It is strange to think that homes and apartments worth less than $10 million are no longer considered “ultra-luxury” in New York City. This is one of the most affluent real estate markets in the world but with wealth goes an increasing array of extra demands. We will now take a look at some of the weird and wonderful extras which are currently being demanded by New York real estate investors.
Tesla charging stations
It is no secret that electric cars are now more commonplace than ever before. While Tesla began life as a luxury electric sports car company it is starting to venture into the mass market. Perhaps it is no surprise to learn that more and more individuals are demanding charging stations for their electric vehicles with Tesla by far and away the most popular. When you consider these charging stations are not that expensive, when we are talking multi-million dollar property sales, perhaps an additional few thousand dollars is not a big problem?
While specific movie rooms in properties have been commonplace for many years, many real estate investors now take them for granted. There is a growing trend towards more entertainment facilities in ultra-luxury apartments in New York which are often seen as an extension of a person’s business personality and business life. Privacy and security are also major issues in the current environment and the more in-house facilities the less need to venture far away from home.
Would you believe that some people are now demanding bowling alleys in their ultra-luxury apartments in New York City? Surely there is a limit to the amount of time you can spend in a bowling alley before it becomes boring? You do have to ask yourself, are some of these real estate investors making more outlandish demands simply to see how far they can push the envelope?
We can understand high-end property investor looking to introduce a wet room and spa as part of their property but a dog spa? While here in the UK we spend more per pet head of the population than anywhere in the world, when was the last time you heard about a dog spa in the UK? Then again, Michael Jackson used to rent out rooms for his pets, as did Mike Tyson, so perhaps they were just ahead of the game?
Indoor play areas
While demanding an indoor play area for your children may seem a little above and beyond traditional requirements, perhaps it is not as outlandish as it looks when you bear in mind the size of these apartment blocks. We are not looking at your traditional old style apartment blocks, more complexes with a concierge, common access areas, facilities for all tenants and in many cases a traditional roof top garden. So, an indoor play area for the children does not seem like such an outlandish demand!
Buyers in the driving seat
Dog spas to Tesla charging stations, movie screening rooms to indoor play areas, Turkish baths to bowling alleys, there is no doubt that real estate investors are in the driving seat. Whether there will be so powerful when competition returns to some of the higher end real estate markets remains to be seen. However, at this moment in time can you really blame them for pushing their luck and asking for more when investing tens of millions of dollars?