February 21, 2014
From RIS Media’s Real Estate Magazine: Keeping Up with the New Joneses, Redefining Luxury
A survey by Better Homes and Gardens on the latest trends in luxury home buying found:
- 75% of luxury buyers surveyed believe that homeownership is a more sound investment than the stock market.
- 66% say that a smart home is more important than a green home.
- 87% would not consider a home that isn’t tech friendly. They want to be able to manage thermostats, lighting, door locks and security from their phone.
- There has been an attitudinal shift. The drive to make more money has become the drive to make more time to enjoy their money.
- 94% would give up 1,000 square feet for a lifestyle amenity. Comfort and lifestyle preferences take precedence over square footage. On the Cape, we often see this in beach neighborhoods.
- Inside the house they want steam showers, saunas, climate controlled wine rooms, hobby rooms, elevators and large garages. Swap one for waterviews, beach access or dock rights and you’ve customized it for the Cape.
- Outside they want a garden oasis, outdoor fireplace or fire pit, outdoor gourmet kitchen and a separate guest house.
- Luxury buyers gravitate toward homes near high end shops and top restaurants.
- 58% of luxury buyers already own multiple homes to support their lifestyle activities.