What's Hot and What's Not in Luxury Real Estate
Pools are out...Roof decks are in!
Hardwood and stainless steel are out...Marble is in!
Kitchens are out...Wine rooms are in!
"The best things in life are free.
The second best are very expensive"
-- Coco Chanel
A recent report from Trulia revealed some noteworthy trends in luxury real estate across the nation.
The phrase "marble bath" increased in frequency by almost 80%, suggesting that luxury homeowners nationwide value a beautiful bathroom now more than ever.
"Roof decks" - a sort of national treasure here in the South End - noticed a significant boost in popularity; the instance of roof decks increased by over 60% compared to the previous year's listings.
"Wine room" (+30%) was another increasingly popular phrase in luxury real estate listings. Perhaps unsurprisingly, "gym" (+28%) and "tennis court" (+24%) followed immediately behind that. Why not work off those liquid calories conveniently in your own building?
"Double sinks" (-8%), "custom cabinets" (-9%), "center island" (-6%), and "stainless appliances" (-7%) were less popular in 2013, suggesting that normal, everyday-use kitchens may not be as desirable as they have been in the past. This could work fine for Bostonians, with our unlimited supply of excellent restaurants!
The clear trend in luxury real estate is the view: "oversized windows" (+56%), "floor-to-ceiling windows" (+39%), "large windows" (+23%), "panoramic views" (+18%) and "ocean views" (+18%) each increased in frequency.
Top 10 Declining Terms in Luxury
Top 10 Trending Terms in Luxury
Source: Trulia.com Real Estate Lab Report, defining "Luxury" as any home selling for >4 times above the median asking price for that area. Percent changes reflect July 2012 - June 2013 vs. July 2011 - June 2012.