L U X U RY H O M E BU Y E R S WO N ’ T SETTLE FOR LESS THAN TURN-KEY by Alyssa Mammano
Luxury real estate buyers are looking for no less than turn-key homes in 2020, according to the Coldwell Banker Global Luxury 2020 Report. A poll of Luxury Property Specialists revealed that today’s luxury buyers will shell out more for homes that are move-in-ready with luxurious finishes and a wow-factor. Homebuyers are also looking for a list of built-in amenities, including extravagant home automation, outdoor living spaces and flexible indoor spaces that can serve multiple purposes. Of those polled, most Luxury Specialists said that their buyers prefer modern or contemporary stylings in open-concept layouts. A more casual lifestyle has surfaced in recent years, and where Mediterranean and Tuscan designs were popular in the early 2000s, today’s buyers are partial to a more modern aesthetic. Millennials are now coming of age – many have burgeoning families and are now in a place to upgrade their primary residences. This generation is playing a large part in emerging luxury real estate trends. They want open-concept living areas and spaces that function for their families and guests. About 77% of respondents said that buyers are searching for less formal floorplans and more usable space. Not only should the layout function for their families, entertaining plays a large role in preferences, as well. “They want the perfect setting for their family and the ultimate setting for entertaining,” said Diane Polland of Coldwell Banker Residential Brokerage of Long Island, NY in the report. This caliber of buyers is also looking for high quality in craftsmanship and finishes. And today’s luxury home buyers don’t want to perform extensive renovations to their new single-family homes, either. They are looking to move right in and experience the luxurious lifestyle their new 12
