Trulia has released new analysis of what's trending up and down in luxury real estate amenities, shedding light on what affluent buyers really care about when purchasing a new home, with surprising results.
Of the 20 amenities that have gained the most traction in the last year, marble baths, roof decks, and oversized windows are currently the most desirable amenities in luxury properties. Windows and views (floor-to-ceiling windows, panoramic views, etc) occupied a whopping five other spots on the top-20 list, suggesting that luxury buyers are more interested in what's outside the property than what's inside.
The list of the 20 amenities on the steepest decline suggests the same. Kitchen and cooking amenities occupy seven spots on the list, with BBQs being the amenity that buyers care least about. Other indoor amenities like hardwood (surprisingly!), fireplaces, surround sound, and a large master suite are also trending down.
Trulia suggests that since luxury homes are increasingly available in metro areas - rather than in the suburbs - buyers are becoming more interested in the urban lifestyle. As Trulia's Chief Economist Jed Kolko puts it: "The real winner of these recent trends in luxury homes could be fancy restaurants: luxury homes aren't emphasizing kitchens as much as they used to, but buyers of those homes still need to eat."
**What parameters did Trulia observe when conducting this analysis? In their own words: "We defined luxury listings as homes for sale that are priced at least four times above the median asking price for a given metro area: that means a million-dollar home in Rochester, NY, is a luxury listing, while a million-dollar home in San Francisco is not. We compared luxury homes listed between July 1, 2012, and June 30, 2013, with those listed in the previous year, between July 1, 2011, and June 30, 2012."
· Home Luxuries: What's In, What's Out [Trulia]