I see it every day, and it's really sad. A home builder or even a buyer will construct a high priced "luxury" property and try to sell it immediately or within a couple of years of its completion. I use the term "luxury" in quotes because in this case I'm calling it an interpretation of what a luxury property really is.
A lot of people make the mistake of thinking that a luxury home qualifies as a luxury home merely based on the properties square footage or land size. However, a luxury home can be a 1500 square foot town-home or a 20,000 square foot ocean front compound. It's the features of a property that make a luxury home a luxury home, especially in College Station, TX.
The following are the biggest places that mistakes are made.
Master Suites
A Big Shower and Walk-in Closets are just not enough. Buyers expect a Spa in their own home today. You have to have multiple shower heads, rain showers, body sprays and if possible a steam shower. Closets have to be totally custom with built-in packing centers, extensive shoe storage, tons of drawers, adjustable hanging space, full-length mirrors, and good lighting. The sleeping area has to be well designed with plenty of room for a bed and a nice sitting area. High end quality flooring of wool, stone, or wood is expected in this space as well. Buyers also want separate closets if the home is larger and even more popular are separate master bathrooms.
Kitchens
Quality Cabinetry is just the starting point for luxury kitchens. From contemporary to French Country, the hardware inside the cabinets is almost as important as the design. Clients want customized drawers and shelving. The hardware has to be of the highest quality as well. High end appliances are not black, white, or biscuit on the outside. Stainless steel is the safest choice, but the new glass and cabinetry front models are also becoming more popular. The luxury home buyer wants luxury brand names like Sub Zero, Wolf, Thermador, Bosch, Viking, and Gaggenau. They expect professional style gas ranges and built-in commercial style refrigerators. Even the smallest luxury homes have at least a $10,000 appliances allowance for the kitchen, but the larger homes have as high as $40,000 to $60,000 in appliances. The bigger the home, the more appliances you need including multiple dishwashers, ovens, and refrigerators. The favorite features today are pot fillers over the range, built-in coffee/espresso makers, warming drawers, and wine refrigerators.
Electronics
Today's luxury is all about convenience and the luxury home buyer knows what's available and wants it! One of the most popular systems is the Crestron system which can control the air conditioning, all lighting, audio, video, window coverings, and security. Buyer's want control over their homes, and the more gadgets they can get the better. Even the mature luxury buyer wants these things so that the home can pretty much take care of itself. They want the ability to have sound and video throughout the inside and outside of the house. They expect lighting to be totally customized and user customizable. They want art lighting, task lighting, general lighting, unique hanging fixtures, and more. They desire creativity. Even if it's not in the budget when building or buying, a luxury home is expected to be pre-wired to do all these things.
Floor Plan
The luxury home buyer is tired of going to a friend's house and feeling like they are in their own home. This buyer can afford whatever they want, and they want something unique and different that they feel is a reflection of their life, status, and style. The same or similar floor-plan just doesn't cut it. They want a home designed by a noted artist, architect, or designer. However, most importantly is to make sure the home makes sense. You have to make sure that the home has the right rooms that are required for a home of its size. In College Station, homes over 3,000 square feet have to have at least a 3 car garage, 4 bedrooms, a minimum of 3 and one-half baths, a study, formal dining room and a large family room. As you go up in square footage, you go up in the types and number of rooms that are expected. Over 3300 square feet a game-room is expected. Get closer to 4000 and an additional formal living room is expected. Get even larger and clients expect home theaters, additional office spaces, additional bedrooms, guest quarters, secondary kitchens, multiple laundry rooms, and more.
Exterior Features
The most important place that people forget about when designing a luxury home is the exterior. Buyers today want the outside to be as luxurious as the inside. In larger homes they expect great views, outdoor kitchens, fireplaces, pools, spas, putting greens, basketball courts, designer gardens, and more. Buyers want them to be pest free and private - even in the smaller properties.
Finishes & Fixtures
You can have the right floor-plan, and the right features, but if you don't have the right finishes, it's all for nothing. Luxury home buyers in College Station expect real stone and wood flooring. They want contemporary accents in even the most traditional of homes. They want custom wall coverings and finishes that you don't find in most homes. They want the best plumbing products and latest designs with brand names like Kohler, Toto, Hansgrohe, Sheryl Wagner, and more. You have to have the highest quality counter surfaces as well in granite, closed-cell woods, marble, or quartz. The luxury buyer wants the finest quality of materials that will last a lifetime.
The biggest mistake of all is when someone constructs one of these homes and does 90% of what is expected. That 10% causes buyers to look elsewhere to get everything they want, especially in this market. The luxury buyer is not affected by tougher lending requirements or market fluctuations. Our market has many cash buyers in this sector partly due to the current oil prices. With that kind of money, they will not settle for something unless it is exactly perfect. If they have to remodel it or finish it, they would rather start the entire creative process from the beginning and design it 100% the way they want it. That means that the "luxury" homes that are not 100% perfect are getting passed over and remain on the market. The ones that do have everything sell quickly and for top dollar. They key is to give luxury buyers everything they could ask for so that all they have to do is ask you to sell it to them! The best bet is to hire an agent like me to help you know what the market is demanding, a quality interior designer that has experience with this type of property, and a quality builder who has the type of subs that can install the materials you will be using. A home builder who specializes in more basic homes, will not have the sub-contracts that can install a complicated lighting system, custom flooring designs, paint finishes, and more.
Don't make the mistake of cutting corners to save money by leaving out the things that true luxury buyers want and are willing to pay for.
As always, if you want more information on Luxury Lifestyles and Luxury Real Estate, please feel free to contact me at RClayLee@yahoo.com
College Stations #1 Luxury Lifestyle and Real Estate Expert for over a Decade!
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