This Day On The Street
Continue to site
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

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."

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs