BEVERLY HILLS, Calif. — Michael Collins, a Los Angeles residential real estate professional with more than 35 years of experience, says changing buyer preferences are reshaping how luxury is perceived in the residential property market.
According to Collins, luxury homes are increasingly being evaluated not only by their size, materials or amenities, but also by factors such as privacy, natural light, thoughtful design, comfortable proportions and the overall livability of a property.
“For years, luxury in real estate was fairly easy to spot. Bigger rooms, more marble, more technology, more everything. That has changed,” Collins said.
Collins, who has represented buyers and sellers throughout Los Angeles, said some highly elaborate properties do not necessarily create the same sense of luxury as smaller homes where architectural design, room proportions and functionality work together effectively.
He pointed to natural light, privacy, ceiling height, room connectivity and views as qualities that can significantly influence how buyers experience a property.
The shift also extends to the importance placed on size. Collins said buyers may increasingly question whether larger kitchens, primary suites, closets and specialized rooms necessarily provide greater value if those spaces are not practical for everyday living.
“A beautifully proportioned living room can be more appealing than an enormous one,” Collins said. “Buyers don’t necessarily need a separate room for every conceivable activity. They want space, but they also want spaces they’ll actually use.”
Privacy remains an important consideration in Los Angeles, where Collins said buyers can respond strongly to features that provide separation from surrounding properties and streets. Such features can include landscaping, secluded outdoor areas and bedrooms positioned away from street activity.
Collins also identified a growing preference for restraint in residential design. Rather than using expensive materials and elaborate features throughout a property, he said some homes create a stronger impression when architectural elements, finishes, lighting and technology are integrated in a cohesive manner.
Outdoor living is another area where Collins has observed changing expectations. Particularly in Southern California, he said buyers may place greater emphasis on how effectively an outdoor area can be used and connected to the interior of the home rather than judging the space solely by its size.
The increasingly visual nature of real estate marketing may also make certain qualities harder for buyers to evaluate before visiting a property. While photography can showcase architecture, finishes and views, Collins noted that characteristics such as quiet, privacy, natural light throughout the day and the way a floor plan functions in person can be difficult to communicate through images alone.
“That’s why I’ve never believed luxury can be reduced to price per square foot or a checklist of expensive amenities,” Collins said. “The homes people remember are usually the ones that make them feel something.”
Collins’s observations reflect his experience working with residential buyers and sellers throughout Los Angeles and his view that the definition of luxury continues to evolve beyond conventional measures of size and expense.
About Michael Collins
Michael Collins is a Los Angeles residential real estate professional with Coldwell Banker Global Luxury in Beverly Hills. A Beverly Hills native with more than 35 years of experience, Collins has represented buyers and sellers throughout Los Angeles. Additional information is available at MichaelCollins.com.
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Michael Collins
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Master of Financial journalist was involved in the writing and production of this article.