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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.

Urban Living: Moving Into a Small Space

Thu, 11 Mar 2010 10:55:31 +0000

With more and more people moving to the city, apartments and condos are getting smaller and smaller to accommodate all the people migrating in. It’s not uncommon to find bedrooms a quarter of the size they used to be. Living rooms blend into dining rooms and there just isn’t as much space in the kitchen as there once was. This can be a major problem for people who have a lot of stuff and are used to having the space to store it.

But never fear, there are ways to make the most of a small space. You just have to be a little creative with the space you have. Here a few tips to help you make the most of a small space:

1. Buy storage-friendly furniture. There are many items you can buy that have hidden storage in them. Coffee tables that open up into a trunk, beds with drawers underneath, end-tables with drawers and shelves, TV consoles with DVD storage underneath. These types of furniture will provide a home for your things while keeping them hidden from view so you don’t have to look at a lot of clutter.

2. Make use of the space under your bed. If you don’t have built in drawers under your bed, you can pick up some cheap plastic containers that are made to fit under beds. You can store out of season clothing here to make room in your closets, or store other things that you don’t use every day.

3. Use your closet space. Closet space may seem limited, but you can optimize your closets. Make good use of the space above and below your clothes by adding a shelf for your shoes. Fold your sweaters and put them on the top shelf or simply use it as storage. The floor of your closet can also be used to store boxes.

4. Think small. Many stores sell storage units that are made to go in small spaces. You can buy narrow shelves that are meant to go in tight spaces in kitchens. These are good for storing canned or dried foods.

5. Use the walls. One place that many people don’t think of to use as storage is the wall space. You can easily mount a spice rack to the wall in the kitchen. You can also mount shelves to the wall to store books or family photos.

6. Feng Shui. It might sound cheesy, but this ancient Chinese practice can really make a huge difference in the way a small space feels. By using feng shui principles to arrange the furniture in each room, you can make a small space seem larger and more homey.

Keep in mind that in order to make your new home feel spacious and clean, it’s important not to have a lot of clutter around. Using these ideas will help improve the amount of storage space you have and help make your new home be a pleasant place to live. With a little creativity you can easily make your new home a clutter-free place and organized place to be.

Urban Homes Offer a Modern House within Your Favorite City

Thu, 11 Mar 2010 10:54:57 +0000

While some people may prefer to buy a home and raise a family outside of the city, many others are choosing to stay inside the city limits. Urban home plans are designed to help conserve a city’s green space while providing a chic housing style for homeowners. You will never see two urban house plans with the same design or style. Custom home designers are able to work with the property holder to create each room to match their living style while efficiently using the space allowed.

Owners Provided with Numerous Styling Options

Custom urban home plans are highly desired by those that want to live in a city and still have a say in how the home is constructed. There are many different features that can in incorporated into the home for a unique look. Urban architecture generally follows some of the same characteristics that loft homes use. High ceilings with many windows are common elements designers utilize.

Unlike other housing options, urban home designs won’t be limited to certain design features because of community restrictions or landlord rules. You will own every part of the house, which gives you countless options when it comes to developing both the interior and exterior design. Urban housing development is very functional so that every area of space is efficiently used. Open floor plans with multi-level living space creates spacious rooms that are well lit with natural sunlight.

Green living can easily be incorporated into urban homes. In fact, people that choose to live in the city are already playing a huge role by not taking away from natural land. Custom urban home architects can use recycled and non-toxic materials to give you and your family safer breathing air. Taking advantage of the convenient public transportation will save money on gas and maintenance of your car, while additionally reducing the amount of toxic fumes in the air.

Inner City Living Appeals to Professionals of Any Age

With the cost of living on the rise, many people don’t want to spend the gas it takes to drive to and from their job in the city. Luckily, urban houses provide families with a chic and resourceful residence that allows them to enjoy being close to popular city attractions, such as upscale bars, restaurants, or shopping centers. Money can be spent on other things rather than expensive gas, while still owning a home that is full of sophisticated style. For those that want to own a house but can’t imagine moving out of your favorite city, an urban house can be the perfect solution.

With so many advantages, it’s no wonder why people are moving back to the city and working with professional architects to design a home with urban style. They are extremely functional by using the interior space as efficiently as possible. They can follow numerous green building techniques that help preserve the planet’s resources while creating a healthier environment for adults and children. Urban homes are located in areas that are close to a wide range of eateries and stores that aren’t found outside the city. Choosing an area where you can live, work, and play can fascinate people in any stage of their life, which is why urban housing has become so trendy.

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.