Luxury real estate buyers are looking for no less than turn-key homes in 2020, according to the Coldwell Banker Global Luxury 2020 Report. A poll of Luxury Property Specialists revealed that today's luxury buyers will shell out more for homes that are move-in-ready with luxurious finishes and a wow-factor. Homebuyers are also looking for a list of built-in amenities, including extravagant home automation, outdoor living spaces and flexible indoor spaces that can serve multiple purposes.
Of those polled, most Luxury Specialists said that their buyers prefer modern or contemporary stylings in open-concept layouts. A more casual lifestyle has surfaced in recent years, and where Mediterranean and Tuscan designs were popular in the early 2000s, today's buyers are partial to a more modern aesthetic. Millennials are now coming of age - many have burgeoning families and are now in a place to upgrade their primary residences. This generation is playing a large part in emerging luxury real estate trends. They want open-concept living areas and spaces that function for their families and guests.
About 77% of respondents said that buyers are searching for less formal floorplans and more usable space. Not only should the layout function for their families, entertaining plays a large role in preferences, as well. “They want the perfect setting for their family and the ultimate setting for entertaining,” said Diane Polland of Coldwell Banker Residential Brokerage of Long Island, NY in the report. This caliber of buyers is also looking for high quality in craftsmanship and finishes.
And today's luxury home buyers don't want to perform extensive renovations to their new single-family homes, either. They are looking to move right in and experience the luxurious lifestyle their new homes afford. Reportedly, 68% of respondents said buyers have come to seek out new-build homes more so over the past year. Roger Pettingell of Coldwell Banker Realty, Longboat Key, FL said in the report, “They're willing to pay up for brand new or newly renovated, and they will even give up a view if you have a new home requiring no work.”
Outdoor living spaces are also a top priority for new luxury home buyers. Nearly 72% said they are a necessity for affluent homebuyers in today's market. This trend reflects the growing affinity to merge real estate with nature, as people want to be closer to their natural surroundings more so now than ever. Furthermore, homeowners want to maximize usable space on their properties. Indoor/outdoor living and entertaining reflects an idyllic affluent lifestyle that high-end buyers envision for their home lives.
Another must-have this year is multifunctional rooms, or flex spaces that can serve any purpose the homebuyer sees fit. While work has become exponentially more mobile with many employees having the ability to work from home, office space can be anywhere. Buyers are looking for ease of living and a home with rooms that can perform multiple duties. A dining room can double as a meeting space, an office can also be an entertaining space and a spare bedroom can also serve as a screening room.
Technology plays a large role in the allure of a new home for affluent buyers. Some 81% of those polled said home automation is their most desired feature. Technological advancements also include smart security systems, wireless sound systems and car charging stations. This goes beyond the automated lighting and temperature control of yester-year. Luxury buyers are looking for integrated Smart Home technology that combines all of their systems seamlessly. Tech should learn and adapt to a homeowner's lifestyle and personalize systems to his or her needs.
On the contrary, home features that affluent buyers are doing away with this year include highly customized permanent features, tennis courts and indoor pools. Larger homes seem to be less in vogue, as well, as many baby boomers are downsizing and millennials are willing to sacrifice size for location.
Do you have a luxury listing that deserves the spotlight? Share it with our audience here!