{"id":771,"date":"2017-02-14T00:00:00","date_gmt":"2017-02-14T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/luxury-owners-rethink-how-they-use-space\/"},"modified":"2017-02-14T00:00:00","modified_gmt":"2017-02-14T00:00:00","slug":"luxury-owners-rethink-how-they-use-space","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/luxury-owners-rethink-how-they-use-space\/","title":{"rendered":"Luxury Owners Rethink How They Use Space"},"content":{"rendered":"

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Some luxury owners are scaling back the number of bedrooms in a home to leave more space for hobby rooms and other amenities that can raise the property\u2019s value, The Wall Street Journal reports.<\/p>\n

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Read more<\/strong>: 21st Century Tools for Selling Luxury<\/span><\/p>\n<\/blockquote>\n

But some real estate<\/a> experts warn that fewer bedrooms could turn into a risk at resale.\u00a0<\/p>\n

\u201cThere\u2019s always going to be a narrower market\u201d for a home with fewer bedrooms, Javier Vivas, economic research manager for realtor<\/a>.com\u00ae, told The Wall Street Journal.<\/p>\n

In a recent analysis, realtor.com\u00ae found that luxury homes<\/a> with more living space and fewer bedrooms often were listed<\/a> at higher sales prices than comparable listings<\/a> in those markets. However, those homes tended to take longer to sell. (The analysis factored in homes valued in the top 10 percent of a region\u2019s market in the 50 largest cities.)<\/p>\n

In 2016, the median size of a luxury home for sale<\/a> was 4,706 square feet with five bedrooms (or about one bedroom per every 1,000 square feet).<\/p>\n

Homes that boasted an increase in living space to bedroom ratio (more than 1,500 square feet per bedroom), on average, spent 117 days on the market. That is 15 percent longer than a standard home.<\/p>\n

Homes with less than 750 square feet per bedroom, which often meant there also were more bedrooms in the home, tended to sell the fastest at 91 days on the market, the realtor.com\u00ae analysis showed.<\/p>\n

Still, homes that offset bedroom counts with desirable amenities, such as larger entertainment spaces, can sell for higher amounts, Vivas says. Larger spaces to fewer bedrooms sold, on average, for $1.42 million, 31 percent higher than a luxury home with a standard number of bedrooms at $1.08 million. That is also 55 percent higher than luxury homes that had extra bedrooms ($915,000).<\/p>\n

Source: \u201cSome Luxury Homeowners Scale Back on Extra Bedrooms,\u201d The Wall Street Journal (Feb. 9, 2017) [Log-in required.]<\/em><\/p>\n<\/div>\n

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[ad_1] Some luxury owners are scaling back the number of bedrooms in a home to leave … Luxury Owners Rethink How They Use Space<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":772,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[62,12908,543,562,3051,127,1007,41,818,84],"class_list":["post-771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-for-sale","tag-home","tag-home-buying-guide","tag-home-for-sale","tag-homeowner","tag-homes","tag-owners","tag-property","tag-real","tag-real-estate"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/siM7WeNycAA","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3407,"url":"https:\/\/amazingproperty.com.ng\/blog\/more-ultra-luxury-sellers-face-stale-listings\/","url_meta":{"origin":771,"position":0},"title":"More Ultra-Luxury Sellers Face \u2018Stale\u2019 Listings","author":"Amazing Property","date":"April 14, 2017","format":false,"excerpt":"In the high-end market, more properties are lingering. Some sellers are having to reduce their prices in the ultra-luxury market, in the hopes of getting a quicker sale. Otherwise, those hoping to hold out for a higher price are finding they\u2019re waiting not months but years to make a sale.\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1440,"url":"https:\/\/amazingproperty.com.ng\/blog\/luxury-sellers-arent-going-to-like-this\/","url_meta":{"origin":771,"position":1},"title":"Luxury Sellers Aren\u2019t Going to Like This","author":"Amazing Property","date":"February 28, 2017","format":false,"excerpt":"[ad_1] More high-end home sellers across the country are being forced to offer discounts as the luxury real estate market shows signs of softening, The Wall Street Journal reports. 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