When the word budget is not part of your vocabulary and interest rates don’t matter, what does the uber luxury real estate buyer want now? More to the point, why does that matter to those of us not in that luxury realm?
That one is easy. Think about what comes down the runway at Chanel. Not many of us can buy couture, but the elements of those designs trickle down and become accessible to everyone. The luxury real estate market works the same way.
Remember when the free-standing tub was the wow factor and completely out of reach for most of us? While we may never be able to own that Aquatica Illusion tub for almost $14,000, that trickle-down effect means you can now get an acrylic free-standing tub at Lowes for $470. What moves the uber-luxury real estate market eventually affects all of us. Plus, it’s just fun to see what that 1 percent of our market sees as essential today.
I started thinking about what was happening in the uber-luxury real estate market last week when a handrail in a home designed by architect Richard Drummond Davis caught my eye. I had not seen brass used so well in a long time, and it struck me that detail was becoming critical. Then I started looking at available homes north of $10 million. Of course, I went down the rabbit hole of what uber-luxury real estate buyers want today and spent my weekend talking to the folks who know.
Right now, it’s all about custom homes and new construction.
Double digits are the norm. Douglas Elliman’s Blake Eltis has 3808 Potomac listed for $18.5 million. Jonathan Rosen with Compass has 5531 Walnut Hill Ln., designed by SHM Architects, listed for $15.995 million and 10010 Strait Ln., listed for $18.5 million. In the custom home range, $30 million is no longer unusual.
Asking The Experts on Uber-Luxury Buyers
So what are uber-luxury real estate buyers getting for those prices? My first calls were to architect Lloyd Lumpkins, who is known for designing some of the most beautiful luxury homes in the country, and Tony Visconti, who knows more about building distinctive homes than anyone I’ve ever met.
What has changed is people are recognizing they need an architect. They want a home customized to their style, needs, and interests. Classic architecture is still big but with a modern vibe. A lot of what we do is educate. A client may go to Cabo and see a shower that opens to the garden and ask for that. While it works in Cabo, winter in Dallas can be very cold. So we have to be practical. They can still have that shower that opens to the outdoors, but we will put heating in the walls and floors and create a solution so they can have what they want.
Lloyd Lumpkins, Owner of L. Lumpkins Architect, Inc.
Builders need a great architect, and we must work as a team and collaborate. We want to exceed client expectations and wow them. Right now, we are starting to see a rollback to classical architecture. We tell clients if you start with classical, it will always be in style. The interior can be anything you want, but the bones of the house will always be current. People want space now. The pandemic accelerated it, but they were already moving out of the city. We just finished a 22,000-square-foot house.
Tony Visconti, Owner of Bella Custom Homes
What Are Some of The Uber-luxury Real Estate Essentials?
- Catering kitchens.
- Details, details, details.
- Two home offices, equal in size.
- Space for staff, both office and home staff, with break rooms, kitchens, and bathrooms.
- Show closets.
- Multi-function garages (think pickleball court!).
- Indoor gun ranges.
- The C Seed TV pops out of the floor or ground outside.
- Exercise rooms overlooking the backyard or open to a courtyard.
- Golf simulators open to the loggia.
I’m super excited about this newer level of better detail because the little things make the difference, and clients understand that. Whether it is a handrail or the way cabinets are concentrated, the ceiling detail, or how plaster is used. It’s about rediscovery and using materials and elements in a new way, not unlike fashion, where a designer today draws inspiration from old designs but offers a new twist. Our clients are more visually educated than ever before, but they can get confused with so much input today, so we do a lot of editing for them.
David Stocker, Principal, SHM Architects
One of the biggest changes is AI design techniques. They get the conversion started because we can show clients photos and not just drawings. It’s a great tool for communicating and educating.
Mark Molthan, President, Platinum Series Construction
How do Professional Sports Play Into Uber-Luxury?
And what about our athletes? Sports is driving our economy and our luxury real estate market in a big way. In March, the Sports Business Journal named Dallas as America’s top market for sports business. Our own publisher, Candy Evans, attended the Metrotex Forecast 2024 event last week, and they led with “Dallas Fort Worth is the No. 1 sports city in the U.S., which drives economic growth.”
Players want privacy, security, and as many amenities on-site as possible. Mavericks players also want proximity. You also have to consider practicalities in homes for athletes, like tall closets and the height of showers. It’s not so much about square feet as the layout of the home and having two principal suites. If you are on a long-term contract, then that indoor basketball court becomes important.
Steve Rigley, Rogers Healey, and Associates
For most uber-luxury real estate buyers, space is important, customization is critical, quality and details now take front and center, and double digits are commonplace.
And for those of us who won’t ever see double digits as commonplace, let’s head to Lowes to look at that freestanding tub!
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