Today’s luxury homebuyers are savvier and more confident than ever, they know what they want and have the resources and capabilities to get it, allowing them to transform luxury living spaces into ultra-comfortable, high-tech homes. Gone are the days when overwhelming amounts of square footage equate to a dream home. The affluent consumer now seeks multiple homes to fit their lifestyle needs and extra amenities, with an affinity for high-tech features.
Multiple Properties and Lifestyles: As the real estate market comes roaring back, a new vote of confidence is apparent among luxury homebuyers. Investing in more than one home has become a trend in today’s luxury market. A majority of luxury homeowners surveyed (53%) prefer owning multiple “lifestyle” homes to support activities like skiing or theater going. In fact, more than half (58%) of luxury homebuyers already own multiple homes to support their lifestyle activities. Lifestyle Home Search
Fabulous Lifestyles Meet Fabulous Amenities: Bigger isn’t necessarily better – or more luxurious. In fact, 60 percent of luxury homebuyers surveyed would rather have as many upgrades as they can afford in their home, rather than more square footage. Similarly, nearly all (94%) luxury homebuyers surveyed would be willing to give up 1,000 square feet of living space from their next home in order to get a lifestyle amenity they desire, such as; living in a better neighborhood (54%), living in a house with “character” (51%), more land (44%), access to dining and entertainment (39%), and a shorter commute (38%).
What are the most desired home features among the wealthy? The survey found that its respondents listed as the top desires in a property:
- “Move-in” condition: 43%
- Fully automated and wired home environment: 41%
- LEED-certified green home: 36%
- Open floor plans: 36%
- Home gyms: 34%
- Home theaters: 32%
- Safe rooms: 30%
Wired for Luxury: When it comes to their dream home, a majority (66%) of luxury homebuyers surveyed said a “smart” home is more important to them than a “green” home. When house hunting, 87 percent of luxury homebuyers surveyed would not consider living in a home that isn’t tech-friendly. They want to be able to control their thermostat using their smart phone before they get home, or monitor their security system including video cameras from the phones or tablets.
But not all “must-haves” are high-tech related. Three of the top five luxury home “essentials” are outdoor oriented including a garden oasis (53%), outdoor fireplace or fire pit (50%) and a separate guest house outside of the main home (47%).
They turn to their real estate agent for guidance and greater insights. Ninety-six percent of luxury homebuyers today are leaning on their real estate agent for more acute information than ever before. They are looking for insight into neighborhood lifestyle (65%), advanced new listing notices (64%), advice on housing trends (55%), and support on a personal level throughout the home buying process (53%).
The luxury consumer is considered a trendsetter in most industries, and to see the strong connection this consumer has with ‘home’ is very significant as we look at the real estate market as a whole. The luxury homebuyer has high standards and invests the money, the time and the commitment to making their home fit their needs and reflect who they are. It’s remarkable that they do this so well that nearly all – 93 percent – believe their house is the best one on their block.
What type of Luxury Real Estate do you want? Everyone has a different idea of what represents their “dream home”. When some high-end home buyers talk about luxury real estate, they imagine a gated country club commmunity; others want to live in a town home or high rise condo or downtown loft; still others picture a mansion with acreage and privacy. Which of these luxury property types appeal to you?
- A private lakefront getaway
- A ranch or equestrian estate
- A mountain home
- A wine country estate
- Oceanfront living
- Ski resort home
- A home in a golf community
- Condominium in upscale urban area
- Luxury suburban home
As you can imagine, each of these luxury real estate types will have its own unique amenities and characteristics. Some kinds of luxury real estate are region-specific: for example, if you’re looking to own a luxury home in a city like Columbus, you are probably interested in a luxury suburban home or a home in a golf community. If you’re still not sure what type of property you want, think about what you want the most from your luxury real estate. Are you buying this home to get away from it all—or do you want to be close to shopping districts and entertainment? Do you want a spectacular view, or is the home itself—with its fine architecture and furnishings—the most important part of your purchase?
High net worth individuals surveyed give the following reasons for buying real estate:
- 40% cited investment attractiveness
- 39% desired to live in a specific location
- 38% sought a safer investment than the stock market
- 31% wanted to take advantage of low interest rates
If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!
The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley Columbus Delaware Downtown Dublin Gahanna Grandview Heights Granville Grove City Groveport Hilliard Lewis Center New Albany Pickerington Polaris Powell Upper Arlington Westerville Worthington