The emotional side of luxury real estate
An overwhelming majority of high-end home buyers, internationally, see their investment as more than a financial one, according to a study conducted by Luxury Portfolio International, a leading division in luxury real estate around the globe.
Luxury homes are established as a place to set down roots and create deep emotional ties. For that reason, the information about design trends from a recent report by Masonite, a Tampa-based residential door manufacturing company, is even more interesting.
What does your recent luxury home purchase say about you and how does it stack up with current design trends? Here’s a glimpse into what to expect.
Global market statistics indicate there are more buyers than sellers. In Florida, luxury real estate is a big part of the financial ecosystem with markets in coastal areas like Sarasota and Miami, as well as more typical suburban and urban areas.
Trends show that home buying in the United States is emotional and based on the attractiveness of the space. What matters in luxury home design trends can be summed up in six important aesthetic choices:
• First and foremost, homebuyers want a transitional space where they can both live and work. As work trends shift, and more Americans work from home, the design must also change to accommodate the many needs of working families. Characteristics of this trend are industrial extras and modernized design, but ultimately a tell-tale sign of a live/work space is flexibility in multi-use scenarios.
• The next trend can be summed up in one word — rustic. Interestingly, fewer Americans, compared to Europeans, are moving out of cities and suburbs to buy luxury homes in rural areas. Those seeking rustic luxury create quiet pockets of space where they can get away from the daily hustle inside their homes.
• If rustic luxury is about creating spaces within the modern home that have a natural and rural appeal, then an urban country space is akin to bringing all the classic essential rural design elements into the home design. It’s identifiable by unique handmade accent pieces and fine, sturdy craftsmanship, like barn-style doors.
Another design trend on the opposite end of the spectrum is based in minimalism. This idea calls back to a Nordic noir philosophy of “less is more.” A home with wide open spaces, pale muted colors contrasting steely accents and dark floors it’s likely a Nordic noir home. These homes can be both modern and soft, creating a unique juxtaposition for the discerning homebuyer.
Similarly, as more women have risen into a position of buying power, luxury home trends also reflect a feminine need for a peaceful, attractive place with warm colors and traditional design.
The final luxury home trend to make Masonite’s list is one that displays the desire of luxury travelers to bring a piece of global sophistication into the home. This is known as a Mediterranean escape and is identified by accents not often associated with American residential architecture. Wrought iron and exotic wood extras, lush green garden spaces and more can be found in these high-end homes that offer a cultured look, by design.
With more buyer demand than inventory available, according to Luxury Properties International, “the population of affluent consumers continues to grow, as does their interest in and emotional relationship with real estate.”
Real estate continues to be a good investment financially, as well as emotionally.