Home buyers in the luxury real estate market often look for amenities, location, size and appeal of a space when searching for the perfect new place to call home. But recent trends are showing that some home owners are more interested in homes that are better, not bigger. A recent story by The Wall Street Journal found that luxury home owners are cutting back on square footage and amping up on luxe finishes and high-end amenities.
The publication cited data from the U.S. Census Bureau that found luxury homes in America to be predominantly defined by size over the years. A newly constructed home grew from an average of 1,660 square feet to more than 2,500 square feet today. But some people, like the Montgomerys, are opting to cut back on the size of a home and instead bask in smart technology, high-end appliances and rare furnishings.
“I think smaller has many more advantages than larger,” Joanne Montgomery told the publication. “You want to have a place that is beautiful but not overbearing on your life, especially if you have multiple homes.”
Some home owners say that having more usable space instead of simply an abundance of space is a better option for them. Some are getting more “bang for their buck” when it comes to square footage with ideas such as large banquettes instead of a formal dining room and open living and kitchen spaces that more appropriately utilize a home’s space.
Designers are also making sure to create space that is as useful as possibleby using storage solutions. Under the stair storage is one of the best ways to make use of the otherwise wasted space with drawers and small cabinets for virtually anything. Whether in the basement or on the main living floor, under-the-stairs storage frees up square footage throughout the rest of the home.
Just because some luxury home owners are cutting down on space doesn’t mean they don’t want the same feeling of a large home. One way to get that feeling is oversized and ceiling windows. These bring in natural light and open up the home to make it feel as though it is extended outdoors.
Amping Up the Outdoor Space
In places like Southern California, outdoor space is a must, and some home owners are opting to have equal if not more square footage outside than inside. Extending the living space outdoors has been a growing trend in recent years and it no longer simply includes a pool and nice lounge chairs. Home owners are including large dining tables, full-sized kitchens, spa-like pools and sofa-style seating outside the home, and designers are introducing furniture and accents that can withstand the elements. Home owners can consider adding built-in fire pits, weather-proof television sets and bars in their outdoor living spaces.
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(all data current as of 10/22/2017)
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