Luxury homes are a market unto themselves, but what defines a luxury property has changed dramatically over the years. What set a home apart in the early 90s is hugely different from what’s considered to be the latest and greatest today. Instead, what we tend to see is a trickle-down effect from luxury homes to mainstream properties, with trends simplified and made affordable for mass consumption. Still, it matters that luxury homes set the trend.
What’s trending in the luxury real estate space right now? Looking ahead to 2021, these critical features will define the luxury market and set the styles for other homes even further into the future.
The Kitchen Is Key
Luxury kitchen trends are often the first elements to move from high-end homes to smaller, simpler spaces and this isn’t about to change. No, spacious kitchens with granite countertops and restaurant quality appliances are here to stay. After this year’s obsession with bread baking, expect to see more homes with double wall ovens or built in proofing drawers, as well as dedicated fermentation closets for beer brewing and other sensitive projects.
Where The Wine’s At
The phrase “wine cellar” tends to conjure up images straight out of Poe’s “The Cask of Amontillado,” a dark, cold space stocked with treasurers – and some are undoubtedly like that. In general, though, most modern luxury homes eschew the classic wine cellar in favor of a more aesthetically-driven, smaller wine storage space. Taking inspiration from the glass-enclosed wine tower at Aureole at Mandalay Bay, today’s luxury owners are displaying their wine collections behind glass doors, which also allows them to keep their best bottles at hand.
Incorporating The Outdoors
If you’re lucky enough to live somewhere with a spacious yard or other access to nature, then find ways to bring elements of the outdoors in or otherwise highlight those spaces. To that end, many luxury homes feature sunbathing decks, heavily windowed sitting areas, as well as firepits and full outdoor kitchens. As for in-ground pools, they are always in style, but can be rather high-maintenance and limit options for entertainment, which is why luxury homeowners tend to focus more on spaces for hosting, such as cabanas with ample seating or spaces that might be termed outdoor living rooms.
An Emphasis On The Personal
Trends are all well and good, but those with the money to be in luxury level tax brackets aren’t generally the type to blend in when they can afford to stand out. To that end, many turn to interior designers who can add unique touches to their homes, such as custom murals, unusually shaped furniture or rugs, or even curated book collections. The approach is one of décor as conversation starter – luxury homeowners want to impress their guests, who are usually people of similar means. Surprising other wealthy homeowners is a goal, and a game, unto itself.
The luxury home market may be a just a small segment of the overall real estate space, but it’s a high profit sector and designers are closely attuned to this group’s demands. Styles are always changing, so there’s always more to be done to keep high end clients on the cutting edge of interior design.