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What's hot in the luxury home market?
Fabulous features, his-and-her rooms, lots of kitchens...

By Laurie Moore-Moore
Founder, The Institute for Luxury Home Marketing (www.luxuryhomemarketing.com)

If you work with upscale buyers, have builder clients who turn to you for advice on the amenities to include in their new product, or have sellers who need to update to maximize value, you need to know what's currently in demand (and adds value) in the luxury home market. Today's luxury homes are packed with amenities and offer his-and-her features that luxury homeowners of a decade ago never even dreamed about. If you don't work in the luxury market, this information is still relevant. What shows up in today's luxury homes will often appear in a more conservative way in lower priced properties.

One for him, one for her
His-and-her sinks in the bathroom have morphed into his-and-her bathrooms. Separate closets, dual dressing rooms, separate garages (hers is near the kitchen), and his-and-her living areas are also increasingly common features in million dollar properties. In short, gender-specific rooms are all the rage with affluent homeowners. She may enjoy a yoga room while he has a cigar room/gentleman's retreat. He spends time on his backyard putting green while she entertains friends in her sitting/reading room. His closet boasts quality paneling while hers has climate controlled fur storage and a ball gown section. Alas, they may have to share the suitcase/packing room and the media room. And, of course, they each have a home office with broadband Internet access. In addition, luxury homebuyers are asking for another room where kids can do homework, surf the web, and play computer games.

Four kitchens?
Another trend in upscale homes is multiple kitchens. In addition to a main kitchen, top of the line homes often have special catering kitchens and mini-master bedroom or guest room kitchens. At the very least, you may find a coffee bar in the master. In climates conducive to outside living, complete outdoor kitchens (most likely his) are gaining popularity. These cooking spaces often include everything from refrigerators, ovens, icemakers, and of course an elaborate grill.

The main gourmet kitchen has also been updated. Granite countertops still are on many homebuyers' lists, but quartz product countertops are increasingly popular. Corian, concrete, and stainless steel counter tops are still preferred by some. Cabinetry, often mis-matched to look more like furniture, teamed with metallic finish appliances highlight up-to-date kitchens. For those who remember harvest gold and avocado green appliances, guess what? Colored appliances are back. Today's colors range from red to purple to green and tan (even Sears Kenmore has added color appliances to their product list). Vegetable sinks are must haves in many kitchens and major appliances have gone super-sized. Multi-level kitchen islands offer a working height and a lower dining height for multi-purpose use. Upscale kitchens may offer "centers" for baking, prepping, and other cooking and cleaning functions. Translucent glass tiles, mother of pearl, and other exotic back splash surfaces in lieu of ceramic tiles, complete cutting-edge kitchen decor.

The butler's panty is another popular feature in upscale homes. Designed as a staging area between the kitchen and formal dining room, this special purpose room offers storage for crystal, china, silver and other items. If there's no wine cellar or wine room, the butler's pantry will generally have temperature controlled storage for red and white wine. If there is a wine cellar, it often includes a small dining room/wine tasting area.

Showers are hot
The stress relief or spa bath is also an important amenity in luxury properties. Roomy, multiple-head steam or rain showers are gaining popularity while the newest bathtubs are bright with LED lights. These chromotherapy tubs let you change light color according to your mood. Luminous glass tiles in a variety of colors are also showing up in the bath, so is the "fixture as furniture" look. The addition of upholstered furniture -- from chaise lounges to recliners -- is making bathrooms more like home spas. Vessel sinks are waning in popularity and furniture fixtures are adding bathroom pizzazz.

What else might you expect your buyers to request in their new million plus property? More square footage. Million dollar homes most likely measure-in at least 4000 square feet and pricier properties on the market today may be 45,000 square feet or more in the main house. Guest cottages, pool houses, courtyards, porches, and elevators, are common features in luxury properties for sale across the country.

From cocooning to blooming
Don't forget the out-of-doors. Affluent homeowners have given up cocooning, stepped outside and rediscovered gardening. Multiple gardens, potting sheds, garden accessories and garden art are more important than ever, as illustrated by the growing sales of garden catalog companies and garden emporiums. Water features including fountains and waterfalls are making a splashy comeback in popularity. Complete outdoor rooms with weather proof furnishings that look like they belong indoors are new outdoor amenities, as are fire pits, and modular sports courts for tennis, basketball, or other outdoor activities. Glass walls which retract to open up rooms to the out-of-doors are seen in "good weather" markets and glass which turns opaque with the flip of an electric switch gives you views or privacy on demand.

Luxury homes are also blooming with the latest colors. Did you know that representatives of home product companies from wall paints to linens meet regularly to agree on the next color palette? That's why disparate products from differing manufacturers are color coordinated. Today's featured colors are moving toward the richer hues. Expect to see lots of rose, lavender, and magenta as well as fern green and teal. Grays, silver, chili pepper, and cobalt blue will join the list for 2008. Wallpaper is even staging a bit of a comeback, at least in period homes. Watch, too for black crystal chandeliers.

Staying in tune with the features and amenities most in demand is just one more way you can add to your product knowledge, build your expertise in the luxury home niche, and deliver even better service to your upscale clients and the builders with whom you work.
 

Winter 2007 Newsletter


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Q & A with
Dennis Walsh

 

Please visit our friends at The Institute for Luxury Home Marketing


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