Urban Life » housing

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 vs. Rural Living

Thu, 11 Mar 2010 10:56:02 +0000

People inhabit different parts of the world and lead different types of lives. Their lifestyles change across the various regions on Earth and so do their mentalities. The resources available in their regions, the plant and animal life that is native to their area have a direct impact of their way of living. People all over the world have been divided into two distinct groups by this marked line of difference between an urban and a rural life. Those inhabiting urban areas lead an urban life while inhabitants of rural parts of the world experience a rural living. What is the difference between a rural and an urban living? What are the pros and cons of the two different ways of life? Let us see.

Urban LivingUrban areas are equipped with all the modern amenities. The modern-day facilities like the Internet, telephone, television and satellite communication facilities are widely available in the urban areas. A majority of the households of the urban areas are blessed with this technological advancement.The newly developing shopping complexes, theatres, food malls and restaurants are a commonplace in urban cities. Huge constructions, large housing complexes, skyscrapers are found in most of the urban metropolitan cities. Elevators, escalators, storeyed parking areas and towering constructions add to the magnificence of the urban cities.
Due to a greater availability of all the modern facilities along with an increase in the number of educational facilities and career opportunities, people of the urban areas lead an economically more stable and a luxurious life.

The increasing attraction of the people towards the urban parts of the world has resulted in crowding of urban areas. The increasing population, majority of which prefers settling in urban cities, has led to an imbalance in the density of human population. Excessive industrialization has invited environmental problems like pollution.

However, the rise in economic growth that has resulted in self-sufficiency in the common masses has resulted in a self-centered nature of society. While technological advancement has brought the world closer, human beings have gone far apart from each other. Buildings that touch the skies have built walls between people. The rise in prosperity has been eclipsed by the decline in peace.
Rural Living

Rural areas are not crowded with concrete constructions all over. Houses are rather widely spaced with ample room for fields and gardens. Rural areas are some of the only areas fortunate enough to house the greens. People in rural areas live in close proximity of nature. Apart from people, there is room for pets and grazing animals that help maintain equilibrium in nature.

Due to a relatively lesser number of people inhabiting the rural areas, the rural parts are not overcrowded by people. These areas are blessed to have least amounts of pollution. Due to afforestation and ample space for plantations, rural areas have managed to maintain an environmental balance. Pollution is less also on accounts of very less number of industries in rural areas.

The stress that results from a fast life in the urban areas is not a part of the peaceful and relatively slow paced life of the rural regions. The life may not be as lavishly led as that in the urban areas, but the people there are generous and their hearts have room for emotions. Rural are the ones where humanity is still alive.

Every coin has two sides to it. While the rural living is deprived of luxury and technology, it is rich in terms of its relationship with ‘nature’. The urban life is update in terms of technology and career prospects. However, the falling humane qualities and a disrupted environmental balance shadow the bright future of urban living.

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.

Trending Towards Urban Living

Thu, 11 Mar 2010 10:54:25 +0000

A growing migration out of the suburbs is leading to higher demand for urban properties

High fuel prices and walkability are key factors in many downtown buyers’ decision.

The quintessential American dream used to include a suburban house with big yard, but homebuyers are increasingly dreaming of a walkable urban lifestyle along with their dog and two kids.
Flight from urban areas began after World War II, when thousands of returning soldiers and their young families needed inexpensive housing. In Leviitown, an early Long Island, N.Y., suburb, developers built more than 17,000 virtually identical Cape Cods. The development served as a model for later ‘burbs, and the middle class migration out of the city continued until a peak in the 1980s.
A decade ago, downtown dwellers were rare outside metropolitan hubs like Philadelphia, New York and Chicago. Today, even in a struggling real estate market, property values are high for downtown listings — and so is buyer demand.
“The housing market collapse really hasn’t impacted Denver urban buyers. Inventory is low, and lots of buyers are sitting on the sidelines waiting for a property,” says John Skrabec, owner of Live Urban Real Estate in Denver, Colo. “If a downtown home is priced right and shows well, it sells quickly.”
So what’s driving buyers towards the city? Changing demographics are part of the puzzle. The children of the first generation of suburbanites are now aging empty-nesters, and they’re increasingly trading in their plot of land in the suburbs for sleek downtown condos. The birth rate dropped by almost 50 percent between 1950 and 2000, so there are fewer families with children to fill the spots in suburbia.
Rising fuel costs are another major factor. After payments on mortgages or rent, owning and driving vehicles is the second-biggest expense for most households.
Housing costs tend to fall as you move further from urban employment centers, but transportation costs rise. Once you reach a certain distance, typically 12 to 15 miles from the city center, the increase in transportation costs outweigh the housing savings, according to a report from the Center for Neighborhood Technology. As fuel costs rise, living in the suburbs gets more and more costly.
Living in a walkable area with access to public transit also decreases the total number of miles you drive per year. According to the Housing and Transportation Index, an average downtown dweller in Boston’s Roxbury neighborhood drives average 7,000 miles per year. Though Dedham, Mass. is still in “greater Boston,” drivers there log almost three times as many miles on the odometer — an average of 20,500 per year. Urban living can save you thousands of dollars per year in fuel costs and vehicle maintenance.
The price difference makes the old real estate adage “drive till you qualify” seem as “outdated as buying a gas-guzzling SUV,” quipped a recent article from the Congress on New Urbansim. In a June 2008 Coldwell Banker survey, 78 percent of sales associates said that rising gas prices are increasing their clients’ desire to live in an urban setting. The agents also said clients had increased interest in walkable communities with access to public transit.
For the same reasons — walkability, shorter commutes and access to amenities — new urbanist towns and mixed-use suburban developments are becoming another attractive option for buyers. Throughout the United States, small neighborhoods that combine residential, retail, cultural and educational spaces, like Kentlands, Md.; Celebration, Fla. and Stapleton, Colo. are gaining in popularity.
“If gasoline and heating costs continue to rise, conventional suburban living may not be much of a bargain in the future, said Christopher B. Leinberger, an urban land use expert and real estate developer, in a recent article in The Atlantic Monthly. “And as more Americans, particularly affluent Americans, move into urban communities, families may find that some of the suburbs’ other big advantages — better schools and safer communities — have eroded.”
Over the next 20 years, developers will likely produce many millions of new and renovated townhouses, condos and small-lot houses — as well as modify current large-lot suburbs — to meet changing demands.