Space is the No. 1 priority for real estate hunters in the pandemic era at every level of the market. But for the rich, that means far more than just another bedroom.
Championship-sized tennis courts (not necessarily for playing tennis), a penthouse bedroom that doubles as a garden and Instagram-worthy wine cellars are just a few of the features real estate agents say the well-heeled are craving.
And even as the vaccine rollout gathers pace, experts aren’t expecting the desire at the top end of the market for a more resort-like experience to ebb anytime soon.
“Covid has made people reassess the life they want to lead,” said Michelle Ciesielski, head of residential research at Knight Frank Australia. “This isn’t going away.”
Here’s a rundown of what’s hot right now in the high-end world:
Swimming Pools
Sipping a martini by the pool has always been a mark of the good life. And during the pandemic, its allure has only increased, at least for those who are wealthy enough to afford a swimming pool in their backyard.
From 2015 through to the first three months of 2020 (before everyone knew what Covid-19 meant), about 26% of homes sold each quarter in Greenwich, Connecticut—one of the richest places in the U.S.—had a pool. In the last 12 months, that’s jumped to an average of 35% of all sales in a quarter, according to Jonathan Miller, president of appraisal firm Miller Samuel Inc.
“Pools have definitely been a tremendous driver,” said Jason Friedman, who is with Daniel Gale Sotheby’s International Realty and specializes in the gilded north shore of Long Island, New York. People who escaped to the area from the city to rent earlier in the pandemic may now be buying, and private amenities, including of the aquatic sort, are pull factors, he said.
Tent-Ready Tennis Courts
In sunny Australia, where pools have long been essential for the rich, it’s championship-sized tennis courts that are now attracting buyers.
In 2020, super-prime properties with tennis courts sold on average for 22% more than their court-less peers, according to Knight Frank research.