Features to Look for in Luxury Homes for Families

What is a luxury home? Or, in other words, what makes a home feel luxurious? Is it a home with facilities that make the owner feel pampered or indulged? When the word luxury is mentioned, large pools, indoor gyms, game rooms, backyard tennis courts, and home theaters come to mind. But what are the most desired features to look for in luxury homes for families?

An Open Floor Plan

The open floor plan concept has become so popular in luxury homes because it emphasizes the size of the home and is a compliment to the modern lifestyle many luxury buyers lead today. Instead of many smaller, copped-up rooms with an open floor concept, you get a huge living area that feels rich. Furthermore, having larger, open spaces in your home will make entertaining groups of people much more effortless. Having the right amount of space, whether in your kitchen, dining room, living room, or outdoor space, provides a more comfortable party or get-together. Plus, it gives you increased flexibility when it comes to designing your spaces. You can create a quiet corner in your living room, just for your indoor plants, that feels more like an indoor garden.

Plenty of Outdoor Space

When considering features to look for in luxury homes for families, the second thing that comes to mind is outdoor space. If you are a family with kids, you probably want your kids to have more than enough space to run around and enjoy their time outside. Since the pandemic, outdoor space has become an incredibly desired amenity. A large yard with enough space for a pool, a garden, an outdoor kitchen with a grill, and a shady relaxation spot is a must. Moreover, if your kids are still little, consider leaving space in the backyard for a jungle gym or swing set.

When looking at luxury houses, the amount of outdoor space is very important.

Smart Technology

Technology has advanced to levels that most of us cannot even comprehend in the last several years. As a result, it is no surprise that smart houses are becoming more popular. Smart homes were one of the top luxury home trends last year, and it does not appear that things have changed much since then. As technology advances, smart appliances are becoming an increasingly crucial feature for luxury home buyers. Smart home technology may be integrated into any home, starting with a smart thermostat, fridge, home security system, doorbell, and even an electronic home personal assistant.

Extensive Storage Space is a Must in Luxury Homes for Families

For some people, a walk-in closet is a true sign of wealth, for families, having thoughtful and functional storage throughout the entire home is also a must. According to experts at benhur.com, huge storing options such as walk-in closets have always been a popular sign of wealth among the general public. In part, this could be due to the number of reality shows that feature huge walk-in closets filled with expensive things.

We have never heard a Buyer say they regret having a large walk-in closet in their primary suite….sometimes even two!

A walk-in closet is an excellent way to both store and showcase your luxury belongings.

If the Kardashian-style “boutique” closet in the master bedroom is not for you, you will never regret having large closets in all bedrooms and common high-traffic areas such as the foyer and off the garage.
Game & Theater Rooms

When it comes to opulent living for the entire family, gaming and movie rooms have been popular for decades. For years now, an in-home theater and game room have become standard features in most million-dollar homes. Moreover, wealthy property owners are attempting to push this trend even further by installing amenities like indoor basketball courts and expensive sports bar setups with televisions and indoor bars. The main objective is to create an environment where a homeowner of this luxury property never needs to leave the comforts of their own home because everything they need is within their reach.

A Home Gym

Having to drive to go to the gym filled with other people? The focus on home gyms has skyrocket since the pandemic for a number of reasons including convenience and privacy. Home gyms at their pinnacle would have plenty of space for equipment, machines, and weights, as well as additional amenities like built-in wireless speakers and TVs. Like a cherry on top, luxury homes should also have a private sauna and an indoor pool as places to relax after a hard workout.

Home Office

In the years since the pandemic started, millennial homeowners popularized home offices among the general population, not just the wealthy. However, a beautifully decorated and well–organized home office is another feature you should look for in a luxury home for your family.

In recent years, home offices have become an essential part of luxury homes.

Final Thoughts

When it comes to luxury homes, everyone has their own preferences, however, we covered some of the most popular and requested features that luxury buyers look for in family homes.

In a competitive market, it is important to partner with professionals across the entire home buying process from purchase to moving. That starts with working with real estate agents that are knowledgeable about the neighborhoods in which you are interested. When it is time to move into your new home, we highly recommend higher professionals to help take some of the burden off of this typically stressful process. If you are moving within the NYC area, get all the help you need and hire reputable local movers to take care of and transport your belongings.

2020 Outlook: What to Expect for the New York City Real Estate Market

A New Year means new trends and predictions for the housing market. We always like to share some of our expectations for the year ahead in New York City real estate to kick off the new year. Looking back on the last year, decade for that fact, we saw the following: the market ended 2019 much stronger than it started the decade. The start of the decade was shortly after the Financial Crisis which rattled luxury housing markets such as New York City. 2019 was characterized by low transaction volume for most of the year, with a renewed sense of life observed as we closed the year. Prices were 15% higher at the lowest point of 2019 than they were a decade ago. Additionally, the Buyer’s Market fully took hold in 2019 in Manhattan, and interest rates continued to descend. 2019 did bring various legislative changes that hit the Luxury market hard including the Federal Tax changes as well as the passage of the Progressive Mansion Tax in New York.

What do we expect for 2020? We expect a continuation of some themes; however, it will be particularly important to follow the market closely in 2020 given it is an election year. It is important to understand how global economic and political events can impact Luxury markets to a greater magnitude than the national average. Housing markets in global hubs are largely tied to global economic growth.

Buyer’s Market:

Given inventory levels and interest rates, we expect the Buyer’s Market to continue throughout 2020. It is important to caveat that, while low rates have spurred some Buyer activity in 2019, there may be an element of caution back in the mix as certain Buyers wait to see how the Election pans out. Savvy Buyers will continue to take the opportunity to enter the Manhattan Luxury Market at a favorable price point.

Mortgage Rates:

Rates are about 1% lower at the end of 2019 than 2018. The decline in rates observed in 2019 spurred a flurry of refinancing activity as well as purchase activity. Buyers that had been on the sidelines were finally motivated to pull the trigger given just how low rates dipped in 2019. We expect that rates will likely remain in a similar range to 2019, so Buyers should continue to be motivated to make a purchase by locking in a rate. Eyes will continue to be on the Federal Reserve throughout 2020 as it relates to rates, but uncertainty over the Trade War’s impact on the Economy may keep the Fed on the sidelines for some of the year.

Pricing:

Prices are likely to remain flat or decline slightly, especially on the high end of the market where asking prices have been lofty since 2014 and demand has not kept up with a glut of luxury new development inventory that came to market. – we have been seeing this in New York as price reductions have been instrumental to deals closing since 2018. Additionally, pricing will likely continue to adjust to the new tax changes that went into effect in 2019. This holds especially true in the $5M+ segment.

Inventory:

We expect Supply to remain overall elevated, however, we do expect some degree of tightening compared to previous years. The New Development pipeline has slowed a bit, and concessions have reduced on rentals with increases in rent prices observed in 2019. New Developments with a large number of units on the market in their projects will likely continue to offer concessions if they are needing to release inventory.

Political/Global Outlook:

Political and Global events will impact New York real estate in 2020. Events both locally and on a macro level will trickle into the market. Significant legislative changes in 2019 including changes in SALT deductions, rent laws, mansion taxes, and transfer taxes will continue to impact market dynamics. On a macro level, the Trade War with China will continue to be top of mind as well as the 2020 Election.

6 Condos Designed by Luxury Brands in New York & Miami

Major luxury brands from around the world are leaving their market (and branding) on the luxury real estate market. There is a growing number of projects where major designers are doing interiors of luxury buildings, especially in Miami. 

These collaborations increase the appeal and attract buyers in a competitive new development market where prospective buyers have many projects from which to choose. Both sides stand to benefit from bringing on a global luxury brand as the development gets increased publicity because of the collaboration and the luxury brand gets to reach a potentially new audience that may not have previously been immersed in the brand. 

In today's market a brand is everything. Young, wealthy buyers especially love luxury brands, and many of these collaborations are familiar in that they most like have pieces from them in their home already. These powerful brands give the building an identity immediately rather than the building trying to have to establish itself as brand on its own.

New York

Baccarat Hotel and Residences

The Baccarat Hotel in Midtown Manhattan has a boutique collection of 60 residences with interiors by AD100 designer Tony Ingrao T.he apartments are luxurious as one would expect, yet in a sophisticated way. The major appeal of these residences is the plush amenities and services available from the Baccarat Hotel. Baccarat brand is more subtle within the residences while it is very prominent in the renowned Grand Salon and Bar where guests enjoy beverages out of Baccarat crystal glasses

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QUICK FACTS:

• 60 Residences ranging in size from 1 to 5 bedroom currently on the market
• Homes features luxurious finishes including Siematic kitchens custome designed by Tony Ingrao and entrance doors made of Zircote Wood with Baccarat crystal handles
  • Residents enjoy exclusive perks at Baccarat Hotels around the world as well as perks such as private shopping and priority custom design and production at Baccarat

The Getty

While Peter Marino is not a luxury brand or label himself, he is worthy of being included on this list as he has worked for some of the top fashion houses and artists around the world with his designs. Marino's work include flagship stores around the world for the likes of Louis Vuitton, Chanel, Bvlgari, Dior, and Giorgio Armani. His building along the High Line in West Chelsea has attracted much attention because of its boutique nature and the recent sale of a penthouse for $59 Million. 

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QUICK FACTS:

• 12 story building consisting of only 6 bespoke homes designed by Peter Marino
• Base will be a museum and gallery holding the private collection of J. Tomilson Hill worth $800 million     
• All floorplans different and decked out in 80 various kinds of stone, marble, and wood finishes
• Penthouse will have a private, rooftop pool 

20 Pine - The Collection

Renovated in 2009 at a historic downtown building, 20 Pine was at the forefront of the downtown revolution and was truly a first for the area with its Armani/Casa designed residences. Sleek kitchens, spa like bathrooms in the residences, and lofty ceiling heights have attracted buyers and investors to this building.

QUICK FACTS:

• 408 Residences with 38 floors
• Unrivaled amenity collection including the Collection Club & Spa including pool and Hamman Steam room, 25th Floor Sun Terrace, and Library Lounge
• Designed by Armani/Casa

Miami

Fendi Chateau

Fendi Chataeu may not rise as tall as some of the new developments in Miami, standing at just 12 stories, but its 58 residences will pack a punch with their exceptional design and amenities. Chateau Group has teamed up with Italian Fashion Label Fendi to design residences that come with top of the line finishes, unparalleled amenities, and white-glove service

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QUICK FACTS:

• 3,400 square feet to over 7,000 square feet of living space
• Amenities include Library, Fitness Center, Private Cinema, 2 Swimming Pools surrounded by Tropical Garends Luxury Concierce by Fendi Chateau Attaché
• 3 to 5 bedroom flow-through residences with the best finishes including Italian kitchen cabinets by Fendi with Mother of Pearl finish

The Residences by Armani/Casa

The Residences by Armani/Casa is a new development rising 60 stories on Sunny Isles beach with interiors designed by Giorgio Armani and Armani/Casa with each unit having a touch of Giorgio Armani himself. The building is set to finish in late 2018 and has already attracted buyers from around the world. 

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QUICK FACTS:

• 6 different floorplan options with residences ranging in size from 1500 to 3000 square feet
• Residences will include the finest in European-design cabinetry and designer finishes
• 35,000 square feet of amenities all designed by Armani/Casa including an Armani Prive Lounge, fine dining restaurant, cigar room, fitness center, exclusive beach amenities on 300 feet of private shore

Missoni Baia

The Italian Fashion house is bringing their first branded building to the Edgewater area of Miami. The luxury condominium will rise 57 stories above Biscayne Bay and feature interiors designed by Paris Forino Design under the direction of Missoni. Slated to be complete in 2020, the building can be expected to feature the fashion house’s signature color palette throughout.

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QUICK FACTS:

• 249 1-5 bedroom residences ranging in size from 776 square feet to 3,788 square feet
• New York designerParis Forino envisioned the tower’s 249 elegantly crafted one- to five-bedroom residences and curated the Missoni fabrics, furnishings, and artworks that complement Asymptote’s modern architectural design.
• Residence finishes include custom European cabinetry, top-of-the-line appliances, and floor to ceiling marble in masterbaths
• Amenities include an Olympic-sized pool, spa, landscaped gardens by Enzo Enea, pet spa, game room, 2 poolside resident lounges

Want to learn more about the influence of luxury brands on real estate? Contact us to arrange a visit to these properties and more:

3 Reasons to Consider Buying or Renting a Condo in a New York Hotel

The luxury real estate market has seen a shift in consumer preferences as tastes and needs evolve. In the past, wealthy buyers desired things like high-end kitchen appliances. Today, buyers in the luxury real estate market in New York consider amenities and the convenience they bring to their daily lives. This is why hotel-style living is appealing to a large segment of luxury buyers. Of course kitchens are equipped with the top appliance brands in these residences, but, here, residents are exchanging the use of their appliances for in-room dining prepared by celebrity chefs at the push of a button. We also take a look at the price of some suites at various hotel/condos in the city to compare what it would cost per-night to stay vs. monthly renting.

Why Consider Hotel-Style Living

Building Amenities

Perhaps the most attractive feature of hotel-style living is the amenities that come along with it. Being attached to a hotel gives residents access to the hotel's features. Concierge services have become very desirable because they allow the resident to have more time to do what matters to him or her. Just like hotel concierge, they will help residents do things such as make reservations, find gifts, or acquire event tickets. Another amenity that attracts interest is the access to restaurants by celebrity chefs...in your own room! At 30 Park Place, residents will enjoy options from Wolfgang Puck's CUT, while residents at The Mark can get dishes by Jean Georges delivered to their apartment. Additionally, residents have access to state-of-the-art fitness centers, housekeeping services, and valets.

Rental Options

From an investment standpoint, these buildings can be more advantageous than other condos and co-ops. If you are looking to purchase and then subsequently rent out the unit, hotel-style buildings generally have more relaxed leasing terms. This means that something like a 6 month lease is generally allowed while they are often prohibited in many other buildings. Tenants will also have access to all the great amenities that a typical condo will not have, a big appeal to prospective renters. 

Brand Recognition

Brand recognition is also appealing from an investment standpoint. An international buyer can rely on brand recognition to help their investment. For example, buying into 30 Park Place means buying into the Four Seasons, a brand recognized globally for their standard of excellence. Brand recognition can also be helpful for owners looking to use the unit for rental income. Renters in the luxury market can feel confident about their selection with the hotel name behind the building. Additionally, it is appealing to rent an entire apartment inside the hotel for the same price as one of the best suites the hotel offers directly. Corporate renters are attracted to these brands, and generally pay top-dollar for rent while looking for the flexibility of shorter-term leases.

Hotel-Style Living in New York

The Mark

via Mark Hotel

The residences at The Mark take advantage of all the 5-star hotel has to offer. Residents can order room service from the Mark Restaurant by Jean Georges and have a Frederick Fekkai Salon located downstairs. The Mark is located on Madison Avenue on the Upper East Side, moments from world-class shopping, Central Park, and many museums. 

At last check a 2 Bedroom suite was $3,995/night

The Plaza

The Plaza is one of New York's icons, steeped in a rich history. The private residences, many which have wonderful park views, are decorated in the grandeur of the Plaza, with ornate finishes. Living in The Plaza comes with its perks such as access to Les Clefs d'Or concierge, daily house keeping, and valet parking. Other New York favorites are located just below such as Palm Court and the Food Hall which has an oyster bar by Todd English. 

At last check a 2 bedroom suite started at $3,340/night

Baccarat Hotel & Residences

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The residences at the Baccarat Hotel set a standard for luxury. Everything from the marble and Zircote wood resident's lobby to the grand salon exude luxury. Residents at the Midtown hotel have access to an exclusive list of amenities including a La Mer spa, 24-hour room service, and personal shopping. If you are looking for a nightcap, step down to the signature bar where drinks are served in Baccarat crystal. 

At last check a 2 bedroom was $8,138/night

30 Park Place

30 Park Place is the first private residences in New York by the Four Seasons brand. Residents will experience the standard of excellence for which the brand is known the world over. The homes are beautifully designed by Robert A.M. Stern Architects and have captivating views of Manhattan. Looking for an in-room meal at the push of a button? No problem. Wolfgang Puck and his steakhouse, CUT, will be located right downstairs. 

At last check, large suites were offered by price upon request only

 

Currently on the Market

Below are 2 listings currently on the market that exemplify hotel-style living in New York.

The Mark -255 East 74th Street, Unit 1204
$7,995,000   
This is a beautiful 3 Bed, 3.5 Bath at The Mark Hotel represented by our colleague Oliver Brown. Custom designed by Jacques Grange this home is impeccably finished with coffered ceilings and custom solid white oak floors. Features include an expansive sunny corner living room with open southern views. The windowed eat-in kitchen was designed by Piero Lissoni for Boffi, with Sub-Zero refrigerator, Gaggenau cooktop and oven and Meile dishwasher. The luxurious master bath features floor to ceiling white marble slab walls and Lefroy Brooks fixtures. There are two additional bedrooms both with en-suite marble baths. In addition there is climate control and power window shades in each room. Meile washer and dryer, state-of-the-art Crestron system and 24 hour room service, full-service gym onsite, Fredric Fekkai salon and The Mark Restaurant by Jean-Georges.

This unit would rent for $55,000 the entire month or $70,000 with room service vs a 2 Bedroom suite for $3,995 a night at The Mark.

The Four Seasons New York Downtown- 30 Park Place

Unit 44E- 3 Bed, 2.5 Bath. $19,995/MO

AVAILABLE IMMEDIATELY. Be the first to live in this pristine 3 bedroom, 2.5 bathroom home at the newly constructed Robert A.M. Stern designed Four Seasons Residence in TriBeCa. This forty-fourth floor apartment of the building offers stunning views of One World Trade, the incredible Oculus Terminal, and the downtown city skyline, as well as western views to the Hudson River. High ceilings and large windows allow plenty of sunlight throughout the day. The master bedroom has a western exposure, large walk-in closet and gracious en suite marble bathroom with deep-soaking tub and custom vanities. The kitchen is outfitted with top-of-the-line appliances including Gaggenau stovetop and oven, Miele vent, and U-line wine cooler, and ample pantry space. The Four Seasons Residences offers 5-Star living and a private full amenity suite for residents, including a fitness center, spa and salon, 75 ft.indoor pool, children's playroom, screening room, landscaped public plaza, parking garage, resident lounge, a la carte hotel services, a coming Wolfgang Puck restaurant, CUT, and full-time doorman and concierge. Nearby to the Financial District, Brookfield Place shopping and dining, and extensive public transportation access.

Interested in hotel-style living in New York? To learn more about buying or renting in a New York hotel, please reach out to use with any questions. We are happy to help!

70 Vestry Street Unveiled in TriBeCa

A new Robert A.M. Stern designed building is coming to the Hudson River skyline in TriBeCa. Last week, Related Properties hosted an exclusive unveiling of the newest building coming to the Triangle Below Canal. 

The building, designed by Robert A.M. Stern Architects, embodies his belief in the harmony of grace, symmetry, and proportion. The project is positioned to work into the Hudson River shoreline, drawing on classical architecture principals, yet fits harmoniously into existing downtown aesthetics thanks to its stone facade and decorative metal work that is reminiscent of old warehouses. 

The exterior of the building is created from Beaumaniere Limestone, coming from a quarry on the banks of the Seine, 250km south of Paris. Speaking of the exterior, Mr. Stern says,

“Limestone works more beautifully in the sunshine than any other material. With the western and southern light, the building and river will glow.”

70 Vestry comes with a full array of amenities that we come to expect from a luxury building of this caliber. The amenities start on the exterior, with a private courtyard featuring lush landscaping and a serene waterfall that evoke a glamorous sense of arrival. Other amenities include a library, café with private resident lockers, billiard room, lounge, and wellness level with fitness by The Wright Fit and a pool. 

The interiors are quite inviting, the result of a combination of modern materials and the special touch of interior designer Daniel Romualdez who collaborated on the project. Finishes include hand-sawn oak, bronze, and marble. Kitchens are outfitted with a full suite of Miele appliances.

Guests were able to experience the new building at the sales offices while enjoying champagne and hors d'oeuvres. At the time of the unveiling, an available 2 bedroom residence was in contract, with available residences starting at $7.25M for a 3 bedroom home. Additionally, 70 Vestry offers unique terraced residences starting at $19M. The majority of this building faces the Hudson River, affording it spectacular river views.

Wes Holland, Gabriel Zapata

Should you be interested in previewing 70 Vestry, please contact us

Photos: The Victoria Shtainer Team, Patrick McMullan

Newest New York Luxury Hotels Bring Style and Design

It goes without saying that the New York hotel market is quite crowded with hundreds of hotels throughout the city. Luxury hotels have made their mark on the city by serving not only as hotel for guests, but trendy destinations for city goers alike by offering restaurants from renowned chefs and top-notch nightlife. The new wave of stylish hotels opening in New York is bringing not only big news in hospitality, but they are also being designed by big names in the architecture and design world such as Philippe Starck.

New luxury hotels are popping up around town from Park Avenue to SoHo. Take a look at what will, perhaps, become the new "it" places in the city:

SLS Park Avenue- The trendy hotel brand, SLS, by SBE will finally be coming to New York. The new hotel is slated to open this coming fall and is situated at Park Avenue at 30th Street. The property is designed by world famous architect Philippe Starck as his first New York hotel design since the Hudson Hotel in 2000. Not many details have emerged about the specifics of the restaurant and nightlife, however, SLS does say it will bringing vibrant new restaurant and nightlife concepts- that we can be sure of from the trendy hotel group!

11 Howard- This new spot in SoHo is now open and brings a fresh, minimalist design to the area. The hotels concept was designed by SPACE Copenhagen as they infused their minimalist Danish roots into the space. The property features custom finishes, bespoke furniture, as well as an inviting bar and library. 

The Beekman- Thompson hotels is bring some luxury to downtown with its new property at 123 Nassau Street. The hotel is situated in a downtown landmark building that is known for its nine-story atrium and pyramidal skylight. The design is being overseen by Martin Brudnizki who has designed SoHo Houses around the globe. In addition to the hotel, the The Beekman offers luxurious residences and culinary options be chef Tom Colicchio.

Photos: SLS Hotels, 11 Howard, Thompson Hotels