Increasingly, luxury real estate buyers want a little something extra with their purchase – a guesthouse. Often thought of as a extra only those exorbitantly wealthy could afford, buyers of “low luxury” properties are now prioritizing guest space as a must. Historically, guesthouses are seen at properties worth about $10 million, however today’s buyers in the low single digit range are searching for this convenient extra space. Useful for visitors, home offices or even a nanny, guesthouses offer a less expensive alternative to remodeling the structure of the main house.
This increase in demand for additional space has led to innovative new ways to provide this to urban properties. “We kept hearing people say they loved the full-floor penthouse, but wouldn’t it be great if it came with a separate unit…?” says Vickey Barron, director of sales at the Walker Tower condo building in New York City. This demand has led to sales of two units in the same deal. The buyer purchases the main unit for themselves, and a unit on the same floor or floor below for whatever purpose they may chose.
According to Jason Rodriguez, a builder based in Los Angeles, a guesthouse can boost a property’s retail value by 20 percent. As this trend becomes increasingly popular look for luxury urban centers like Miami to see an uptick in business. The Miami luxury condo market is full of opportunities for all types of buyers – those seeking the addition of a new-aged guesthouse, or those seeking a more classic penthouse. If you’re interested in a Miami luxury condo please feel free to contact a RE/MAX agent today!