If 2016 has taught us anything, it’s that change is in the air, and according to recent findings by BloombergPursuits, a few staples of luxury real estate are caught in that draft.
1. The home theater
In 2015, the home theater market stood strong at $1.4 billion, according to Cedia, a trade association for home technology companies. Today, consumers are looking towards an experience that is more virtual than visual. “Our clients are requesting fully immersive VR environments because they’re super busy and want the highest forms of escapism,” Dual Tran, architect for KAA designs, told Bloomberg news. Tran went on to explain that it is not only more sophisticated forms of escapism that are pushing out home theaters, but space usage, as well. “Right now, you might need to have 1,000 square feet dedicated to a home theater, but in the future, it could be a 6-foot-by-6-foot room for the same programming,” he added.
2. The master suite
In an article at the end of the last year, we highlighted some of the motivations and preferences that Millennials have for buying real estate. Now, Millennials are the driving force behind replacing large, open-plan master suites with something quite different. Roy Kim of Douglas Elliman uses Park Grove as an example. “You’ll see an antechamber, like a study, or a library, plus a large dressing area and a spa-like bathroom. You no longer want to walk unceremoniously into a master bedroom and see the bed – creating privacy is more important than ever,” she told Bloomberg news.
3. The garage
Ride-sharing companies like Uber and Lyft have changed the face of transportation, and are now having an unintended effect on real estate. According to analysis by McKinsey & Company, because of ride sharing, the space allocated to parking vehicles will be reduced by 25 percent come 2050. While ride-sharing companies may have taken the spotlight off of the garage, they are putting it onto the driveway. As more and more drivers are lining up to pick-up or drop off residents, luxurious driveways are getting attention in apartments around New York.
4. The kitchen
Technology is causing a shift in the design of modern real estate in pretty astonishing ways, including the kitchen. First, online delivery services like Blue Apron or Amazon Prime Now are cutting into the need to keep much in elaborate, centerpiece kitchens. Red Scout’s Jonah Disend says that 3D printing is on the rise, causing luxurious kitchens to be on the decline. “Soon – I’d expect in around two or three years’ time – you will be able to create specific housewares for a dinner party when you throw it,” he said, removing the need for large storage spaces.