Royal LePage Real Estate

Luxurious “Must Haves” for Homes

Isaac Mostovicz writes...

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Rapid property inflation has removed the prestige of the formerly exclusive million-dollar home according to Canadian estate agents Royal LePage Real Estate Services Ltd.

Seven-figure properties are increasingly being snapped-up by the middle-classes, spawning a new benchmark for luxury as the rich seek ways to distinguish themselves from their neighbours. Royal LePage have published a top ten ‘must have’ feature list for any truly luxury home, which could cost as much as $400,000 to install. LePage agents defined the new yardsticks of exclusivity as follows:

  1. A car lift for the garage with an indoor car wash. Car lift is $2,500 to $6,500 while car wash is $30,000.
  2. Walk-in refrigerator. Cost $7,000 to $20,000.
  3. Spa, gym or yoga studio. Cost $50,000.
  4. Wine Cellar. Starts at $60,000 and can go to $150,000.
  5. Concierge Services. Rate of $50 to $75 per hour with a minimum purchase of 50 hours.
  6. Media room. Starts at $50,000.
  7. Wrapping or sewing rooms. Starts at $5,000.
  8. A wired home. Cost $25,000.
  9. Home elevator. Cost is $30,000 for equipment and installation with construction extra.
  10. Heated driveway. Starts at $5,000 for 600 square foot driveway.

The list shows how changes in lifestyle and technology in particular are influencing the property market and the demand for new luxuries, with time saved by concierge services spent on personal indulgence such as spas whilst technology is harnessed not only to do chores such as washing the car but also to set new standards for entertainment facilities.

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