The pandemic has us thinking about wealth and luxury in a more profound way—more than superficial opulence and privilege, but as a guiding force in determining homes that make us happy living, working and playing. Wealth and luxury impact homes and the real estate market more significantly than builder or industry design trends. Those with wealth and those that understand luxury are in a position to quickly reprioritize how and where they live and the characteristics of a home that will make them happy. An exaggerated style definition of homes is being replaced with homes that embrace nature rather than their earlier adherence to a rigid design form. We are now seeing how wealth and luxury better expresses themselves in a home and how luxury homes become redefined.
Wealth and Luxury Are Reshaping the Real Estate Market
Wealth and luxury are reshaping aspirational homes and the real estate market. A democratic shift away from statistics, amenities and prescribed architectural styles to homes that relate to the site, the neighborhood and nature is occurring for those of all incomes and in all cities. However, wealth and luxury lead the charge away from homes with many rooms with no real purpose to homes immersed in nature , where every room invites joy and purpose.
Wealth and Luxury Are Making Positive Impacts on Homes
Wealth and luxury now have a greater opportunity than ever to make positive impacts on the homes buyers build in Dallas and around the country. Wealth drives the aspirational aspects of a home.
Luxury Creates Architectural Prototypes
Wealth and luxury create high profile homes and architecturally significant homes that serve as prototypes for the greater market just as racecars can produce ideas, design and technology for street cars.
In times of past exuberance, wealth and luxury homes were associated with palatial French-inspired estate homes reminiscent of chateaux of the Loire Valley. These American estate homes inspired miniature turreted, French-style homes on standard sized city lots. Architect designed modern homes that submitted to the environment prompted builders to create glass-walled boxes on small lots that did not look into nature but instead into a neighbor’s garage.
Previously, luxury homes promoted the miniaturization of aspirational styles rather than convey the significance of their architecture. Now more pleasing homes are being built with an emphasis on good design rather than style.
Homeowners of All incomes Are Influenced by Wealth and Luxury
Wealth and luxury drive the aspiration of homeowners. Now that those who live in the world of wealth and luxury are taking a more thoughtful approach to their homes, new homes built up and down the board will be better. Architectural styles will still be pronounced, but the specific style will be sublimated to the characteristics of homes that make homeowners happy.
Nature, Neighborhoods and Connectivity Will Become the Foundation of Wealth and Luxury
Wealth and luxury, including how to live well, start with a home increasingly defined by connecting one’s personal rhythms with the rhythms of nature. Nature, neighborhoods and connectivity will become the foundation for a home’s design. What is the point of a wall of windows if you are not looking out into nature? Terraces, balconies, front porches and verandas are on the rise, as the constancy of friendly and familiar neighbors over the transience of tenants and density becomes a priority rather than an afterthought.
Wealth and Luxury Demand Connectivity
Physical and technological connectivity is becoming more important to those with wealth and it is becoming an essential part of luxury. Whether one lives on a block of billionaires or a block of school teachers, it is fun to watch neighborhood children riding their bikes or playing together in front yards.
Spending More Time at Home Creates Desire for More Connectivity
As people with all levels of income spend more time at home, homes will evolve and become more delightful environments with technology allowing them to connect in a more convenient and graceful way. Nearby verdant parks, trails connecting the city, and quiet streets where one can walk to a neighborhood restaurant are becoming increasingly desirable.
The Greatest Luxury Is the Least Ostentatious
At different times in our history, luxury homes have been associated with an ostentatious show of wealth. Now wealth is stripping away the ostentation of many large rooms without a meaningful purpose and styles that are in response to architectural trends, not warmth and happiness desired by homeowners. Timeless design denotes wealth and luxury. Old money and wealth are known for recognizing the timeless characteristics of historic homes filled with sunlight and open rooms that never get tagged with a look decades out of style.
More Land and Less Square Footage Is a Signal of Luxury
The percentage of land not covered by the building footprint of a home is going up. It is not that homes are getting dramatically smaller, but the importance of land is becoming the dominant theme of homes that convey wealth and luxury. Homes integrated into the landscape emphasizing indoor and outdoor living areas are becoming increasingly desirable. The quality of materials that include technical innovations and natural materials that add warmth and respond to nature will be incorporated into both modern and historically referenced homes.
Organic Urbanism Is the Foundation for Wealth and Luxury
People of all incomes are fleeing cities. Homeowners are rejecting density, crime, disorder, and massive regulations controlling freedom, opportunities and expression in cities.
Dallas is more sympathetic to Organic Urbanism, which allows people and neighborhoods to flourish, in contrast to plans and policies that respond to a political narrative rather than to the desires of people.
Dallas is a City of Great Wealth and Luxury
Fortunately, Dallas is a city of great wealth and it has a great appreciation of aesthetics, homeownership and luxury. In every price range of homes, the previous preoccupation with a prescribed design now submits to a home with good design that resonates with nature. Combining wealth, aesthetics and a sophisticated view of fashion will allow those with wealth and that understand luxury lead the way to finding homes that make homeowners happy.