What to look for in a Luxury home

via David Glenn

Nothing quite defines the American dream like homeownership, and that’s true for homes of all shapes and sizes. For those of you who want to really invest in your abode, the luxury market might be for you. Luxury homes are currently defined as homes with a multi-million dollar price tag. Though that qualification does not always need to be met if the home is possessed of certain features such as location, amenities, etc. Luxury homes are always homes that are unique and original, and they include amenities such as a Home Theater, private elevators and car lifts, cutting edge technology and more.

What is especially important in the luxury market is the ability to adjust the home to a particular homeowner’s individual needs. There’s a big difference between what’s considered luxury in Los Angeles and in Houston,
and the market responds to that. Many luxury homes are focused on security, with gated entrances, motion detectors, and secure buildings to make homeowners feel safe and secure, as well as grant peace of mind. Aside from practicalities, there are a few standard features that most luxury home buyers look for.

Firstly, location. As with any real estate purchase, location is perhaps the most important consideration. Most luxury homes abide in gated communities or closed buildings, in what are considered elite neighborhoods. Luxury apartment buildings are equipped with incredible views, a full time staff, and concierge service. Luxury homes are equipped with private locations, stunning vistas, and plenty of room to grow.

Depending on where the home is located, outside can be just as important as inside, with decks and pools playing a big part of a luxury lifestyle. Californians are more likely to be drawn to a house with a pool, while New York residents and other city dwellers are more interested in a room with a view.

Quality is also key. Luxury homeowners want quality in everything, from the floors to the walls. Many choose exotic or imported woods and tiles to finish with, and that alone can bump up a price tag. In the kitchen especially, custom cabinetry is a must, and homeowners want the install to be perfect.

Another amenity that appeals to most luxury buyers is a Home Theater. These rooms often come equipped with a large screen, custom lighting and sound, a mini-kitchen or refrigerator, and often a popcorn maker, to lend that movie atmosphere to your home.

Homeowners are also beginning to embrace an entire wet room instead of a simple shower or bathtub. Many of these rooms have multiple shower heads, as well as a place for seating and luxurious flooring. They are considered one of the most popular luxury features, for the relaxation value alone.

Open floor plans are also a must, just like in the suburban real estate market. However, luxury homes often have extremely high ceilings of twenty feet or more, along with the use of counters or cabinetry to separate the living and eating areas. The floor plans are fully customized as well.

Wine cellars are also becoming a more usable space, with room for entertaining and serving guests directly in the cellar itself. This use of smaller space is creative and whimsical, and allows hosts and their guests to be more focused on the current conversation then perhaps they would be in the rest of the home.

There’s also a focus on technology in the home, especially in the kitchen, where smart appliances are quickly gaining popularity. Many homes can be fully synced to a mobile device, like your ipad, that you can use to control everything.

So what’s most important in a luxury home? Real estate always focuses on location first, but after that, most of the requirements are left to homeowner’s individual taste. With the luxury market expanding as it is today, there are no shortages of opportunities to fully customize a home and make it yours. It’s said that “A man’s home is his palace”, and the luxury market provides the chance to make that statement very true indeed.

 

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Inman Innovator Awards 2016 Nomination

via Inman

The Inman Innovator Awards are given each year to recognize and celebrate industry innovation and accomplishments.

Who qualifies?

In some cases, a specific app, technology or business process qualifies someone for consideration. In other cases, the company as a whole consistently tries new things, adopts new technology or creates a new culture or approach to real estate.

How does the selection process work — and who decides?

The process for selection begins with identifying companies and individuals who meet these standards. A list of prospects is culled from input from the Inman editorial team and leaders in the industry.

The final decision on finalists and winners is made by editor Amber Taufen and publisher Brad Inman, and the Inman editorial team gives feedback throughout the process.

Innovator Bash

This year for the first time, Inman will be announcing one winner in each category plus two runners-up — for a total of three noteworthy names.

The winners will be announced when the red carpet is rolled out for the Innovator Bash. Do not miss this one-of-a-kind industry event, August 4, 2016, at 8 p.m. at Inman Connect. Dress up, walk down the red carpet, drink, eat, dance and celebrate industry innovation.

 

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West Coast Rents on Fire: San Francisco Rents Projected to Rise Faster than Any Other US Metro in 2016

Via RentCafe

 

With homeownership rates at historically low levels and a lack of affordable housing options in all major metro areas, renting becomes a challenge for renters all across the US, particularly low- and middle-income earners. Rents have been steadily rising for the past year, with the national average for an apartment hitting an all-time high of $1,181 in March 2016, up 5.7% from 2015.

Looking ahead, it becomes pretty clear that it’s not a question of “if” anymore, it’s about how much rents will increase this year. If the Southeast and the Northeast Corridor maintain a fairly normal pace in rent growth, the West is expected to rock the landlords’ world and post record-breaking price increases this year.

In San Francisco’s case it’s all the more dire as apartments here are already outrageously expensive – think $2,400 on average for a studio and $4,800 for a two-bedroom in the city. By year end, the Bay Area is expected to see a 10.5% jump in rent prices. The same goes for LA and Sacramento, where mild winters and lush scenery come at a price – not at all negligible and still on the rise.

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Amid historic rent hikes, Portland remains a bargain for San Francisco and Seattle transplants

The biggest surprise comes from Portland, where demographic and employment tailwinds keep demand for rental apartments up there as well. Rents in the city are expected to climb an impressive 8.8% this year, making Portland one of the main contenders for the “hottest metro for rent growth in 2016” title. But when compared to other millennial-magnet, job-centered hubs on the West Coast, Portland is actually much easier on the pocket. Whereas Portland apartments rent for $1,252 on average, both San Francisco and northern neighbor Seattle have higher average rents – $2,810 and $1,555, respectively.

Looking for cheaper rent? March South!

Headed to the Southeast? You’ve hit the jackpot! It’s where the jobs, the nice weather, and the low rents are. Atlanta, Orlando, Jacksonville, Miami, Nashville, as well as Texas’ major urban hotspots – San Antonio, Austin, Dallas, and Houston – are top choices for those in search of a more relaxed housing landscape.

Check out the full list of the hottest markets for projected rent growth in 2016 in the nifty infographic below!

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