- Luxury condo buyers are forgoing flashy amenities in favour of “well-being” amenities.
- The trend is part of the rise in discreet wealth as a status symbol: Wealthy people are spending money on investments like health and wellness over materialistic goods.
- However, some flashy amenities still have an appeal for some buyers, and luxury developers aren’t ignoring other enticements.
Fancy gimmicks may be working to sell some luxury apartments – but they’re not for everyone.
According to Mansion Global’s 2019 Year Ahead report, more high-end condo buyers are forgoing flashy amenities like car-carrying elevators in favour of ones that promote serenity.
“‘Well-being’ is the mantra in amenities right now,” the report states.
Consider boutique Los Angeles condominium 1030 Kings, which has an outdoor yoga deck, and One Manhattan Square, which is set to open in early 2019 and will boast one of Manhattan’s biggest private parks. Similarly, 2000 Ocean in Hallandale Beach, Florida, offers a tranquility garden with lemon trees, and Arbor18 in Brooklyn boasts not only a zen garden but also an infrared sauna with built-in chromotherapy.
Meanwhile, Business Insider’s Katie Warren recently toured 15 Hudson Yards, an 88-story superluxury tower in NYC that devotes 44,000 square feet on the 50th and 51st floors to amenities, including a fitness center, a 75-foot pool, a yoga studio and a private spa.
The trend is part of a movement toward inconspicuous consumption. Discreet wealth has become the new status symbol as elite consumers eschew symbols of materialism like logo handbags in lieu of intangible investments, with a focus on health and wellness in particular.
“People are very much focused on, as they have been, gym-related things – things that are good for the body,” David Bistricer, founder of real estate developer Clipper Equity, told Mansion Global. “What we’re seeing now is the mind – mental health – and taking time off from all the different things that are capturing our attention and competing.”
However, the rise in mindfulness doesn’t mean that luxury real-estate developers are ignoring other amenities, like private HD theatres and rooftop drone landing pads, according to the report. Some flashy amenities still remain. Consider the $US85 million Hell’s Kitchen condo, which comes with tickets to outer space and a couple of Rolls-Royces or the Miami luxury building providing its residents with Tesla-driving chauffeurs.