As discussed in my earlier article, “The Luxury Conundrum”, the development industry has diluted “Luxury” as a descriptive adjective.
A luxury home should provide a much more unique and personalized experience than just gourmet kitchens, integrated appliances, marble baths and as many amenities as can be crammed into underutilized space. Luxury homes should feel indulgent and luxurious, providing unique and individualized experiences, making one feel as though the home and community has been uniquely tailored for their specific wants and needs. A sanctuary, a place of self, delivering pride of ownership, where one can admire the thought and execution that has gone into delivering the creation of excellence.
Is the “more is better” mindset here to stay, or will luxury make a comeback in the years ahead? I think it will. While to some, bigger is still better, more is still better, there is a general trend away from such homogenous descriptions and toward thoughtful and considered lifestyle enhancements. The bigger and more approach has left many experiencing a diminished lifestyle and lacking a desired sense of individuality in their homes.
While the products of luxury are available for purchase by any developer, it is the utilization and creation of unique experiences that will set the tone for the coming decade. The luxury homebuyer today is asking for more. Unique, personalized homes and communities, thoughtful and well executed. Quality over quantity, efficiency rather than sprawl. These are the principles that will define luxury in premier housing for the next cycle. There will be less conversations about wanting more “things” in our homes and much bigger conversations about personalizing the experience. Who are the neighbours, what constitutes my community, are these amenities specific to my lifestyle expectations, what footprint am I creating. These are the questions that will be asked. As developers, the opportunity is going to be in coming up with the right answer, specific to each client or community.
Exciting times ahead as we unravel these considerations and ponder their impact on the future development of our cities. Who in the development community will get ahead of the financial mechanics in their quest to deliver the lowest common denominator that pencils out for investors? Those that do will reap the rewards, as will the communities in which they dedicate their efforts.