[wpvideo Lq4wyhDk]Does interior design add value to your real estate? Let’s look at what a buyer of a luxury property looks for when they begin their home search. It has been my experience that a buyer will first look for ‘neighborhood’, ‘address’ or ‘the right building’ which is the one intrinsic quality that can’t be changed. Second is square footage which can often times be compromised if the view is spectacular (and San Francisco is known for its views). The design element is something that a buyer expects to see when looking at luxury properties but which, more often than not, doesn’t fit their individual style. So while it is expected, I’ve seen many buyers of luxury properties rip out newly remodeled elements and replace them. In the current economic environment (even in luxury real estate), many buyers are ‘value’ driven and will think twice before remodeling fixed elements. They will spend money on furnishings and art which will reflect their individual tastes and can be taken with them in the future. The answer is ‘yes’ to value (it is expected) but probably will not translate into a dollar for dollar gain for the seller due to the unknown of the individual buyer’s style unless ‘the one perfect’ buyer shows up – which does happen on occasion.
The Millenium Tower is currently host to “Icons of Design”, a designer showcase of four homes on the 52nd Floor in San Francisco. Thanks to my friend and Regional Vice President, Tim Murray, I had the pleasure of touring the units this week. There were some unique design elements and some specific pieces of art that I especially liked. I was disappointed by the lack of thought the building put into lighting for homes of this quality and the awkward soffits for the heating/air for the units. The same problems exist at The Brannan complex and with this being a ‘defining’ building for our City I would expect these issues to be better executed. Overall, the showcase is a success since it pulls at the traditional provincial focus that ‘designer showcases’ have had in our City away from the period homes on the North side of town to what is new, happening and appealing to both a more youthful and international crowd that is quickly calling San Francisco home.
All the Best, Lance
