The flourishing second home market has been a bright spot in a softer high-end real estate space. Intent to purchase is high, buyers are younger, and the drive to own a second (or third or fourth) home is influenced by the desire to experience a life “well-lived.”
Affluent consumers have become increasingly conscious of their wellness, hoping to experience richer and more fulfilling lives by living a healthier lifestyle. The trend is overwhelming, with 96% of high-net-worth homebuyers and sellers reporting that they take at least one aspect of wellness seriously as part of their daily routine.
Homes built with wellness in mind
Real estate developers have embraced this trend, responding with creative amenities for physical well-being that leverage community building, like climbing walls or yoga rooms instead of gyms. They are also incorporating soundproof meditation rooms, and even indoor/outdoor meditation spaces to help residents embrace emotional well-being. To provide an ideal sleep experience, we now see “sleep-enhanced homes” complete with insulated walls and temperature-controlled areas to maximize the ideal sleep environment.
Curated, concierge-like amenities range from personal wellness assistants that remind residents to exercise, meditate and eat well, to “brain fitness” programs that improve relaxation and memory to on-site restaurants that serve organic gourmet meals for residents.
In addition to individual amenities, developers are even creating entire homes dedicated to luxury wellness and health. Troon Pacific, a San Francisco-based development and investment company recently listed a $29.8 million “wellness-focused” mansion in the Bay Area, which includes an entire floor dedicated to health and fitness.
Luxury consumers are looking for amenities and features that promote positive well-being in nearly every area of their lifestyle, from the bedroom to the kitchen. Wellness kitchens, which include appliances like the Urban Cultivator, an undercounter appliance designed to grow herbs, vegetables, microgreens and flowers for both residences and commercial kitchens, are on the rise as consumers are looking to live a healthier, more sustainable lifestyle by consuming fresh and unprocessed foods. As consumers become more conscious of the impact of food consumption on their bodies and the environment, more and more are adopting vegan and plant-based diets and limiting alcohol consumption.
Homes that feel good, body and soul
Emotional wellness is also important to this discerning group of buyers with many opting to create rooms within their homes that indulge their personal passions. Buyers ages 25-49 years old set the tone in this area, expressing the need to have a space in the home that reflects who they are as people. These specialty spaces can range from spacious patios with barbeque grills that entertain guests and host parties for loved ones to music rooms to host an impromptu “jam session” with friends. Having a space to exhibit their interest is an important factor in homebuying for the affluent, especially among younger groups.
While the wellness trend is driving the second home market today, it shows no sign of slowing down. In fact, it is poised to be a major driver for the primary market as well.
The industry is already changing to accommodate buyers that are looking to make their mental, physical, and spiritual health a priority with more than 740 wellness-focused real estate projects across 34 counties in the pipeline, each designed to provide a more personal, and reflective experience for affluent consumers. Ultimately, the affluent are seeking a “life well-lived” which includes taking care of themselves in their homes, where they feel the most comfortable and secure.
Luxury Portfolio International® (LPI) is the luxury marketing division of Leading Real Estate Companies of the World®, the largest network of premier locally branded real estate companies. LPI attracts a global audience and markets approximately 50,000 of the world’s most remarkable homes annually on luxuryportfolio.com.
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