Urban Life » apartment

What It’s Like to Own a Luxury Home

Thu, 11 Mar 2010 10:59:13 +0000

High-end Realtors and estate owners give an insider’s perspective.
Privacy and security are important factors when it comes to living in New York City.
Is it really all about champagne wishes and caviar dreams? While living in a multimillion-dollar home has its perks, it’s also a lot of financial responsibility. Some new homeowners overlook the details and work required to own a luxury home. However, it’s often worth the upkeep.
“Real luxury living is the features and the peace of mind and luxury of a hotel but the warmth and hominess of your own home and your 25 staff members,” says Wendy J. Sarasohn, senior vice president of residential real estate firm Corcoran Group, which serves New York City, Long Island, N.Y., and Palm Beach, Fla. Its clients range from Wall Street bankers to entertainment industry moguls.
Pampered in Privacy
For luxury homeowners, it’s all about amenities, and luxury living in New York City is all about privacy and security, Sarasohn says.
“No one comes into the lobby of the apartment building without being screened or announced,” Sarasohn says. “The buildings have beautiful lobbies filled with fresh flowers, a white-gloved doorman and a car greeter. It’s a very stressless lifestyle. Most of the buildings offer mind-boggling views of the city so that you’re physically and psychologically above it all. You have silence and a feeling of being powerful.”
Other amenities include first-class spas with private massage rooms, swimming pools, nail services and other beauty and fitness services. If you don’t want to have your manicure and pedicure downstairs, you can have it in your apartment. As for groceries, the concierge will fill your refrigerator with whatever you need. Most luxury apartments also feature radiant floor heating, wine coolers and state-of-the-art kitchens. The buildings also provide party rooms so you can entertain guests in your building but outside of your apartment.
The Price of Luxury Living
A luxury homeowner in New York who prefers to remain anonymous (most of them do) describes his property in the esteemed Hamptons. Purchased incomplete in 2005 for $2.8 million, the 11,500-square-foot home features an infinity pool, an attached 15-person whirlpool, a cinema that seats nine, full-size gym, billiards room and full-size bar. He says he put more than $650,000 into the home’s lavish details.
The homeowner visits his Hampton home weekly during the summer and every two weeks in the off-season. Even when he’s working in New York City, his home in the Hamptons is regularly maintained. Including electric, landscape, pool maintenance and other utility bills, he estimates spending about $5,000 each month just for upkeep. Add that to the $8,000 each month he spends on his primary home in Manhattan.
With all his expenses, he admits budgeting is very important for any luxury homeowner, no matter what state the economy is in. “You have to pay close attention to where you’re putting your money,” he says. “Real estate still remains a good investment. Even though things are deteriorating, now is still a good time to buy. The decline of the stock market is far more severe than the decline of housing.”
He advises that now is the best time to purchase a luxury home, but buyers who are purchasing solely for investment purposes should be cautious and figure in the price of running and preserving the home.
“Make sure you have not only figured the cost of home and mortgage, but also the utilities and maintenance,” he says. “This is important in calculating the home’s affordability. Also, you would want to buy in an area that you feel has a good growth potential. I felt that the Hamptons were a good investment at the time. Individuals who want to purchase purely for investment need to be careful. You must take into consideration that most luxury homes do not have a high turnover rate.”
All things considered, owning a luxury home certainly has its perks. But keep in mind that the home price is just the beginning of what you should expect to pay. Luxury living is not just about buying an expensive property. It’s a lifestyle that requires maintenance and responsibility, no matter if it’s an apartment with a terrace on the top floor, an antique estate on 200 acres of lush green property or a waterfront mansion steps away from turquoise waters and velvety sand.

Downtown Austin – Urban Living

Thu, 11 Mar 2010 10:49:54 +0000

The number of people living in Downtown Austin has steadily been rising over the last few years. This article looks at what is spurring this downtown migration

One of the more recent developments in the Austin real estate market are the multitude of loft condominiums springing up smack-right in the middle of downtown. This new push towards urban living reflects an interest in a pedestrian-oriented community, optimal for those who work in Austin’s business center, but also attractive to others who appreciate an abundance of amenities offered within walking distance. Downtown Austin has much to offer Austin residents, whether they work, live, or visit this area which truly represents the cultural heartbeat of the city.

Austin’s downtown is bursting with shops, cafes, galleries and nightlife. Whether looking for antiques at the beloved Whit Hanks, seeking esoteric ethnic treasures at Tesoros, or shopping for home furnishings at Bella Home or Zanzibar, the shops are local, and the wares are unique. In addition to Starbucks, there are plenty of cafes around, including Little City, and Drogo’s Cafe do Brazil. Art galleries, including Art on Fifth and Artworks, are scattered throughout the area, and the nightlife – well, it can’t be beat.

Most of the new lofts are far enough away from the entertainment districts to provide relative quiet, but are close enough to make a night out on the town just a short walk or cab ride away. The bars, music venues and restaurants of the famed Sixth Street district now have competition from the bustling young crowds of the Red River scene. The Warehouse District continues to be one of the most vibrant entertainment areas in the city, although the new 2nd Street shopping and dining area is thriving as well.

Downtown Austin is home to some of the finest restaurants in the city. Louie’s 106 has enticed downtowners with its Mediterranean tapas and steaks for years, and the Driskill Grill offers another close fine dining experience. Eddie V’s and McCormick & Schmick offer superlative seafood, and Sullivans, Ruth’s Chris Steak House and Fleming’s are top-notch steak houses. The varieties of food run the gamut as well – from Spanish food at Malaga, to Italian at La Traviata, from sushi at Kenichi or Kyoto to Southwestern cuisine at Z-Tejas.

One the most attractive parts about Austin’s downtown is its proximity to the nature and beauty found at Lady Bird Lake, as well as the Town Lake parks and trails. The plentiful outdoor activities provide the urban dweller with opportunities to walk, run, bike, and boat – all within walking distance of the sleek and sophisticated apartment buildings springing up. Waterloo Park, Republic Square, and other smaller patches of green add to the options for outdoor activity.

Downtowners will find their grocery needs admirably met by the flagship store of the Whole Foods Market chain. This Austin-based business launched their enormous new store in 2005, making fresh and organic produce, dairy, meats and seafood available. In addition to staples, an on-site bakery and international groceries, Whole Foods offers an abundance of prepared foods, from soups, salads and sandwiches, to pizza, seafood and a raw foods stand.

With all of life’s necessities within walking distance, it is no wonder that Downtown Austin real estate is thriving as a residential community.

Ki is an Austin real estate agent. He runs a site with information about Austin real estate and a search of the Austin MLS. He also talks about current events on Austin real estate blog.

Business of Life

Thu, 11 Mar 2010 10:48:19 +0000

Urban living

Sea views, wide-open spaces spread over 8,000 sq. ft, a private lift connecting first and second floors: life in the city doesn’t get much better than this

The family entertainment area adjoins the central hall. Visible beyond the glass wall to left is a part of the sea-facing balcony opening out from the central hall

Before they started work on this luxury apartment, architects Bahaar and Kaif Faquih of the Mumbai-based firm Faquih and Associates, spent considerable time getting to know their client Piyush Kothari and understanding the family’s requirements.

The duplex, spread over 8,000 sq. ft, has a fairly symmetrical plan. A perforated wall separates the lobby from the central hall.

The wall, in a sense, sets the design dictum that has been followed throughout the house—visual connectivity.The double-height (22ft.) central hall has two wings, one on each side. There are no doors between the family entertainment space, the dining and breakfast corner and the kitchen. Sliding glass doors separate the balcony from this central space. Only the grandparents’ room on the ground floor and the guest bedroom have have doors

Architects Kaif and Bahaar Faqui

“Visual connectivity is a quintessential urban design requirement. People constantly want to be in the thick of things and this does become a challenge when the space is very large, so we thought of demarcating the area with objects instead of dead walls,” says Kaif.

A powder room that adjoins the dining area, the staff quarters with a private stairway and a utility room are a part of the ground-floor plan. In fact, the ground level can act as a separate apartment, considering its various facilities.

A wood-and-glass staircase and a private lift provide access to the first floor, which has two fully-equipped suites. The bathing spaces and walk-in wardrobes in the master suite are quite the last word in hedonistic comforts.

Bedrooms for the children are luxurious too, and there is also a pantry area for that impromptu midnight party.

Even though the first level functions as a separate entity, the architects have ensured that it isn’t completely cut off from the main house. Both the master suite and the children’s suite look into the central hall. This ensures both visual connectivity and cross ventilation.