Luxury Real Estate Marketing Trends: My Kitchen has Bedrooms
As a luxury real estate marketing professional you understand the importance of an outstanding kitchen design when it comes to marketing luxury homes. You would be the first to advise your seller to remodel or upgrade the kitchen in order to get maximum value for their home.
An interesting trend has emerged in building or remodeling high-end homes. According to the National Association of Home builders, the average square footage of kitchens has increased by about 50% in the last 30 years (from 303 to about 450 square feet on average). In the fourth quarter of 2011 the American Institute of Architects Home Design Trends Survey also noted that the size of the kitchen’s footprint in a home was growing.
Joanne Hudson, a Philadelphia based kitchen designer, says: “This trend is partly driven by a shift toward a more casual lifestyle, where people often want to prepare food with company either watching or helping them cook the meal. More people are cooking at home for health reasons—as well as wanting to show off the latest in increasingly pricey commercial-grade home cooking appliances.”
Toll Brothers has added an option for a 440 square foot kitchen in their model homes. Other builders, such as KB homes and The New Home Company have remarked that kitchen sizes, on average, account for about 15% of its homes’ total floor plans in a typical 4,800-square-foot model. This is up from 10% of a similar home’s plan seven years ago.
What comprises a supersized kitchen? These kitchens now include a great room, a family room and are often connected to an outdoor kitchen. It is as if the kitchen has bedrooms and that make it a home.
How much does a supersized kitchen cost? Investing in a major kitchen remodel in an upscale home costs $111,000, on average. 57.4% of the costs typically are recouped in a resale, according the most recent annual Remodeling magazine report.
An extreme kitchen home in Beverly Hills is currently in escrow with an asking price of $58 million. The home has a 5,000-square-foot kitchen with seating and dining areas, a glass walk in refrigerator and freezer as well as a butler’s pantry. The entire room opens on to a beautifully manicured formal garden.
Become knowledgeable not only about kitchen design but also about top-of-the line appliances. That way you can advise your clients about the potential value they can add to a home either as a buyer or a seller. Your expertise in this arena will also add value to the service you provide and enable you to run circles around your competition.
- JOIN THE LOL COMMUNTIY -
GET FLUENT. GET AFFLUENT!
Follow Us on Twitter: LuxuryMarketing