Homebuyers Still Seek Luxury Homes

A recent story in Richmond BizSense, It’s like going from a Suburban down to a Ferrari’ shows that consumers are still seeking luxury.  Chris Parks of Boone Homes says that although his clients are more cost-conscious, they aren’t foregoing luxury. “It’s like going from a Suburban down to a Ferrari,” he says. Clients used to want larger and cheaper but are now focusing on smaller and more carefully thought-out. “It’s more compact, more efficient,” Parks says.

Like Dumont, Parks is using more squared-up floor plans but adding wood and other ornamental details to dress them up. His clients are still building houses that cost more than $400,000, but instead of buying the square footage of a McMansion, they want a smaller space with more charm. Even high-end clients are thinking of ongoing costs and maintenance, he says. They want tankless hot water heaters, efficient heating and cooling systems, and Energy Star kitchen appliances. “They aren’t just buying whatever looks good,” he says. “They’re researching what’s going to save them money.””