While many would-be buyers continue to struggle to purchase homes, there’s a subset of the market that’s managed to sustain itself even as borrowing rates have soared. The luxury real estate market is alive and well thanks to a small but notable percentage of buyers who, perhaps buoyed by seven-figure salaries and a strong stock market, have the funds to invest in higher-end homes and features.
Whether you’re a luxury buyer yourself or someone who strives to be one someday, you may be curious as to what high-end homeowners are prioritizing.
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1. A Focus on Wellness
It’s not uncommon to regard a home as a haven. Now luxury buyers are putting their money into features that promote wellness at home, says Cassi Hallam, chief marketing officer for System Pavers, an outdoor living design and renovation company in southern California.
“We’ve seen many homeowners looking for ways to maximize their outdoors with features that help them feel better, both physically and mentally,” she says.
Hallam notes that outdoor kitchens are becoming more popular. “They’re an enjoyable way to promote wellness by encouraging home-cooked meals and providing a space for social gatherings,” she says.
Clients are also increasingly focusing on water features, like outdoor fountains. “The soothing sounds of water features create a tranquil atmosphere, perfect for relaxation,” Hallam adds.
Hallam has also seen an uptick in custom outdoor gyms and yoga spaces. Artificial turf, she says, is a great choice for at-home recreation.
Maureen McDermut, a luxury real estate expert with Sotheby’s International Realty in Montecito, has also seen increased interest in personal wellness at home.
“On the wellness front, cold plunge pools and infrared saunas are becoming very trendy. As more and more homebuyers are looking to make their homes a sanctuary and a low-stress environment, prioritizing wellness has become a big request among buyers,” she says.
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2. Thinking Beyond the Pool
Pools have long been a sought-after fixture in luxury real estate. Hallam says that homeowners and designers are increasingly making pools a focal point while building features around them.
“Pools are already seen as luxurious additions,” says Hallam. “But what we’ve been seeing more and more of are homeowners who are complementing their pools by building outdoor kitchens, bars, dining areas or fire pits near them. This transforms the area into a comprehensive entertainment hub.”
3. Fire Pits and Fireplaces Are a Must
Fire pits aren’t necessarily synonymous with high-end properties, but Hallam says luxury clients are increasingly becoming interested in custom-designed fire pits, as well as built-in outdoor fireplaces.
“They not only serve as stunning focal points, but also extend the usability of outdoor spaces into cooler months,” she says.
4. Privacy and Security Are Key
For many luxury homeowners, it’s important to feel like they’re escaping to a safe, remote space. “As luxury real estate continues to evolve, high-budget buyers are increasingly prioritizing privacy and exclusivity,” says Fiona Dogan, real estate agent with Julia B. Fee Sotheby’s International Realty.
In Westchester County, which is adjacent to the New York City metro area, Dogan’s clients are seeking out gated communities. That added layer of security lends more peace of mind.
Additionally, Dogan says waterfront properties with private docks have become extremely desirable, with buyers willing to pay a premium for direct water access.
Melissa Hoff, broker associate/team leader at The Hoff Group at Compass, has seen a similar trend. “High-budget buyers are prioritizing privacy and security when it comes to their luxury homes,” she says.
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5. Curb Appeal Remains Crucial
Luxury buyers are willing to invest in curb appeal that goes beyond the norm. In Dogan’s experience, today’s buyers want more than just high-end stone walkways. They’re seeking homes with impressive outdoor lighting fixtures, exterior finishes, extensive lawns and sophisticated landscaping, including uplighting.
Along these lines, Hallam says that paver driveways are becoming more popular. And a big benefit, she says, is that they “look as good as new decades after installation.”
6. At-Home Entertainment Is Taken to the Next Level
Luxury homebuyers don’t necessarily want to leave their properties to keep busy. “Luxury homes often feature lower-level recreation areas equipped with home theaters, gyms, bars, secondary kitchens and hobby-specific rooms like basketball courts, ice hockey rinks, ballet studios, soundproof music rooms and wine rooms,” Dogan says. These spaces are often custom-designed and tailored to clients’ preferences.
Hallam’s experience has been similar. “We’ve seen a rise in artificial turf putting greens and other custom exercise areas. Even pickleball courts are starting to become a backyard must-have,” she says.
7. Utility and Function Take Priority
Luxury homes need to be as functional as they are aesthetically pleasing. Dogan says luxury buyers in her market often require several utility areas within the home. These include multiple laundry rooms, butler’s pantries and food prep areas.
In addition, the work-from-home trend now extends to higher-level executives who may be in a position to afford a luxury property.
“Home offices are a must-have,” says Dogan, “typically with at least two to accommodate work-from-home executives.”
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7 Luxury Real Estate Trends to Watch originally appeared on usnews.com
