The COVID pandemic has turned the housing market upside down and inside out. Many pandemic-inspired changes have also shifted luxury buyers’ preferences. Here are current trends that many luxury homebuyers share.
- The first and most dominant luxury homebuying trend revolves around space and privacy. Space and privacy both inside the property AND space and privacy outside. Luxury buyers want to spread out so they and their family/friends can live, work, learn and play in the privacy and safety of their own self-contained homes, estates, ranches and/or compounds.
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- Luxury buyers want views…views of mountains, water, golf courses, you-name-it. After looking/feeling locked up inside four walls during the pandemic, luxury buyers can’t get enough views.
- Many luxury buyers want turn-key properties, not projects…properties that give them everything they want without having to wait for redo’s or renovations or materials to get done, fixed or delivered.
- Many luxury homebuyers want flexible and/or multiple living spaces on the property to accommodate their family/friends for any amount of time, even permanently. Casitas, guest houses and/or attached/detached apartments on the property are in high demand. This “want” gets back to the most dominant trend…space.
- Having seamless home/work technology is a must for luxury home buyers. This means electronic vehicle charging, home automation, sophisticated home-office-learning-Zoom setups, in-house production studio/theaters for public speaking/social media platforms/presentations/podcasting/recording.
- Health and wellness, green and clean properties built with sustainable materials and systems that provide filtered, purified air, water and lighting that help facilitate circadian rhythms. Home gyms, meditation rooms, yoga and/or indoor cycling studios are all amenities that are consistent with lux buyers’ demand for healthy, green/clean, private/safe properties.
- Luxury buyers want self-contained, livable, usable properties both inside and outside the home. Rather than aimless, rambling rooms/spaces and rather than having to leave the property to do things buyers want to do, luxury buyers essentially want their properties to be the center of the universe.
- Many luxury buyers have car collections and therefore want spacious care storage and electric charging on-site.
Thanks to Inman.