Upscale Buyers Want....
When someone planning to spend well into the seven figures for a house begins their search, there are a few 'Must Haves' that they always insist on in the home they buy. Certainly individuals will have their personal unique requirements, but there is one set of things that never is ignored. This is a gourmet or chef's kitchen, followed very closely by spectacular views.
What amenities are most important to affluent buyers in the market for a luxury home?
A recent survey by Realtor.com found that the most popular feature, sought by 54 percent of luxury buyers, is a spacious chef’s kitchen equipped with the very finest high-end appliances and cabinets. (Granite counter tops are still popular, although other materials such as glass, soapstone, and metals are the current rage.)
The second most popular feature, with 44 percent of the vote, is a sprawling view of the world beyond — ocean, mountains, or cityscape — followed by the square footage of the property (38 percent) and an expansive master suite (36 percent).
According to the survey, 13 percent of respondents said they are ready to buy a luxury home and another 26 percent are considering a high-end home purchase.
“The luxury home buyer is an important contingent of today’s real estate market, as luxury homes tend to drive trends throughout the entire balance of the marketplace,” Realtor.com spokeswoman Barbara O’Connor said in a statement accompanying the survey results.
“We are seeing large portions of buyers throughout the country … eyeing luxury homes,” she said. “This means sellers, builders, and certainly Realtors, should all be paying particular attention to desired luxury amenities, such as chef-quality kitchens and master suite features, to close deals for them.”
Forty percent of luxury buyers say the biggest challenge in searching for a high-end home is to find a property that meets their family’s needs; 20 percent say it’s the limited number of properties on the market.
Survey respondents in Northeast, Pacific, and Mountain states said the minimum price point for luxury housing is $1 million. In South Central, North Central and South Atlantic states, the minimum falls to $500,000.
Christie’s International Real Estate’s recently released 2013 Luxury Defined report found that sales volume for homes priced above $1 million jumped 62 percent year over year in San Francisco. Luxury buyers in the city paid an average of $829 per square foot, less than those in New York and Los Angeles.
So, when you're planning upgrades, or getting ready to do some makeovers to prep your home for top dollar in a sale, make certain you remember these items. Obviously, you cannot create a view if one doesn't exist, but if there is one out there that's blocked by trees or shrubbery on your property, a professional selective trimming or daylighting can make a world of difference. The kitchen, on the other hand, is a matter of design followed by construction.
Unsure how to proceed, or need some expert help? Call us! We maintain a full and current list of experts in all areas of property preparation and construction just for these moments. Peter: (415) 279-6466; Jane: (415) 531-4091. We'd be pleased to help you in any way possible.