This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Warming Drawer? Really? 5 Things the Rich Need In Their Next Home

NEW YORK ( TheStreet) -- With the housing sector apparently in a genuine recovery, affluent Americans are roaring back into the real estate market, waving checkbooks and measuring for drapes with renewed urgency.

It's a confidence reborn after five years of financial anxiety, and these homebuyers have apparently spent that time mulling over what really matters to them with a home purchase.

A pair of studies on affluent homebuyer trends reveals that square-footage is out these days, replaced by an emphasis on creature comforts and amenities that make a smaller home a better place to live.

What are the top five items on luxury homebuyers' "must have" lists?

Kitchens with warming drawers. Some 42% of financially well-off buyers looking to pay $500,000 or more for new digs want a kitchen with a warming drawer -- an enclosed, low-heat shelf that keeps meals hot and ready to serve -- compared with only 15% of homebuyers looking to spend $150,000, according to the National Association of Homebuilders.

Two-story family rooms. A one-floor family room isn't enough for luxury homebuyers in 2013. The NAHB says the second-most in-demand feature favored by buyers is a two-story family room. Only 29% of luxury homebuyers don't want a multi-story family room, while 32$ called it desirable or "essential."

"Smart" homes. A separate study from Better Homes and Garden Real Estate hints that green homes are going out of style, while so-called smart homes -- wired, high-tech spaces that adjust lighting, temperature and entertainment automatically -- are in high demand. According to the Better Homes report, 66% of luxury homebuyer say a smart home is more important than a green home. Furthermore, 87% of luxury homebuyers surveyed would not consider living in a home that isn't tech-friendly.

Separate guesthouses. The Better Homes survey also reveals that wealthy Americans like to have guests over for the weekend, but want their privacy, too -- so 47% of those surveyed say a guesthouse on their property is a must-have.

A "garden oasis." Among the most mainstream of demands from wealthy homebuyers, according to the Better Homes study 53% have an outdoor amenity in mind, asking for a home that comes equipped with a garden oasis. Another 50% want an outdoor fireplace to go with their garden Xanadu.

Flush with greenbacks, 2013 luxury homebuyers feel they are in a strong bargaining position in the housing market. And they have a good reason to feel that way.

"The luxury consumer is considered a trendsetter in most industries, and to see the strong connection this consumer has with 'home' is very significant as we look at the real estate market as a whole," says Sherry Chris, president and CEO of Better Homes and Gardens Real Estate. "The luxury homebuyer has high standards and invests the money, the time and the commitment to making their home fit their needs and reflect who they are. It's remarkable that they do this so well that nearly all -- 93% -- believe their house is the best one on their block."

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs