IT'S NOT ONLY A HOME, IT'S A LIFESTYLE
by Lim Lay Ying
Property Times, New Straits Times
27th November 2004

Luxurious at-home spas, million-dollar landscaping, and home theatres that rival most commercial facilities are just the tip of the list of must-haves found in today’s high-end homes.

Such amenities equate to a lifestyle that merges vacation or resort living with everyday life, as many upscale homeowners are retreating to their own backyards to enjoy their time away from the office. It is a trend found in virtually every market, from the US to Europe, Australia, and Asia.

Call it cocooning or simply raising the bar for what is defined as a luxury residence, the bottomline is that no matter where a house is geographically located, in many cases, it has become its own private resort.

Take one particular home in Bel Air, California, for example. The US$25 million-plus (RM95 million-plus) price tag residence features four stories of the ultimate in luxury living which include an elegant master suite complemented by six en-suite bedrooms, a gourmet kitchen and a garden breakfast room, two home offices, a 30-foot high foyer, a dining room, and of course, a living room.

Resort-style living

But it is no ordinary living room we’re talking about here. It showcases a domed sky scene which offers eight different light schemes, and looks out to beautifully landscaped lawns, a rose garden, fruit trees, patios, a full outdoor kitchen and a barbecue area.

What really makes this home a world unto itself is however, its on-site recreational opportunities. The lower two floors, which spill over onto the terraced gardens, are devoted to a 24,029-square-foot entertainment area with an indoor racquetball court, a two-lane bowling alley, a disco within a large entertaining area, a movie threatre, and a games room. The indoor pool and spa are set within marble columns supporting stained-glass skylights.

Clearly, buyers of homes of such calibre are notable people who are listed in “Who’s Who”. However, that’s not enough. Interested buyers are required to have the right credentials before they are eligible to buy, and these include a statement from a bank or stockbroker that verifies their qualifications and ability to purchase such a residence.

Another house in the market which is represented by the same realtor, Coldwell Banker Residential Brokerage, is located in the exclusive Vintage Club (where membership is by invitation only) in Indian Wells, also in California. The US$16.5 million (RM62.7 million) fully-furnished lakefront property sits on 26,000 square feet of land. There are seven bedroom suites, 11 baths and five half baths, a full beauty salon and spa, three kitchens and three partial kitchens, four laundry rooms, and garage space for 26 cars, including a stretch limo garage.

Numerous sprawling buildings on the property house elaborate entertainment areas and guest quarters. Outdoor spaces here range from an illuminated outdoor dance floor to the pool area with a swim-up bar, an ice cream fountain, swim-under waterfalls, a sandy beach, and a pool-side kitchen pavilion. Another party house is separated from the main building by a reflecting pool with sculpture garden.

Focus on amenity packages

For the well-heeled seeking resort-style living, the latest luxury developments in the US today offer a variety of outdoor activities from mountain-biking parks to extensive deep-water marinas. In South Florida, residents have access to Fisher Island via a seven-minute ferry ride from Miami. On the island, amenities include a world-class health spa, a championship golf course, tennis courts, and two deep-water marinas with boat slips, fishing charters, and a private pool. Prices for a one-bedroom apartment start from US$1.6 million (RM6.08 million) while a seven-bedroom home is calling US$6.5 million (RM24.7 million).

Triggered by baby-boomer wealth and people feeling good about jobs, about the economy, and comfortable about spending a tidy sum of their money, residential real estate prices in major markets are sky-rocketting. Global financial centres like New York, Boston, London, and Paris are soaring and continue to top the most-expensive and most-sought after list.

In New York, the most expensive apartment has already breached the US$70 million (RM266 million) mark. The 1,022 square metre (approximately 11,000 square feet) apartment comes with its own ballroom, nine bedrooms, four terraces, heated marble floors, and an address on the swankiest street in the most glamourous city in the world.

The penthouse sits above the Pierre Hotel on Fifth Avenue. And to live in it, one has to set aside another monthly sum of US$48,000 (RM182,000) for the service charge. For that, full hotel room-service, and twice-daily maid service, clean bathrobes and linen, and mints on the pillows, are thrown in.

With the current trend of focusing on the selling of residential concierge services with home sales, selling real estate is now turning into selling the amenity packages – or lifestyles. The super-luxury residential real estate market is intensely competitive, and developers are offering everything from spas to innovative services - anything that pampers these buyers who are mostly self-made entrepreneurs.