A few short months ago, the hottest luxury buildings in cities across the country were luring high-end buyers with an endless array of amenities. From state-of-the-art fitness and wellness centers to luxury car share programs and coworking spaces, they offered residents exclusive access to everything they could ever want. Of course, communal building amenities are suddenly viewed through a completely different lens and buyers are now prioritizing other features. Following are a few characteristics that city residents will increasingly look for in luxury real estate.
Whether it’s an apartment with a private elevator, a townhouse or a freestanding home, we can safely assume that buyers will gravitate toward properties with their own separate entrance. Based on the limited activity that continues in city markets, a posh lobby and shared elevator that’s used by hundreds of other residents is simply going to be a deal breaker for many potential buyers for the time being. Hopefully this is a temporary shift, but only time will tell.
A private outdoor area has always been a premium feature when living in the city. That’s only going to be magnified by this current situation. All across the country, urbanites are realizing just how much they value being able to get outside and enjoy fresh air each day. For this reason, a backyard, balcony or terrace just might become the most sought after feature for luxury buyers in the near future.
With less interest in communal amenities, people are going to expect more from their homes in order to continue enjoying their lifestyle. That could mean having a fully-equipped home office that doubles as a guest room with a Murphy bed, or a living room that transforms into a home theater with blackout shades and a projector that descends from the ceiling. Versatility will be a key factor as everyone looks to get the most out of their living space.