Urban Life » luxury

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.

Top 10 Expert Tips for Buying a Luxury Home

Thu, 11 Mar 2010 10:53:47 +0000

From a brand-new Trump condo and a historic Newport estate to a golf course community in the South, there’s a plethora of choices in high-end homes. Consider these tips from luxury home market pros before buying your dream home.
1. Learn the search process.
“Many luxury homes go unlisted to protect a seller’s privacy. These properties are often found through the Realtor’s personal connections as opposed to the MLS.” Virginia Cook, Virginia Cook Realtors, Dallas
“You may need to go to more online sources as not everything is on the large search engines.” Ronald Phipps, Phipps Realty, Warwick, R.I.
2. Go beyond the photos.
“Make sure you don’t dismiss properties based on their front elevation photos. Many large homes aren’t photogenic that way and you have to see them in person to appreciate. I recommend my clients do a search of the property and vicinity on Google Earth so you can see what’s around the home.” Ronald Phipps, Phipps Realty, Warwick, R.I.
3. Work with a local expert.
“It’s critical to have a good buyer agent who is familiar with the area you want to buy in. There’s a bit more control on access to high-end properties in terms of fewer open houses and more appointments have to be made to see them.” Elizabeth Blakeslee, Coldwell Banker Residential Brokerage, Washington, D.C.
4. Bank on your relationships.
“I strongly recommend you go to the bank you have a relationship with. They have your portfolio already. Also, know the difference between the pre-approval letter and the prequalification letter.” Nancy Suvarnamani, Century 21 SGR Inc., Chicago
5. Document everything.
“There is more scrutiny today in the high-end market. Financial documentation is critical. Anyone who is making a lot of money has a manager or an accountant and tries hard to shelter their money so it can be difficult to show the bank you have the income.” Steve Goddard, RE/MAX Beach Cities Realty, Manhattan Beach, Calif.
6. Hire smart, reliable advisers.
“A good Realtor won’t make the client’s decisions but will make suggestions. Pay attention to your financial planner and Realtor that you trust. They should agree on what you should be doing and if they don’t, arrange a meeting.” David Boyer, Jack Woodcock Team, Las Vegas
7. Don’t forget about title insurance.
“You need to get title insurance so you’ll be insured against any problems that were forgotten about. You want to make sure you have a chance to have a look at the exceptions page of the title insurance process before closing time.” Moe Veissi, Veissi & Associates, Miami
8. Look into the future.
“Make sure you know what building is planned around you. What happens if someone pushes the bar and builds another building even taller?”
“Know the timeline. You don’t want to tie your cash up for a long period of time if there are any kinds of construction delays.” Alexander Chaparro, @properties, Chicago
9. Know what to expect with cooperatives and condominiums.
“For co-ops and condos you want to be represented by an attorney who will research the building on its financial viability.” Klara Madlin, Klara Madlin Real Estate, New York City
10. There’s room to negotiate.
“It’s individual points, the view or remodeling that makes these properties one of a kind and makes them able to command a particular price. Have your agent research the comparable properties that have recently sold, getting closing prices, right before you make an offer.” Fanny Y. Chu, Prudential California Realty, San Francisco

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.