According to agents for the sale of luxury real estate, buyers of luxury homes, recently, adhere to an unprecedented trend. Today, they no longer wish to acquire huge houses and mansions. Now, buyers are more oriented towards comfort than to the area. Experts are surprised by this trend, but they understand the causes of this phenomenon. In fact, everything is very simple, this is because Millennials want a “more manageable” property, which “does not look like managing a huge corporation.” Indeed, a large area requires certain forces and costs for its proper maintenance.
More and more affluent people live in luxury extended-stay hotels for convenience and communal amenities. In turn, the enterprising owners of luxury apartments offer more and more diverse amenities for every taste and possible desire. That is, the area may be smaller, but the buyer receives more benefits and comfort. This is the current situation in the elite real estate market, according to well-known and respected experts in this industry.
Modern luxury real estate buyers who own multiple homes want to downsize. They no longer need the largest property. They need something more manageable, not requiring control forces and giving in return more opportunities for a comfortable life. People want their home to be truly crammed with all kinds of quality comforts, and it should no longer be the largest. At the moment, Millenials do not always want the largest house, instead, they prefer living in long-stay house-hotels and prioritizing properties with built-in amenities.
In fact, rich people prefer quality over space so much that they spend over €3600 a month on luxury hotels with long stays for convenience and ever imaginable amenities. The burden of managing a large property is replaced by benefits such as a fully equipped kitchen with utensils, fitness centers, dog walks, free bike rides, personal trainers, weekly cleaning, and much more. In this light, it is worth noting that the number of upscale rooms in hotels with a long stay over five years has increased by 34%.
Even luxury apartment buildings try to meet these newfangled requirements, doing everything possible to attract tenants, offering more and more diverse and high-quality amenities. Those can be: running tracks on the roof and parks for dogs, open-air cinemas, as well as bars and restaurants for residents only. An example is the Oceanwide Plaza in Los Angeles. This is a complex with three towers, which will include a 2-acre water park with two dog parks, a basketball court, lawns, a pool, and a treadmill.