The COVID pandemic kickstarted home prices as well as luxury buyers’ expectations. Developers are responding.
Former Amenity Upgrades Now Expected
Luxury buyers and renters alike will pay whatever the costs of their homes and apartments for expansive outdoor space, full-functioning luxury services and treatments for their day-to-day comfortability and their work-life convenience.
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All-Season Outdoor Space Here to Stay
Francis Greenburger, chairman and CEO of Time Equities in Chicago, said, “All-season outdoor space is something that’s here to stay…people want to see the decks…the combination of active spaces – pools, fire pits, activities – and other areas with (features like) meditation gardens…”
Greenburg added, “Not that people didn’t value it (outdoor spaces and amenities) before, but it took on new meaning through the pandemic… (they) want to see…what that (space) looks like and how it feels.”
Full-Service Luxury, Event Programming & Hotel and Michelin-Branded Services
Many of the luxury buyers who initially fled urban towers for single-family homes at the onset of the pandemic are returning to new urban developments. According to Ryan Serhant, founder of the Serhant brokerage, “They’ve spent the last 18 months doing everything for themselves, and they’ve come back and want to get back to…(having) things taken care of. They want the services and they pay for them.”
Such desired services look like classic concierge services, butlers, in-house restaurants from celebrity chefs, branded boutique fitness classes, curated events such as wine pairings and tastings, personal shoppers, sommeliers and bartenders, and incredible spas.
Luxury buyers and renters now want to interact within their buildings. Tina Nerason, executive vice president with the residential firm Montage International, said, “Now the social aspect has definitely started to become more attractive for our families and our owners.”
Working/Learning from Home Over Time
Luxury buyers and renters already have home offices in their homes and/or apartments. Now they want to expand their remote working options with communal amenity spaces such as conference rooms and private rooms. Andrew Harris, an agent with Sotheby’s international Realty in New York City, said, “…people that live in buildings can maybe go downstairs and have a meeting rather than going to the office.”
For parents working from home, Kristin Jordan, an agent with Douglas Elliman in NYC, said, “…being able to have these other spaces for their kids is really helpful right now…they want to make sure they have a playroom to send them to, and a lot of community-building happens in these spaces.”
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Holistic Approach to Health and Wellness
Beyond the basics of cleanliness and top-quality air filtration systems, new buildings are allocating huge amounts of space (both indoor and outdoor) to expansive fitness and spa facilities. One new development in Miami’s Surfside neighborhood has a full-sized tennis court on its rooftop in partnership with a celebrity tennis coach offering lessons for residents.
Other buildings in New York are partnering with Hudson Valley farmers who deliver farm boxes to the building on a weekly basis for residents. Other buildings in New Jersey have working farms supply residents with fresh produce plus, “residents have a plot of land to farm on in any way they wish – we can do it for them or teach them.
Obviously, green tech (LEED certification and electric car charging stations) and top-of-the-line sustainable design fit hand-in-glove with heightened health and wellness consciousness.
Thanks to MansionGlobal.