly resilient.

They discuss how affluent buyers are leveraging cash, prioritizing turnkey features, and demanding energy efficiency, all while remaining laser-focused on lifestyle and legacy. Whether you’re looking to sell a luxury property or buy into Portland’s exclusive neighborhoods, this episode is your front-row seat to the mindset and strategy of high-end buyers.

✨ Episode Highlights:

• 📊 Luxury inventory snapshot: How many million-dollar homes are actually for sale in Portland and Lake Oswego?
• 💰 Interest rate immunity: Why cash is king—and luxury buyers are still making moves
• 🏠 Top features luxury buyers want: Turnkey, smart tech, wellness amenities, and functional outdoor spaces
• 🧘‍♀️ Wellness at home: From saunas and soaking tubs to yoga rooms and smart security
• 🧑‍🤝‍🧑 Multigenerational living & flexible layouts: How design priorities are shifting
• 📝 Savvy negotiation in a softening market: Lessons from high-net-worth clients
• 🌲 Second homes at the coast and in the mountains: Why competition is fierce outside the metro core

🔗 Resources & LivPortland Links:

• 📝 Related Blog Post: How Today’s Portland Area Luxury Home Buyers Are Navigating a Challenging Economy
• 🏠 Start Your Luxury Home Search in Portland
• 📈 Thinking of Selling? Get a Custom Strategy

If you're looking to buy or sell luxury real estate in Portland, don’t leave it to chance. Work with a team that knows how to navigate the high-end market with clarity, confidence, and results. Visit livportland.com to explore exclusive listings, read the blog, or book your no-obligation consultation with our expert brokers.

✅ Subscribe to Off the Record and leave us a ⭐⭐⭐⭐⭐ review!
📤 Share this episode with someone considering a move in the $1M+ range.

Thank you for listening to this episode. Stay up to date on the latest trends and insights by subscribing to our podcast and following us on social media.

For more information about buying or selling in the Portland Metro real estate market, please visit www.LivPortland.com or contact us directly.

We appreciate your feedback, so please leave a review and let us know what topics you would like to hear more about.

Transcript

00;00;08;21 - 00;00;25;08
Joe Reitzug
Welcome to Off the Record talking real estate with Joe and Makayla. If you're interested in the Portland, Oregon real estate market and want the unvarnished inside scoop, you've come to the right place. Thanks for giving us a listen. Okay. Welcome, everyone. Thanks for joining us. Hello, Makayla.

00;00;25;09 - 00;00;30;11
Makayla Mast
Hi. How are you? I'm good. As we were just discussing, we're feeling a little punchy today.

00;00;30;14 - 00;00;40;16
Joe Reitzug
Very punchy. This could go sideways, people. We don't know, it'd go off the rails, too. We're going to just play it by ear and try to stay professional, as you know us to be.

00;00;40;18 - 00;00;42;05
Makayla Mast
Yeah. So bear with us.

00;00;42;09 - 00;00;57;07
Joe Reitzug
Bear with us. Because it's a late afternoon session today, and it is, but talking about it before we hit the play button here and. There's a lot of, end of day energy to get out of the office here.

00;00;57;08 - 00;01;00;19
Makayla Mast
Sun is out. Sorry. Sorry.

00;01;00;21 - 00;01;01;10
Joe Reitzug
Wow.

00;01;01;10 - 00;01;03;27
Makayla Mast
I know it's just such a nice fallback.

00;01;03;27 - 00;01;05;24
Joe Reitzug
And we don't mind having these type of days.

00;01;05;24 - 00;01;07;05
Makayla Mast
Here. No, we don't have.

00;01;07;06 - 00;01;09;08
Joe Reitzug
Happy with everyone coming up to the office here.

00;01;09;09 - 00;01;11;16
Makayla Mast
So happy people are practically skipping.

00;01;11;16 - 00;01;22;18
Joe Reitzug
And those pissed me off. It's like cheese, people. Is anyone working here for you? So, I mean, that's part of my anxiety right now, is that it felt like we were the only ones working today.

00;01;22;19 - 00;01;23;07
Makayla Mast
That's fair.

00;01;23;09 - 00;01;36;25
Joe Reitzug
So I'm going to let that go, though, because we have a really cool topic today. And, you know, luxury real estate is one of those things that even if you're not a luxury buyer or seller, it's always kind of interesting.

00;01;36;26 - 00;01;37;24
Makayla Mast
I think so too.

00;01;37;26 - 00;01;41;24
Joe Reitzug
The, the gram, as the kids call it, you know, the gram, are you on the gram

00;01;41;24 - 00;01;42;24
Makayla Mast
I know it well.

00;01;42;26 - 00;02;02;25
Joe Reitzug
You have an account on the gram? LivPortland does. So on the gram, for some reason, somehow they've identified me as a real estate broker, and I get every single high end luxury broker in California apparently sends me stuff. The algorithm is out of control because I just get all these amazing homes. And of course, I'm going to look at them.

00;02;02;26 - 00;02;03;07
Joe Reitzug
Sure.

00;02;03;12 - 00;02;07;18
Makayla Mast
Right. Maybe it's manifesting buyers. It could be in California.

00;02;07;24 - 00;02;11;06
Joe Reitzug
Yes. Should I get my license in California?

00;02;11;06 - 00;02;11;23
Makayla Mast
Probably.

00;02;12;00 - 00;02;12;15
Joe Reitzug
Probably.

00;02;12;15 - 00;02;13;08
Makayla Mast
Like that's just.

00;02;13;08 - 00;02;24;19
Joe Reitzug
Gone. But, you know, the Instagram is a good example of just luxury real estate in general. And really cool homes are. They're neat. That's fun to look at, you know.

00;02;24;24 - 00;02;29;26
Makayla Mast
And my thing is, I'm sorry not to cut you off. No, no, I always want to know what people do.

00;02;29;29 - 00;02;30;05
Joe Reitzug
Yeah.

00;02;30;06 - 00;02;32;14
Makayla Mast
What do you do to be able to afford that home?

00;02;32;18 - 00;02;33;09
Joe Reitzug
Yeah.

00;02;33;12 - 00;02;35;02
Makayla Mast
Mindy, do you know who Mindy Kaling is?

00;02;35;03 - 00;02;36;04
Joe Reitzug
Yes. From the office?

00;02;36;05 - 00;02;47;24
Makayla Mast
Yes. She says that she wishes everybody had their, like, what they paid for the home displayed on the outside of it. She's like, I'm so nosy. I'm going to go look on Zillow anyways.

00;02;47;25 - 00;02;49;12
Joe Reitzug
Everyone does to us.

00;02;49;14 - 00;02;49;26
Makayla Mast
Oh, yeah.

00;02;50;01 - 00;03;17;24
Joe Reitzug
We know. Yeah I know. I'll be honest. There's been times when I see properties come across that are just so incredible. Right. And cool. Like, I have a certain style I like and when I see one of those, it's like, oh, wow. Who built this? Who had the vision for this? And I'll either look up the architect or all, you know, go into the tax records and see who owns it and kind of jump on the link and, and just see what the background is.

00;03;17;24 - 00;03;27;14
Joe Reitzug
The last one that I did that for was pretty easy. Guess what this person did? Because I have never, ever seen so many pair of Air Jordans in my life. Oh my.

00;03;27;14 - 00;03;28;08
Makayla Mast
Gosh.

00;03;28;11 - 00;03;35;14
Joe Reitzug
There was like a ten by 15 closet with a couch in the middle. One of those cool couches that is couch on every side.

00;03;35;15 - 00;03;38;03
Makayla Mast
Oh, cool. Gosh, like a shoe store.

00;03;38;03 - 00;03;42;17
Joe Reitzug
And it was nothing but Air Jordans. I think he worked at Nike.

00;03;42;20 - 00;03;44;07
Makayla Mast
Sure. So very good.

00;03;44;12 - 00;03;50;02
Joe Reitzug
Yeah. I tell you what. If I worked at Nike. Yeah, I'd have a closet for. Oh, yeah, the Air Jordans for sure.

00;03;50;03 - 00;03;53;14
Makayla Mast
Well, you know, maybe not me, myself, but I'd have a lot of cool Nike gear.

00;03;53;17 - 00;03;55;02
Joe Reitzug
Have you seen the cool women's Air.

00;03;55;02 - 00;03;57;07
Makayla Mast
Jordans that they do? They're pretty cool.

00;03;57;14 - 00;04;11;08
Joe Reitzug
Not to jump around but the Sabrina's you know Sabrina and her shoe is the second most worn shoe in the NBA. Really. You didn't know that did you. Yeah the NBA folks. The guys I love Sabrina shoe

00;04;11;10 - 00;04;14;00
Makayla Mast
Yeah. That's cool. Yeah. This is a sports podcast now.

00;04;14;01 - 00;04;31;05
Joe Reitzug
It should be. That one's coming out next week. Today we are talking about what is going on in the luxury homebuying segment because our market, in case everyone wasn't aware, is a bit of a crapshoot right now. It is all over us, all over the place. Can I say that on the air?

00;04;31;08 - 00;04;32;09
Makayla Mast
Yeah, we're not.

00;04;32;11 - 00;04;50;07
Joe Reitzug
It is all over the place. Stops, starts crazy amount of showings with no offers. It's just a very odd marketplace. And we wanted to take a look today at what is going on with the luxury home buyers. And how are they navigating this challenging economy. And, it's pretty interesting.

00;04;50;10 - 00;04;51;16
Makayla Mast
It's been very resilient.

00;04;51;23 - 00;05;11;26
Joe Reitzug
By luxury, we mean 1 million to 2 million, and then ultra luxury is 2 million and above. You know, a lot of people don't look at Portland as a luxury town. And I got to tell you, we work for we broker through Sotheby's International Realty folks. They are the top luxury brand in the United States and the world.

00;05;11;26 - 00;05;16;23
Joe Reitzug
So we get to see a ton of really cool places. We've represented a lot of really cool places.

00;05;16;26 - 00;05;26;13
Makayla Mast
Like right here, right now and our podcast studio. We have a TV in every office, and it scrolls through all of the luxury listings that are for sale around the world. Yeah, it's pretty cool.

00;05;26;15 - 00;05;47;07
Joe Reitzug
It is pretty cool. It's very distracting. Every time I look at you, I'm like, oh, what? Cool house is this? Oh, Jackson Hole, Wyoming, 17 million. I don't think I'd pay 17 for that, but okay. Anyways, we digress. So the luxury home buyers, how are they navigating what's going on in Portland itself? I pulled up some stats. Makayla, you know how I love my stats.

00;05;47;09 - 00;06;12;23
Joe Reitzug
Because, you know, I don't think people understand how many million dollar homes there are in Portland, right? So let's start with Lake Oswego. Actually, Lake Oswego currently has between 1 million and 2,000,067 homes on the market, 67 homes that are actively on the market right now that are between 1 million and 2 million. That's great. And above 2,000,053.

00;06;12;29 - 00;06;13;14
Makayla Mast
Wow.

00;06;13;16 - 00;06;38;03
Joe Reitzug
Yeah, it's at 120, 130 homes where the math is on that. That's great. A million and above. That's crazy. That's just Lake Oswego. We looked at Portland and Portland proper, like southwest hills, downtown. West Hills. Yeah. Portland. Address but not, you know, Bethany, not wine country, not Hillsboro, not Sherwood Beaverton. Because there's a ton of million dollar properties out there as well.

00;06;38;03 - 00;06;44;11
Joe Reitzug
Just Portland proper, 191 homes, between 1 million and 2 million on the market right now it's.

00;06;44;11 - 00;06;44;22
Makayla Mast
Green.

00;06;44;26 - 00;06;53;00
Joe Reitzug
61. 2 million and above. Yeah, I don't think I don't think people understand and realize how many luxury homes there are in Portland.

00;06;53;05 - 00;06;59;24
Makayla Mast
They also don't realize that those properties are moving. Yeah. And they're moving much faster than homes below that range.

00;06;59;24 - 00;07;00;08
Joe Reitzug
Yeah.

00;07;00;08 - 00;07;04;22
Makayla Mast
For in fact, they've done better in the last couple of years than any other part of the market.

00;07;04;24 - 00;07;10;12
Joe Reitzug
You just stole my thunder because my next point was going to be how is this luxury market so resilient?

00;07;10;15 - 00;07;10;29
Makayla Mast
Let's hear.

00;07;10;29 - 00;07;32;19
Joe Reitzug
It. You know, with all the economic headwinds, interest rates, everything going on in our economy and everything, luxury real estate, just keeps on going. And, you know, I think there's a number of different things in play. They're high net worth. Individuals for the most part, aren't interest rate sensitive, right. They don't care for the most part.

00;07;32;25 - 00;07;37;10
Makayla Mast
And not being interest rate sensitive means that they're likely buying with cash.

00;07;37;10 - 00;07;51;21
Joe Reitzug
Yes, the majority of the time. Right. Or heavy heavy down payment where, you know, we just had a sale on, about a $2 million place and he put a million down and had $1 million loan that he got at 5.9, by the way.

00;07;51;24 - 00;07;52;17
Makayla Mast
That's great.

00;07;52;17 - 00;08;15;11
Joe Reitzug
Yeah, yeah, great rate. And, you know, there's different ways of doing it, but high net worth individuals typically have greater access to liquidity financing. The interest rate for the most part, if you have a big down like that, you're going to be able to get the best rate. All of this is allowing them to stay active in the marketplace and really find the deals that they want, right.

00;08;15;11 - 00;08;31;22
Joe Reitzug
And a lot of people that we work with don't view real estate like as a status thing. In fact, most don't. I can't remember the last buyer that we represented in $1 million plus situation where it was you could tell it was for status.

00;08;31;24 - 00;08;33;12
Makayla Mast
Oh no, no, no, I don't.

00;08;33;12 - 00;08;34;12
Joe Reitzug
See that at all. It's a.

00;08;34;12 - 00;08;36;09
Makayla Mast
It seems like it's always a necessity, you.

00;08;36;09 - 00;08;54;27
Joe Reitzug
Know. Yeah. And people are looking for, you know, different things. And that's what we're going to talk about here in a minute. But it's more of a lifestyle. It's more of an investment. Right. And how they want to live where they want to be, how they can situate their family. Maybe generational things, those type of things. But it's pretty interesting.

00;08;54;27 - 00;09;13;14
Joe Reitzug
And that market is just so resilient right now. I want to talk a little bit about the shift in the priorities that we've seen, because over the last year or two, for sure, the priorities for people that are looking for luxury properties have definitely formed a little bit. Wouldn't you agree?

00;09;13;19 - 00;09;34;28
Makayla Mast
Yes, definitely. It's similar to the rest of the market, but it feels almost heightened in this one. Maybe because there's so much to look at. I don't really know. But presentation with properties is more important than ever. People want something that is completely turnkey. They just have to show up with their stuff.

00;09;35;02 - 00;09;54;05
Joe Reitzug
Number one, they're looking for turnkey. We're not seeing a lot of people right now. They're they're like, oh, that's okay. We'll just take that wall out and do this and do that. And for ten, 15, 20 years, that was kind of the thing was, oh, it's not exactly how we want it, but we'll just make it ours and drop right a quarter million dollars into making that happen.

00;09;54;07 - 00;09;55;07
Joe Reitzug
That's just the case here.

00;09;55;11 - 00;09;56;29
Makayla Mast
Not in the mood I think.

00;09;56;29 - 00;10;08;21
Joe Reitzug
It's not just luxury buyers. It's all buyers right now. Yeah, they don't want to buy a home and then have to keep investing in it, right? Right. By spending all this money to get it how they want.

00;10;08;23 - 00;10;16;19
Makayla Mast
Well, construction costs have just fluctuated so much over the past couple of years. So that uncertainty with how much it's going to cost alone.

00;10;16;25 - 00;10;21;28
Joe Reitzug
That and there's more inventory to look at now. So if that doesn't fit, let's find something that does.

00;10;21;28 - 00;10;41;26
Makayla Mast
Right. They also really want homes that are energy efficient or smart homes. Yeah. Or both. We get a lot of questions about, you know, what's the home energy score on this one and how efficient are the windows and are there smart features throughout the house? Security, anything like that will really make a luxury buyer excited.

00;10;42;01 - 00;10;50;10
Joe Reitzug
The other thing is wellness features. Gym, sauna, saunas. Huge. Right now I'm a steam guy myself.

00;10;50;12 - 00;10;53;11
Makayla Mast
I'm. I'm currently working on a sauna in my new house.

00;10;53;14 - 00;10;54;10
Joe Reitzug
Are you really not?

00;10;54;10 - 00;10;56;29
Makayla Mast
Not currently, but currently dreaming.

00;10;57;01 - 00;11;00;04
Joe Reitzug
You're currently in the process of figuring out how to make that happen.

00;11;00;04 - 00;11;00;26
Makayla Mast
Yes.

00;11;00;28 - 00;11;01;19
Joe Reitzug
Sauna.

00;11;01;23 - 00;11;02;09
Makayla Mast


00;11;02;12 - 00;11;04;05
Joe Reitzug
Yeah. I like to steam.

00;11;04;07 - 00;11;05;27
Makayla Mast
I like to sweat it all out.

00;11;06;00 - 00;11;06;15
Joe Reitzug
Yeah.

00;11;06;16 - 00;11;09;03
Makayla Mast
It's incredible for your cardiovascular health.

00;11;09;03 - 00;11;14;08
Joe Reitzug
Everything I'm reading right now says the sun is the best dang thing you can do. Cold plunges out by the way.

00;11;14;11 - 00;11;16;06
Makayla Mast
Thank goodness because I could not stand.

00;11;16;10 - 00;11;23;05
Joe Reitzug
Yeah I was waiting for that to happen. No bueno on the cold plunge for me. No thanks.

00;11;23;07 - 00;11;26;12
Makayla Mast
But people still do like to see those features.

00;11;26;15 - 00;11;35;07
Joe Reitzug
Hot tubs, soaking tubs, dedicated rooms for yoga a gym, all that type of stuff is, is huge right.

00;11;35;10 - 00;11;38;24
Makayla Mast
And they also are looking for outdoor spaces and amenities.

00;11;38;24 - 00;11;40;04
Joe Reitzug
So gosh that's huge.

00;11;40;10 - 00;11;45;20
Makayla Mast
Here in Portland we only get weather good weather you know a few months out of the year. So any time.

00;11;45;20 - 00;11;47;08
Joe Reitzug
On it's eight months out of the year.

00;11;47;09 - 00;11;48;16
Makayla Mast
Eight months.

00;11;48;18 - 00;11;57;08
Joe Reitzug
I think. So really think about it this way. If you have an outdoor area that we're seeing a lot of people right now, my point that can enclose the room.

00;11;57;08 - 00;11;57;26
Makayla Mast
Yes.

00;11;58;01 - 00;11;59;15
Joe Reitzug
It's not just a couple of miles, okay.

00;11;59;15 - 00;12;03;21
Makayla Mast
But like actually hang outside for a long time okay, okay.

00;12;03;21 - 00;12;04;05
Joe Reitzug
Maybe I have a.

00;12;04;05 - 00;12;23;00
Makayla Mast
Point, but my point is that the outdoor spaces are becoming more and more the center of the hang because they make it enclosed, or they have something that can come down. And with heaters inside to make it feel more built in, or outdoor fireplaces, anything that enhances the experience of outdoor living.

00;12;23;00 - 00;12;42;13
Joe Reitzug
And that's not just a luxury thing. We have a property in Hillsboro right now over in the Rinka Gardens fantastic neighborhood that backs to a green space and has this wood covered outdoor patio in the back with a big screen TV. It's got a privacy on both sides. It's fantastic.

00;12;42;14 - 00;12;48;18
Makayla Mast
I love that yard. And for someone who doesn't have a dog or even just a small dog, why would you want anything else?

00;12;48;19 - 00;13;00;07
Joe Reitzug
But there's a park 30s away. There's three parks 30s away too, right? So yeah, I think outdoor is right up there with turnkey. As far as what people are looking for.

00;13;00;09 - 00;13;00;23
Makayla Mast
I agree.

00;13;00;24 - 00;13;09;06
Joe Reitzug
Don't make me do any work and I need an outdoor space. Firepits covered patio area, covered kitchen area I love it. What else?

00;13;09;08 - 00;13;33;11
Makayla Mast
Oh design flexibility. So everybody's working from home. A lot of people are homeschooling and a lot of people are having their moms and dads or grandparents live with them. And we're seeing a lot of multigenerational living. The spaces for those folks to feel comfortable. All right. So maybe a sweet on the main, just any little nook in the house where you can use it as a flex space, I think is a huge bonus.

00;13;33;17 - 00;13;40;27
Joe Reitzug
And it's a little bit more difficult than you think to really have a floor plan that can flex one way in and another.

00;13;40;29 - 00;13;55;28
Makayla Mast
It really is. Yeah, because a lot of times the office is built right off the main entry. And and then a lot of people might think, oh, that's another bedroom, but then they don't prefer to use that as a bedroom because it's right off the front door. Oh, right. That one's kind of funky.

00;13;56;01 - 00;14;14;00
Joe Reitzug
In the whole mindset. For the past 40, 50 years, it's been we're going to do 3 or 4 bedrooms and two full baths and a half baths, and this is how it's going to look. And I think a lot of people are getting away from that mindset. And a lot of the luxury properties have been away from that mindset for a long time.

00;14;14;00 - 00;14;37;12
Joe Reitzug
And living together. Open spaces, kitchen, you know, like what you were talking about, places you can hang out and people can gather both indoors, outdoors, in different spaces around the house is just really, really cool. So strategic buying in a volatile market, what does that look like? I mean, we talk about people taking advantage of a certain type of marketplace.

00;14;37;12 - 00;14;59;01
Joe Reitzug
And in the luxury segment right now, it's crazy. I mean, if if you get a home that is just a knockout, a ten out of ten and it's in a great neighborhood, checks all the boxes, it's gone. Yeah, I mean, it is so gone. And we're seeing some of them go above asking price. But hanging cash is always so powerful.

00;14;59;03 - 00;15;00;07
Joe Reitzug
No appraisal.

00;15;00;11 - 00;15;20;18
Makayla Mast
And I hate to say that because it feels like it excludes a segment of the market. But if you can do that, it's definitely going to help you with competitive situations, not only because it's cash, it's just an easier process closing wise, but it also means that you can close sooner. And a lot of people who are really interested in selling their property quickly.

00;15;20;25 - 00;15;25;26
Makayla Mast
But on the whole, you know, they might even miss out on a little bit of money in order to close quicker.

00;15;25;28 - 00;15;34;18
Joe Reitzug
You know, the luxury buyer, in my experience, for the most part, is a little bit more savvy than our our regular buyers.

00;15;34;24 - 00;15;36;23
Makayla Mast
Typically, it's not their first time buying a home.

00;15;36;23 - 00;16;00;07
Joe Reitzug
No, no. But they're also savvy around how to negotiate. And there are I've learned so many things over the past three decades about negotiation with some of the clients that I've had that are CEOs of large companies. And just the discussion around or high net worth individuals who just know how to handle money and how to, you know, handle these type of negotiations.

00;16;00;07 - 00;16;26;17
Joe Reitzug
And over the years, I've learned there's times to push and there's times to accept. And just because you're not pushing in one area doesn't mean you can't push in another in its price terms, conditions. And how does all that put together? And it is a dance with any property, and especially with a luxury property where you're talking a million, 2 million, $5.5 million, like we just closed one for five and a half last week.

00;16;26;17 - 00;16;27;26
Joe Reitzug
Congratulations.

00;16;27;29 - 00;16;29;07
Makayla Mast
Congratulations to you.

00;16;29;11 - 00;16;31;29
Joe Reitzug
Yeah, there is so much more that goes into that.

00;16;31;29 - 00;16;42;06
Makayla Mast
Do you think they're almost less attached? I guess that's not the right word, but they almost it almost feels like there's less emotions in their negotiation. They're almost like, take it or leave it. This is my offer.

00;16;42;08 - 00;17;01;19
Joe Reitzug
Yes, I would agree with that. A lot of the home buyers that we work with in the average price point, you know, 400 to 800, don't set a bottom line for themselves, right. Even how much we try to get them to do it. You know, what would be your bottom line or what would be your top point that you would pay for this?

00;17;01;25 - 00;17;13;24
Joe Reitzug
I don't know, I just really want the house right? Right. A majority, 99% of the high net worth individuals, luxury properties that we work with. I hope we're not sounding too bougie here, by the way.

00;17;13;25 - 00;17;14;20
Makayla Mast
No, I don't think.

00;17;14;21 - 00;17;34;02
Joe Reitzug
It's just a difference. There is a difference between price points and how people are working, mainly by, you know, what you just said of it's not their first house, right? They're used to dealing with these these dollar figures. Right. But I think it's interesting for a lot of our listeners to hear what that looks like. On the other side.

00;17;34;02 - 00;17;52;10
Joe Reitzug
And a majority of these people, folks, if the deal doesn't make sense to them, if if the home is listed at 2.5, it's been on the market two months. There's a few flaws to it, but it works for them. And they say, you know, the most I'm going to pay for this is two four and they start out at two three.

00;17;52;13 - 00;18;05;21
Joe Reitzug
Seller doesn't take it, you know, counters at two, four, seven, five or something like that. They counter at two four and just say, if I don't get it, then I'm okay with that. It's a very black and white scenario. It is for them for the most part.

00;18;05;23 - 00;18;10;07
Makayla Mast
And it's just really interesting that that's more often than not the case with these folks.

00;18;10;13 - 00;18;12;01
Joe Reitzug
And it's cool to see. I mean.

00;18;12;04 - 00;18;12;23
Makayla Mast
Yeah.

00;18;12;25 - 00;18;13;19
Joe Reitzug
There's it makes.

00;18;13;19 - 00;18;14;25
Makayla Mast
Things a little more straightforward.

00;18;15;02 - 00;18;18;21
Joe Reitzug
The lack of emotion sometimes can be a little frustrating.

00;18;18;23 - 00;18;20;01
Makayla Mast
Yeah. You're like.

00;18;20;01 - 00;18;20;28
Joe Reitzug
You work your butt out.

00;18;21;04 - 00;18;21;18
Makayla Mast
On this.

00;18;21;19 - 00;18;27;15
Joe Reitzug
Yeah. For a whole week trying to put this together, going back and forth. And you're like, yeah, no. Yeah.

00;18;27;17 - 00;18;32;03
Makayla Mast
Speaking of that, should we get into the emotional side of high end buying.

00;18;32;08 - 00;18;34;20
Joe Reitzug
Sure. Because there is emotions involved.

00;18;34;21 - 00;18;47;05
Makayla Mast
It's not that different than the other segment buying. It's it's just a little more heightened maybe I don't know. It feels like they a lot of times these folks are looking for their forever home.

00;18;47;05 - 00;18;56;12
Joe Reitzug
I can't tell you how many times I've heard that in the last couple of months. This is a home we want to retire in and, you know, really pass along to our kids.

00;18;56;14 - 00;19;03;03
Makayla Mast
Hey, hearing I'm going to die in this home. I hate when people say that.

00;19;03;06 - 00;19;13;06
Joe Reitzug
For a number of reasons. A let's not let's not talk about death. When should be a happy moment when you're buying into your new home, right? And B, are you sure.

00;19;13;09 - 00;19;19;09
Makayla Mast
This is a lot of house to keep up? I don't know if you're going to be able to do that. Exchange 97.

00;19;19;09 - 00;19;31;05
Joe Reitzug
Yeah, I do think it's we hear that more in the upper end as far as this is a forever home. It's something that we're excited to build like our own and then maybe pass along to our kids or whatever.

00;19;31;10 - 00;19;46;16
Makayla Mast
And then a lot of times with these folks, we're looking at second homes or vacation properties. And that's like anything, a goal that they've been hoping to achieve for a long time. And so that can be very emotional for them. I mean, it's a lifestyle change. It's a big deal for people.

00;19;46;22 - 00;20;09;04
Joe Reitzug
I'm actually surprised. Not surprised, I guess it's kind of cool to see how many people in, six, seven, eight, $900,000 price range have a home at the beach, have a cabin at the at the mountain, and are kind of living that best life thing where they take their kids here, you know, they love to ski. So they've had that place for years and all that type of stuff.

00;20;09;04 - 00;20;10;11
Joe Reitzug
It's so doable.

00;20;10;13 - 00;20;10;28
Makayla Mast
But is.

00;20;11;05 - 00;20;14;14
Joe Reitzug
High net worth individuals just take it to the degree.

00;20;14;16 - 00;20;14;22
Makayla Mast
Where.

00;20;14;23 - 00;20;23;07
Joe Reitzug
It's like, oh yeah, I've got this beach house and it's like on the sand and Cannon Beach, you know, 3000ft² and you're like, oh yes, you do have a beach.

00;20;23;07 - 00;20;26;20
Makayla Mast
House and they don't have to Airbnb it to make.

00;20;26;22 - 00;20;27;04
Joe Reitzug
That.

00;20;27;06 - 00;20;28;19
Makayla Mast
Space. Yeah.

00;20;28;22 - 00;20;30;12
Joe Reitzug
You know, they just pay taxes on that.

00;20;30;12 - 00;20;31;13
Makayla Mast
Not worrying at all.

00;20;31;14 - 00;20;36;05
Joe Reitzug
But I've got friends who have beach homes that have been passed along through their families.

00;20;36;05 - 00;20;38;03
Makayla Mast
Oh, gosh. Yeah, that's a dream.

00;20;38;03 - 00;20;40;22
Joe Reitzug
Multi-generational living. It's a reality.

00;20;40;22 - 00;21;01;22
Makayla Mast
Yes. I showed a buyer client a home the other day, and she was looking to move her mom, her aunt, and this woman was in her late 50s. So her mom and her aunt and her husband's dad into the home. So we were looking at something that had was a four bedroom suite, like every or all bedrooms had its own suite.

00;21;01;23 - 00;21;11;08
Makayla Mast
I know that's very sweet. And it felt very, very emotional to her because, you know, not only were family members aging, but she's also proud of herself for being able to do that.

00;21;11;14 - 00;21;25;14
Joe Reitzug
Yeah, yeah. So, you know, it is emotional or it can be emotional. But I think when it comes down to the contract and the just said, you know, the numbers, it's usually pretty black and white. Yeah, that's not a good deal for me or yep, I'm good.

00;21;25;21 - 00;21;27;07
Makayla Mast
And I think there's a lesson that can be learned.

00;21;27;07 - 00;21;49;02
Joe Reitzug
There for sure. So what's the conclusion on all this? The conclusion is home buyers in the luxury segment right now, it's actually more competitive than the 400 to 1 million I think. Yeah 400 to 1 million. There's a lot to choose from. And quite frankly, there are some spectacular homes that aren't selling just because there aren't that many buyers out there.

00;21;49;02 - 00;22;13;26
Joe Reitzug
So it's less competition, there's more inventory to choose from if you can get around, you know where interest rates are right now. It's a great time to buy, right? You know, for the luxury buyer, there is a lot of inventory, but you have to be on your toes and ready to go for, the cream of the crop properties that come out and even the ones that really aren't that great, it takes some doing.

00;22;13;28 - 00;22;28;08
Joe Reitzug
And they're strategies that you have to know. You have to be able to really come in with strong offers now. But it's a it's a cool environment for those that that have the means to get that done. And also the second home market on the beach at the mountain.

00;22;28;10 - 00;22;29;22
Makayla Mast
That is more fierce than ever.

00;22;29;29 - 00;22;34;17
Joe Reitzug
Oh my gosh, it's crazy how competitive it is out at the coast right now.

00;22;34;19 - 00;22;35;02
Makayla Mast
It really.

00;22;35;02 - 00;23;02;02
Joe Reitzug
Is. But anyways, that's what we've got for you folks. Hope that was helpful. If you're interested in finding out more, you can go to livportland.com. That's livportland.com. And look at our show notes for today. We've got a lot of great information for you. As always. We're happy to answer any questions you have. If you've got a luxury property that you're interested in finding out more about, either the value or how you get that property ready to sell, or you're ready to sell, and you need to talk about, you know, representation.

00;23;02;02 - 00;23;11;03
Joe Reitzug
We're here for you. All right. That's all we have for today. Thank you guys so much for joining us. Makayla. Have a wonderful, wonderful weekend.

00;23;11;03 - 00;23;12;16
Makayla Mast
Thank you. You too.

00;23;12;17 - 00;23;19;27
Joe Reitzug
It's Friday junior and we're getting ready to, work through the weekend as usual.

00;23;20;00 - 00;23;22;08
Makayla Mast
I put that's okay, but that's okay.

00;23;22;08 - 00;23;27;01
Joe Reitzug
Yeah. All right, folks, thank you so much. And be sure to join us next time.

00;23;27;04 - 00;23;28;06
Makayla Mast
Bye. Thank you.

00;23;28;07 - 00;23;37;25
Joe Reitzug
Bye.

00;23;37;28 - 00;37;14;16
Joe Reitzug


00;37;14;18 - 00;37;17;20
Joe Reitzug
What do you think, Rick? Is that too much of a buzz going on?

00;37;17;22 - 00;37;21;05
Makayla Mast
Hang on. All the way to the end until I do, like, half.

00;37;21;08 - 00;37;21;27
Joe Reitzug
I know, I.

00;37;21;27 - 00;37;22;25
Makayla Mast
Know, Mike.

00;37;22;27 - 00;37;23;17
Joe Reitzug
Oh, and the mike.

00;37;23;20 - 00;37;24;26
Makayla Mast
The little,

00;37;24;28 - 00;37;31;02
Joe Reitzug
Yeah. All right. You know, it's funny is when we. Yeah. It's still.

00;37;31;04 - 00;37;38;09
Makayla Mast
Yeah. I felt like it was fine. And then I muted and came back and it wasn't I know.

00;37;38;12 - 00;37;43;22
Joe Reitzug
All right Rico. Well hopefully you can do something with this. Thank you. Bye.