As a seasoned real estate investor, Bruce Strebinger specializes in developing luxury and multifamily homes, Strebinger is familiar with luxury home trends that will likely last beyond 2022. He offers insight into what buyers in the market expect from high-end homes to enable developers and investors alike to make smart construction and investment decisions.
“Whereas there may have once been a need for ivory towers for the wealthy, there’s a pull for people to build stronger communities now. So even as privacy remains an invaluable benefit, wealthy individuals seem to want to spend quality time with their neighbors. They want their homes to support this lifestyle,” Bruce Strebinger notes.
He urges developers to pay attention to luxury outdoor features that make it possible for individuals to host large gatherings on their own property. A built-in barbecue, outdoor refrigerators, and pizza ovens are all sought-after features that set an upscale home apart from other residences. An outdoor theater area is yet another great option, as is an ornate pergola with a chandelier.
The kitchen also needs to be high on a developer’s list, Bruce Strebinger explains, for the same reason outlined above. It’s an ideal place for people to congregate with others; to this end, it should be large and feature appliances typically seen only in upscale restaurants.
Luxury stores feature multiple burners and come with fast-cooking, high-tech ovens to make it possible to prepare food in a jiffy. Space for a walk-in pantry is a must, and aspiring luxury homeowners look for pantries that contain shelves for storing food and a classy food prep area.
Luxury buyers also pay close attention to bathroom design, Bruce Strebinger continues to explain, and developers should do so as well. Bathrooms should be high-tech yet have a relaxed feel and ambiance.
It used to be as simple as adding a Jacuzzi to the bathroom may have been enough to appease buyers; now, trends include 100% stone surfaces, enormous walk-in showers, heated floors, and a soaker tub. A mini-refrigerator is also in order as the bathroom becomes a luxurious venue in which one can kick back and relax after a hard day’s work.
The luxury real estate market has cooled somewhat, Strebinger points out. Even so, the industry is set to rise in value once again, spurred in part by a shortage of luxury real estate in the United States. While some buyers are willing to pay more for homes with fewer features than expected, this situation won’t last.
Developers would do well to be aware of trends in luxury real estate construction to turn the highest possible profits on sales. While it’s impossible to accurately predict what each and every buyer wants from a luxury residence, investing in upgrading outdoor areas, the kitchen and the bathroom will almost certainly bring in a high return on investment and enable a home to sell faster and at a better price than would have otherwise been possible.
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