What do Luxury Real Estate Buyers Want in their Home

For those catering to the luxury real estate market, it is important to know what type of features and designs attract luxury home buyers.

A recent study from Coldwell Banker Global Luxury Report 2020 revealed what type of homes and features high net worth individuals are looking for.

Move-in Ready Modern Homes

The Coldwell Banker report that surveyed 22 luxury real estate agents found that wealthy homeowners prefer modern designs and recent construction date. While some do not mind renovations, townhouses or city lofts the majority of buyers favour new buildings with modern open concept floor plans.

The report revealed that nearly 80% of wealthy buyers look for flowing layouts with easy informal transitions. It is also reported that 70% of respondents said that new construction homes have risen in popularity over the past year.

Anne DuBray of Coldwell Banker Realty comments:

Buyers are into the finishes and something in the house that gives it a wow factor.

Home Automation

Home automation ranked as the top feature valued by buyers. 81% of the agents reported that wealthy clients search for smart homes. Miami-based agent Danny Hertzberg commented

If people buy a fully renovated turnkey home, part of that turnkey idea is to have smart-home technology that is voice-activated and precisely integrated,

Adding

The evolution of smart home tech has gone from convenience-focused applications to experience-focused integration of all components for daily living and energy efficiency.

Technology has now developed into areas such as smart security systems, electric car docking stations, and energy-producing roofs.

Lifestyle Spaces

Outdoor living space has maintained its appeal with spaces being adapted for lifestyle. For example, au pair suites are often a feature that wealthy families look for so that live-in nannies can care for children. As well as this, buyers also have a preference for spaces that are flexible and can shift in purpose.

Tracy Allen of Coldwell Banker Pacific Properties in Honolulu, Hawaii commented

I think we’re seeing more of these multifunctional spaces because people want the ease of living,

adding,

With everyone working on laptops and being so mobile, I’ve found that many of my luxury listings must have a component that is multipurpose and multifunctional. Dining rooms can double as conference rooms; you can have a business meeting in the dining room, then put your laptop away and lunch is served.

Amenities for Wellness

Features such as spas and gyms come as no surprise however the report reveals that buyers are focusing more on amenities that empathize holistic health and the environment.

This involves things such as energy efficiency, air, and water flow as well as natural lighting. Wellness considerations must underline the design, functions and local residences. Eco-friendly certificates can be obtained as proof of environmental consideration. Paul Scialla, a former Goldman Sachs partner and founder of Delos commented:

Awareness and knowledge of the benefits of living in an eco-friendly environment coupled with an industry ready to support the building of wellness real estate will ensure that this segment continues to grow.

 

Steven Zenios

Steven Zenios

Steven Zenios is a young author and designer with strong passion. A specialist in web design and development, blogger, author and Blockchain entrepreneur. He is the CEO of Web Theoria, a digital agency based in Cyprus. In the last 10 years, he has vastly improved his knowledge and skills to produce great pieces of work, both in the web design industry and article/blog industry. Contact Steven at +357-22029786 ext: 6120 or by email at szenios@highworthcitizen.com for editorial related questions.



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