The 2019 St. Louis luxury home market is on pace to become the decades best year. In fact, the most recent Luxury Real Estate Report by Luxury Portfolio International (LPI) on what matters most to luxury buyers reveals that residential buying interest among North America’s elite remains high—with 30 percent of affluent buyers considering a purchase in the next three years. When it comes to price, 44 percent say they plan on spending up to $1.49 million.
What is it that takes affluent buyers from consideration to an actual luxury home purchase? We combined our expert knowledge of the luxury real estate market and findings from the LPI report to narrow down the top six features that make the sale.
1. The Physical Space
When it comes to the most important thing affluent buyers look at when making an investment, it all boils down to the physical space. More specifically, the location (ranked at 53 percent), the community (ranked at 51 percent) and the layout (ranked at 50 percent) of the home.
2. Traditional and Contemporary Architecture and Style
Traditional and contemporary homes were ranked as the top two styles. Timeless, European-inspired structures bring a classic elegance that buyers can’t resist. Yet soft, neutral elements mesh the new with the old in a contemporary style that also attracts affluent buyers.
3. Health and Wellness Rooms
Luxury buyers are increasingly looking for amenities that allow them to incorporate their health and wellness lifestyles into the home—be it in-home gyms for a quick workout, saunas to sweat out the day’s toxins or biophilic designs for tranquility. The Miami-based Global Wellness Institute found that the number of wellness-oriented properties has grown by 6.4 percent annually since 2015; it’s projected to be a $180 billion industry by 2022.
4. Privacy and Security
The higher the price, the more privacy the buyers expect. They want to feel safe, comfortable, and secure in their homes without distractions from neighbors. Tree-lined yards, aesthetically pleasing gates and integrated smart security systems are all of value.
5. Eco-Friendly Installations
Green is the new black! Recent innovations have shown that homes can not only be eco-friendly, but also opulent, sleek and desirable. Solar panels to increase passive energy, LED lighting for improved efficiency and sustainably sourced materials to reduce the carbon footprint are all top installations affluent buyers desire.
6. Smart Home Tech
Smart home tech has seen a tremendous rise over the last few years. According to Business Insider, Millennial buyers especially love being able to control home features like thermostats, lighting and appliances at the touch of their mobile devices.
Keeping a pulse on market trends and elite buyers’ must-haves allows you to make informed recommendations to the seller on features that will deliver a quick sale.
What luxury features do your affluent buyers always look for? Comment below!