Blog | Luxury Real Estate & Lifestyle — Manhattan Luxury Real Estate | The Victoria Shtainer Team at Compass
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Features to Look for in Luxury Homes for Families

An open plan living room space.

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.

a backyard with pool at sunset hour

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 large walk in closet with luxury shoes and handbags

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.

a home office with blue accent chairs

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.

Key Trends to Watch in NYC Real Estate During the Second Half of 2022

an aerial view of central park with the nyc skyline in the background

The NYC Luxury Real Estate Market enters the second half of the year after a strong first half of 2022

We are officially halfway through 2022! The NYC market experienced additional records during the first half of 2022. As we enter the back half, market dynamics have begun to shift. While markets grapple with record high inflation and rising interest rates, signed contract activity has slowed and we have also seen an uptick in inventory. In the sales market, leverage is beginning to shift toward Buyers while the Rental market continues to remain highly competitive and hot.

The New York market has had a stellar past few years, but we have not seen the lofty price appreciation levels of 20%+ that some markets around the country experienced. Coming out of Covid, we saw elevated activity metrics, given the low amount of transactions that occurred throughout most of 2020. Additionally, inventory shortages are not new to the New York market.

 Heading into the back half, the shift in pace and market dynamics can likely be viewed as a return to normal from the frenzied pace observed throughout 2021 and the beginning of 2022. Mixed economic signals have deterred some luxury buyers, but there are many that are still motivated by a deal. It is important to remember that most transactions in the Manhattan luxury market are cash transactions, so a softening of the market surfaces opportunities for these buyers.

a new york city apartment building designed by zaha hadid

Buyers flocked to luxury properties during the first half of 2022. Pricing will be key as we enter the back half.

 Key Trends to Watch in the Second Half of 2022:

  • Consumer Sentiment: likely to remain uncertain until we see positive economic data as well as a turnaround in equity markets

  • Price Sensitivity: record high inflation that has raised prices across nearly every sector is weighing on consumer psychology…Buyers are motivated by a deal so accurate pricing will be key

  • Construction Costs: we do not anticipate that construction costs will drastically drop in the near future, so the opportunity cost of waiting is still something Buyers need to assess.

  • Rental Prices: rents rise in both economic booms and recessions so while a slight softening of activity in the white hot NYC rental market is reasonable, we do not expect prices to see a sharp decline.

 In times like these, it is very important to partner with the right real estate professional that truly understands the local market - in New York, that can be as local as down to a specific building! Media headlines can often be misleading and inaccurate in the narrative they are telling - a professional is your best asset heading into the second half of the year!