Good information to have whether you’re a new home builder or simply interested in the re-sale value of your current home.
Informal conversations with clients and colleagues suggest that North Shore purchasers are generally looking for smaller homes than they were 10 years ago. Purchasers are beginning to realize that they may not require the extra “guestroom” or additional bathroom for friends or family who may or may not visit once per year. I think purchasers will continue to have interest in generous lots (especially low maintenance ones), I’m speaking specifically of the actual house size. I understand there are numerous monster homes under constructed through-out West Vancouver but they seem designed for a very specific off-shore demographic. It seems that there is a shift away from large construction to smaller quality houses. Efficient use of space and higher quality seems to be the trend.
Last year in Las Vegas at the annual gathering of “Luxury Portfolio International” they released the results of an international survey conducted amongst wealthy real estate purchasers (annual household income over $150,000). The survey asked buyers to rank home features in order of importance and over-all square footage did not rank in the top five. These were their findings:
1. The home should be designed for entertaining. Kitchens with high-end appliances and plenty of out door decks and patios.
2. Large master bedrooms with high quality en-suites and dual walk in closets.
3. Privacy. Plenty of space surrounding the house.
4. A dedicated office or work space for use for both parents and kids.
5. Open floor plan, pool/hot tub/spa
The other interesting finding from the survey was in the way wealthy purchasers made their buying decisions. Over the past few years buyers have shifted from “deal-oriented” purchasing decisions to “worth oriented”. Seems buyers are more inclined to purchase according to their actual wants and needs in terms of quality, location, features etc…as opposed to buying properties that don’t meet all their requirements but are purchased simply because they were able to get a “deal”.