Key Highlights
- Features once assumed now becoming precious to homebuyers
- COVID real estate market now has additional must-haves and guidelines that indicate “luxury”
Since October is “Luxury Month” according to Inman, we thought it important that everyone understood what “luxury” means in our current COVID real estate market.
As always, luxury has implied features such as location, price and size. Now, amid this COVID real estate market, “Luxury” means quality service and product (home), myopic attention to all aspects of service and the product itself, scarcity, newness or at least refurbished to the highest standards and, of course, higher expense. In any location (urban, suburban or rural), ‘luxury” implies natural sunlight, open spaces and fresh air.
Buyers who are purchasing “luxury” in urban areas now expect private terraces and/or roof decks, parking and (best case) private, individual elevators to their residences. Parking translates into two spaces per apartment with some additional parking spots for their guests/visitors. Luxury urban buyers are simply not interested in public transportation despite efforts by local governments to implement health/safety precautions designed to stop the spread of the COVID pandemic.
Luxury buyers want designated spaces for their pets since pet adoption has skyrocketed during the pandemic. Grooming and play areas, pet playgrounds for warm weather and concierge services for pets (walking, play-date scheduling, at-home grooming) are all features lux buyers want, if research confirms that pets do not spread COVID.
Must-haves in any luxury home and apartment in any urban, suburban and rural location include home offices, home classroom spaces, exercise rooms, spa and/or salon-type bathrooms, home theaters, party rooms equipped with bars and dance floors and lavish outdoor spaces appointed with outdoor kitchens, warming ovens, refrigerators, and bars.
Of course, indoor chef’s kitchens are a given along with sizeable pantries, prep areas, multiple refrigerators, stoves, dishwashers.
Swimming pools, both indoor and outdoor, are expected by lux buyers, as are large yards with playground equipment for children and even putting greens for anyone over eight. Defining and tasteful landscaping, lighting effects, perhaps a quality outdoor screen for movies and videos and outdoor sound system for family and friends to watch/ listen to play their favorite games/programs/music are high on the lists of luxury buyers.
The latest in home technology and security systems both inside and outside are givens as are air purification systems and ionizers inside wide, high, and open lux home spaces.
Will all or some of these above mentioned must-have luxury features last indefinitely? Who knows? For right now, however, luxury buyers are focusing on their perceptions of health and safety… as are all COVID real estate market professionals.
Thanks to InmanNews.
Also read: McKissock 2019-2020 Real Estate Income Guide – Part II, 7 International Cities Most At Risk of Housing Crash, How Has Pandemic Affected Timeshares?
