Whether your vision of luxury living includes first-class travel, designer clothes or gourmet meals, it’s also likely to include a home. The luxury home market grew in 2015, with the pace of sales of existing homes priced at $1 million and above rising 18.4 percent from January 2015 to January 2016, according to the National Association of Realtors. Regardless of the size of the home or the location, certain characteristics are shared by homes that carry a high price tag.
Must-Have Features in Luxury Homes
Buyers of these homes have great expectations for the quality of the residence they’re purchasing, so hardwood and stone flooring are assumed to be among the standard features of any high-end home. Similarly, features like upgraded professional-grade appliances by companies like Wolf, Viking and Sub-Zero are part of many upscale homes. Marble and limestone are used in the spa-like bathrooms, and high-end fixtures by companies such as Waterworks and Grohe and items like freestanding soaking tub and multiple showerheads are also common in luxury properties. However, when it comes to luxury living in the city, the must-haves can vary greatly from their suburban and rural counterparts.
Hotel-Like Amenities Abound in Urban Luxury Housing
Condos that cost $1 million and up typically have more square footage than a standard condo, but far less than a similarly priced single family home. What buyers are paying for is a lifestyle akin to luxury hotel residence in a prime location. In fact, some luxury condos now offer their residents the option of ordering room service on a daily basis.
Buyers at upscale condos expect exceptional service and amenities, such as a door attendant, 24-hour concierge, a fitness center and a resort-style swimming pool. Guest suites are popular in luxury buildings, too, some of which are available for occasional reservations and some for purchase. Social spaces such as screening rooms, reception rooms and temperature-controlled wine rooms are also available to urban luxury homeowners. Select luxury condominiums have even employed a sommelier to help residents with their wine selections.
Private elevators directly into the home are also growing in popularity, and residents and their guests enjoy having the privilege of being whisked directly from the garage or the building foyer into their own condo.
Be sure to come back next week, when we talk about spa-like retreats, wine cellars and other amenities luxury buyers outside of the city consider to be “must-haves.”