Luxury Los Angeles Real Estate News and Info

Ten Trophy Home Must-Haves (from Forbes.com)
July 17th, 2007 2:42 PM

Lauren Sherman, 06.27.07, 6:00 PM ET

Jean-Paul Noens knows a thing or two about outfitting an upscale home.

With properties in Brooklyn Heights, the Hamptons and Upstate New York, Noens, 50, is unabashed about buying top-of-the-line furnishings. He visits auction houses like Doyles, Christie's and Sotheby's (nyse: BID - news - people ) for his collection of crystal silverware and antique furniture. When it comes to modern appliances, Noens, who owns an air freight business, favors Viking grills and refrigerators.

Money seems to be no object. His two Döttling safes ran him a combined $400,000.

In Pictures: 10 Trophy Home Must-Haves

He's not alone in his spending habits. Whether it's $10,000 Léron hand-embroidered bed linens or a $66,000 copper bathtub from Kohler, homeowners are investing in their interiors. In a survey conducted in February by the American Institute of Architects, 42% of respondents said they made overall additions to their homes last year.

Haute Cuisine
The kitchen, however, is seeing the most action. Nearly 63% of respondents said they added a new "upper-end" appliance to their kitchen. Sixty-four percent increased kitchen space.

Indeed, investing in high-end housewares such as a Sub-Zero refrigerator--with an exterior display that monitors temperature--or an all-copper stove--with electric and gas capabilities--has become almost ordinary, says Steve Melman, director of economic services at the National Association of Home Builders. And having duplicate appliances is becoming the norm.

[Homeowners] are looking to what makes life convenient," he says. Toto's Neorest 600 even makes going to the bathroom easier, with a motion-sensored automatic lid, automatic flush and, yes, a seat warmer.

Other high-end amenities include outdoor kitchens, mud rooms (which are essentially upscale laundry rooms) and entire rooms devoted to the home's security system.

Suped-Up Security
Los Angeles-based Strategically Armored and Fortified Environments, a leader in high-end security systems, was recently commissioned to design a "bat cave" for one of its top-tier clients to store his collection of modern automobiles.

The vault, protected by Level-VII ballistic panels, keeps each car on a turntable two feet off the ground and includes a waterfall and moat to further block intruders. At $2.5 million, it just might be the most expensive add-on you can buy for your home, even topping the Holland-based Kharma's Enigma speaker system, which is priced at $1 million. The speakers are said to let you hear sounds that no others on the commercial market will pick up.

Too over the top? Noens is proof positive that there will always be market for outrageously upscale household items.

"I'm a shopaholic," he says. "My homes are museums--if I want to try a different look and buy more things, I'll just buy another house to fit them all."


Posted by Rich Lombari on July 17th, 2007 2:42 PMPost a Comment (0)

Sales of High-End Homes Are Booming
July 15th, 2007 8:17 AM
Sales of high-end homes are doing better than the rest of the market in many areas, according to DataQuick Information Systems, which tracks home prices.

In Boston, for instance, the number of homes selling for at least $1 million fell to 619 in the first five months of 2006, but jumped to 711 in the first five months of this year, about equal to sales during the same period of 2005, which was a boom year.

The same situation is true for New York City; San Jose, Calif.; Seattle; Denver; and Houston. Meanwhile, in San Francisco, Los Angeles, Phoenix, and Miami, high-end sales are down but not by nearly as much as sales in other price segments.

There appears to be three main causes of the split in the market. First, affluent families continue to do better financially than others, thanks to healthy income gains and a rising stock market. The upper end of the market has also been helped by an influx of well-off foreign investors whose buying power has grown with the recent decline of the dollar.

Finally, both the recent rise in interest rates and the problems in the mortgage market have had a much bigger effect on low-income and middle-class buyers than affluent ones. It's become harder to get a subprime mortgage, while the uptick in interest rates this year has added about $100 to the monthly payment on an average 30-year fixed-rate mortgage.

Source: The New York Times, David Leonhardt (07/11/07)

Posted by Rich Lombari on July 15th, 2007 8:17 AMPost a Comment (0)

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