Luxury sales have been soaring in recent months, outpacing the rest of the housing market. Deals on existing homes priced above $1 million climbed more than 16 percent in October compared to a year ago, according to National Association of REALTORS® housing data. The increase was bigger than that of any other price segment.
So what home features are these luxury buyers on the hunt for in their million-dollar–plus homes?
The real estate brokerage Redfin recently uncovered some trends in home features and interior designs by looking at what’s in demand among their luxury clients as well as what’s trending on luxury listings. Here are some of the luxury home design trends they noticed driving 2014:
1. Luxury showers: Forget the Jacuzzi tub. The luxury buyer wants a luxurious shower. “Since most people take more showers than baths, they want to have a stand-alone shower with multiple shower heads,” notes Charlie Baker, a Redfin real estate professional in San Diego.
2. Fire pits by pools: Fire pits and gas fireplaces beside a pool are gaining in popularity, says Roseann Cossman, a Redfin real estate professional in Phoenix. “One quick way to warm up after a dip in the pool is to curl up next to a fire, and now that fire is just steps away,” Crossman says.
3. Tasting rooms: Wine cellars are no longer a dark place in a basement or a closet. Home owners are placing more in living areas to host tastings with friends.
4. White kitchen cabinets: High-end kitchens with cabinets in white, gray, or black with matching or contrasting countertops are gaining in popularity among the luxury market, notes Anna Schwoerer, a Redfin real estate professional in Virginia. Meanwhile, natural-colored wood cabinets are on their way out, she says.
5. Quartz countertops: Luxury properties are showing more quartz or sandstone in countertops and making granite countertops look more outdated, says Jordan Clarke, a Redfin real estate professional in San Diego. “Quartz comes with a few benefits over granite; it is not as porous and therefore requires less maintenance, it is less prone to staining, and it is better able to withstand abuses during its lifetime,” Clarke says.
6. Grand powder rooms: The powder room is getting a big makeover. These half-baths are getting more attention and fancier with elaborate mirrors, sinks, and lighting fixtures.
Source: “Top 10 Luxury Home Design Trends of 2014,” Redfin Blog