Luxury homebuyers downsizing

Luxury homebuyers downsizing. Less is more.

At least, that’s the case when it comes to luxury real estate, according to Paulette Koch, The Corcoran Group’s top agent in Palm Beach, Florida.

“What really surprises me is that I think our clientele, who own multiple homes, are looking to scale down,” she said in an interview with Mansion Global, published in October. “They don’t necessarily need the biggest property. They want something more manageable, so it’s not akin to running another corporation.”

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She added saying that people want something of quality, but it doesn’t have to be the biggest.

She’s not the only real estate expert to spot the trend — in a separate interview with Mansion Global, Scott Durkin, president of real-estate brokerage Douglas Elliman, said he’s surprised that people don’t always want the biggest home, instead favoring the idea of hotel-like living and gravitating toward properties with built-in amenities.

In fact, rich people are prioritizing quality over space so much that they’re spending upwards of $4,000 a month to live in luxury extended-stay hotels for the convenience and amenities, Business Insider’s Katie Warren previously reported. The burden of managing a large property is swapped for benefits like a kitchen fully stocked with cookware and utensils, fitness centers, dog walking, free bike shares, personal trainers, weekly housekeeping, and more.

The number of upscale extended-stay hotel rooms has increased by 34% in five years, Warren wrote, citing data from the Wall Street Journal.

Even luxury apartment buildings are catering to these demands, going to greater lengths to attract tenants by offering increasingly lavish amenities, Warren reported in another article. Think rooftop running tracks and dog parks, outdoor movie theaters, and residents-only bars and restaurants.

Consider Oceanwide Plaza in Los Angeles, a three-tower development that will feature a two-acre sky park with two dog parks, a basketball court, lawns, a swimming pool, and a running track. 414 Light Street in Baltimore is also loaded with amenities, including an al fresco dining space, yoga and meditation room, and business lounge.

Contributing author – Paulette Koch

Original Publisher – Business Insider

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