Pet spa? Private elevator? Condo amenities race heats up

The luxury condominium and apartment market is in the midst of an amenities war. Pools, playrooms and yoga studios have become commonplace, forcing developers to offer even more lavish add-ons or risk losing prospective buyers willing to pay millions of dollars.
On-demand Audi rentals? You’ll find them at the Lumina in San Francisco. A residents-only restaurant on the 50th floor? A Boston development has that. Not to be outdone, a New York condo has a space on the 54th floor where residents can take their own chef.
Smart technology offers convenience at the touch of a finger, from smart lockers to apps for controlling speakers and lighting. Concierges and spas abound: for you, your car, your pet. But it’s hard to beat the coolest option: cryotherapy, which immerses the body parts that ail you in freezing air.
As the market for luxury condos and apartments slows down, developers are adding more extravagant perks to try to draw buyers to these multimillion-dollar units.
Prices for ultraluxury condos in New York have been declining since peaking in 2016, according to data from StreetEasy, a real estate site. The site found a mismatch between decisions by developers to keep building bigger, better condos and the number of people willing to buy them, causing a glut at the high end.
Workforce housing is in short supply, yet developers focus on ultra luxury because that is where they think they can make the biggest profit, said Jessica Lautz, vice president of demographics and behavioral insights at the National Association of Realtors.
“What we have in any market cycle when the talk turns to amenities are signs that sales are slowing,” said Jonathan J. Miller, president and chief executive of Miller Samuel, a real estate appraisal and consulting firm in New York.
.

Category: