While Fazendin Realtors is happy to help people buy and sell homes in every price range, the luxury market in Minneapolis is really hot right now. “Listings increased 6.3% last year for million-dollar plus properties over the previous year,” says broker and owner, Andy Fazendin. “Meanwhile, for the rest of the market, there was a decline of 12.5%.”
With luxury homes, there are certain things that buyers insist upon such as large kitchens, primary bathroom suites, offices and even pools. But, there are many facets and details that go along with those needs.
“When we talk about luxury homes, we're seeing a lot more emphasis on locations that are on lakes or on pieces of land that have woods, hills or other appealing settings,” he says. “On the inside, fully loaded home gyms have become increasingly popular. People are even leaning more towards home spas with steam baths and saunas versus just home gyms.”
Andy believes much of this shift came as a result of COVID when gyms were closed. During that time many homeowners realized that having a workout space at home is a great convenience. This is also why, he says, indoor and outdoor sports courts have become very popular.
“A lot of builders, even the big national builders, are offering to put in a half gymnasium style room with high ceilings. We live with weather extremes in Minnesota. This makes an indoor basketball hoop, for example, a good option for winter training as well as space to practice hockey during the summer. Interest in building or installing indoor golf simulators has also spiked in recent years.”
When it comes to kitchens, changes are also taking place. “For several years luxury buyers have been moving away from granite countertops,” says Andy, “while Marble, quartz and quartzite are very much in demand.” High-quality white oak is still a popular and practical choice for flooring, but some people are also looking towards more exotic woods. Some luxury buyers are choosing natural wood cabinets to add warmth to kitchens, but white enameled cabinets remain popular and timeless. For appliances, built-in steam ovens, air fryers and flat-top griddles have also become much more popular.
An open-concept floor plan is still desired, but there’s also more of an appreciation for coziness and nooks that promote privacy. “We probably saw the open floor plan trend go somewhat too far a few years ago,” he says. “Now it's being scaled back a little bit.”
With the interest rates coming down, Andy expects the increase in market activity to continue. “There are some good deals out there, and even if you have to live with a higher interest rate right now, there will be an opportunity to refinance when they decrease even more. A lot of people who stopped looking for houses last fall when the rates reached 8% are going to be back in the market this spring. While we anticipate an active market in all price ranges, we'll definitely see a very active luxury market as 2024 unfolds.”
Andy is proud of the fact that Fazendin Realtors has been voted the number one luxury brokerage by the Star Tribune, but it’s not the only thing he’s proud of when it comes to his company.
“Giving back to the community has always been important to Fazendin,” he says. “I bought the company from my father eight years ago and one of my goals was to start a charitable foundation to increase our giving and make a bigger impact by being more organized.”
The biggest contributors to the Foundation have been the agents. “At every real estate closing we have, our agents have the option to contribute to the Foundation, which is then matched by the company. Basically, the Fazendin agents and company are contributing to the Fazendin Realtors Foundation on behalf of our clients that just bought or sold a house, so that's a feel-good moment for everybody.”
The mission of the Foundation is to provide financial support to members of the Twin Cities community in need of safe shelter or housing through the direct support of organizations providing these services. “We started this about a year and a half ago with a goal to raise a specific amount of dollars in our account before we started giving,” says Andy. “We want our giving to be impactful for the beneficiary, which requires a substantial donation, not a symbolic one”.
The company reached that threshold last November, and now the Foundation is in the process of soliciting organizations to complete the application process, which can be done through its website.
This foundation is in addition to Fazendin’s Community Cares Group, which hosts an annual Toys-for-Tots collection around the holidays and has supplied bedding such as comforters to organizations that need them. Fazendin’s relocation department hosts a blood drive every spring, inviting agents, clients and members of the public to donate blood.
“Our biggest and most impactful project that we do every year is our brown bag food project,” he says. “I'm happy to report that last year we collected 6,500 pounds of food donations for NorthPoint Community Food Shelf in North Minneapolis. That was matched 100% by the company, bringing the total donation to 13,000 pounds.”
Having been founded by his grandfather 58 years ago, Fazendin and the company as a whole feel an obligation to give back to the community that has continued to make it a success over the years.
To find out how Fazendin Realtors can assist you with your real estate needs, go to FazHomes.com.
"We'll definitely see a very active luxury market as 2024 unfolds."
