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These are the top features on luxury home buyers wish lists this year.
While the average sale price for luxury homes nationwide rose 4.7 percent annually to $1,772,000 in the fourth quarter of 2018, a few things remain constant: the kinds of features and trends associated with high end houses.
Money can buy you a lot of things, and in luxury homes, several amenities ring universal.
The higher the price point, the more features buyers expect and that desire intensifies.
If you’re looking to buy or sell a luxury home in 2019–or just love daydreaming about them–these are the features and trends to watch this year.
In higher price points privacy is one of the things people are expecting. If you buy a $5 million home, you don’t want to see your neighbors or have someone on the street be able to walk up to your front door. People want gates, walls and hedges, but they must be aesthetically pleasing–no big chain link fence.
In addition to the privacy element, there is the security element. Most homes these days on the higher end allow you to remotely control everything from lights, fireplace, pool, air conditioning and security cameras from an iPad or a phone. It’s something that’s almost come to be expected. Rather than, ‘that would be nice,’ it’s become, ‘that needs to have it.’
We’re also seeing super high tech safes hidden in closets for valuables like expensive jewelry, watches or purses. Or they’re being displayed in a way where you can’t just open a drawer and take something. You have to open up your closet drawer like you unlock your phone.
A pool is expected, but these days, no one really wants a big deep pool taking up the whole backyard. Instead, buyers are looking for smaller plunge pools that are almost glorified jacuzzis. While houses have been built bigger and take up more space on the lot, the pool is still something people still want and expect–just less of it.
Luxury buyers we're working with this year want guest suites. It doesn’t have to be detached–it could be downstairs off the garage, or a bedroom with en-suite bathroom that can be used for a live–in nanny or maid, or friends or family who come to visit. Our clients want that extra space, as well as rooms that can be a home office, as well as a gym or workout room.
We’ve seen an emphasis on imported finishes–but pieces imported to California from Italy as opposed to New Jersey. In the kitchen, an obvious design choice is still Ceasarstone or quartz over granite, but also high-end appliances. A $5 million home shouldn’t have Kitchenaid or GE. Not because they’re bad, but because they don’t fit with the narrative of a luxury home. Similarly, if there are sliding doors, our clients want them to be pocket doors that disappear into wall. Those are the kinds of added touches expected in a luxury home.
A lot of homes we’ve shown have a trend of two. It’s no longer one stove and oven, now it’s two stoves, two ovens, two dishwashers, two sets of washers and dryers, and all upscale, designer brands. Luxury means never waiting or having dirty clothes or dishes.
There is also a risk with ultra luxury homes in that features might be too customized to fit an individual need. We’ve seen houses where a musician put in a recording studio, and a basketball player had a full court. Those are things that won’t appeal to everyone, and as a result, can negatively affect a sale.
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Features include gourmet kitchen, custom cabinetry, high cathedral ceilings, extensive walls of glass capturing spectacular views, hardwood floors, stainless steel appliances, granite countertops, ample counter and storage spaces, multiple AC/heating and controlled zones, new bathrooms, 2 classic fireplaces, 2 entertainment viewing decks, dining area, a relaxing family room, additional wine/storage room and the list goes on.
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When you start looking for a home, the first thing you find is people with a lot of opinions. It’s important to ignore everyone except those who provide grounded advice. Family and friends who have bought one house in their lives probably don’t know all of the important details of today’s home-buying process. People who have worked in real estate, home improvement and title industries for years probably do know their stuff, so listen to them. When you pick a Realtor, pick one that comes with solid recommendations from around the area and years of successful representation among buyers: It’s far too easy to find a Realtor that’s just in it for a quick buck.
Never—no matter how tempting it is—buy a bigger space than what you currently need (expected family growth included). A big house just means there is more space to maintain, more utility bills to pay and more things that could go wrong. So think about where you have lived before, and how much space your belongings really require. If all of the homes you are looking at are larger than you need, consider looking at condos or townhomes.
Getting pre-approval for a loan isn’t an instant lock, but it does give you a very good idea of what sort of mortgage you can handle, making this an important step. Your mortgage approval numbers will also dictate how much you need to consider for a down payment—usually around 20 percent, but that varies for some government FHA loans and individual deals made with sellers. If you find a house that is over your loan pre-approval limit or you cannot afford putting 20 percent down as cash, it’s time to move on. It’s vital that you stay within your means, no matter how much you fall in love with a house.
Tips for buying a house should always include information on inspections. A home inspection isn’t just a formality, inspections frequently uncover serious issues with a house including foundation problems, rot, pest issues, roof damage, mold, improper insulation, out-of-date wiring and much more. You need to know about these issues before you make a final decision. The good news is that a problem often leads to a new offer with the condition that the seller pays to fix the issue before you officially buy it.
Take a walk! Go a few blocks in every direction and see what there is to see. How do the houses look? What’s going on in the yards? Are neighborhoods being built up and refined, or are they run down and getting worse? What is the average age of the people you notice? If what you see makes you uneasy, reconsider buying a house there. You should also take a look at median home prices for the neighborhood.
Appliances are some of the most expensive portions of the home and deserve a closer look. Generally, if an appliance is more than 10 years old, the time is coming for a replacement. This applies to ovens, refrigerators and other important fixtures. Also, always make sure that the appliances you see will actually be staying in the house after you buy it (some sellers can be very sneaky about this).
Check the routes to work and nearby schools as appropriate. Note any public transportation stops as well. Don’t just look at a map: Travel the routes yourself and see what they are like, how busy they are and how much time it will take.
A small but surprisingly important detail, this dictates how much sun the house gets, when it gets sun (morning or afternoon) and how hot it will get if you leave all the windows open. It’s a basic but important facet of proper house management, and it will also give you a clue how to maintain siding and the lawn.
Find out quickly if there is an HOA or any similar type of association. If there is, read through their requirements (any competent Realtor will be able to get those very quickly), and note any fees and what they may cover. If there is anything you want to change about a house, see if it is allowed. If you want to park a vehicle or trailer at your home, see if it is allowed. HOAs can have a lot of rules in addition to monthly fees.
Are there any other current offers on the house, or are there expected to be? A knowledgeable Realtor will have a very good idea about this. If possible, it’s also good to have some idea about who is bidding on the property. An investor, for example, will often offer cash upfront and will make counteroffers very difficult. Remember that there is always a certain amount of competition over popular houses.
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It should be no surprise that our beautiful Santa Barbara has won another accolade, this time being rated as the "Best Small City" in the U.S. in the Conde Nast Readers’ Choice Poll.
Santa Barbara is a wonder for its magical sunsets, coastline location, and pleasing places and people. It is hard to imagine a place better than the coastline, where the colorful skies and beach vibes set alight pure joy to start each day.
Our California coastline city is visited by approximately 7.2 million visitors annually. To outsiders, we're mostly known for our prestigious wineries, hotels, resorts, lively restaurants and nightlife after hours. Moreover, many of the well- known hotels and resorts have won “Top Hotels is Southern California” according to Visit Santa Barbara, including the well-known Ritz Carlton Bacara and the Four Seasons Resort: The Biltmore Santa Barbara.
In addition, Santa Barbara has been ranked highly amongst other phenomenal cities including the glorious wine countryside of Napa, California (#12), the scenic Sedona, Arizona (#6) and the historic city of Alexandria, Virginia (#4).
According to Kathy Janega- Dykes, President and CEO of Visit Santa Barbara, “Santa Barbara has a way of making travelers feel like they’re in a little pocket of paradise when here”.
Our beach town has previously been featured in the top 15 among several other cities in the nation. According to the recent issue of Condé Nast Traveler, the November issue illustrates Santa Barbara as being a paradise amongst many others, highlighting the offerings most locals already know.
We are also home to the 5th best national public university, UC Santa Barbara, and one of the best-rated community colleges, Santa Barbara City College.
In the heart of the city, the average traveler is delighted to be present in such a paradise. The city truly delivers a spectacular vision with extraordinarily scenic mountains and the ocean surrounding the area. The southern county is a perfect getaway destination for travelers and visitors to explore, as it has been by many.
Furthermore, many locals can agree that the city has proven to be so much more than just home, but a true paradise. Entirely, the city awaits future visitors and welcomes future tourists to explore and experience the paradise for themselves.
Development Opportunity in Santa Barbara, CA!
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