Portage County Legal News

'Wellness amenities' are growing real estate trend

BRANDON KLEIN
Special to the Legal News
Published: June 18, 2019

Luxury and flash usually go hand-in-hand, including in real estate, but that's becoming less the case over the last few years, according to real estate publications and companies.

Instead, condo and luxury apartment amenities are more about serenity than flash, Kari Granville wrote for Mansion Global, a luxury real estate listing service.

Well-being "is the mantra in amenities right now, and it likely will be for much if not all of 2019," Granville said.

David Bistricer, founder of Clipper Equity, said people are focused on "things that are good for the body" rather than materialistic amenities.

"What we're seeing now, is the mind - mental health - and taking time off from all the different things that are capturing our attention and competing," he said.

Clipper Equity partnered with another developer on the Gramercy Square project in Manhattan. The project connects four residential buildings and will offer a pool, gym, a yoga room, common lounge and dining areas, and a studio center for meditation, according to Mansion Global's report.

"It's all about wellness," Bistricer said. "It's something people are very much interested in and trying to get more of, to understand how this could help them lead a better life."

The shift towards wellness amenities is part of a movement toward "inconspicuous consumption," Business Insider reported. "Discreet wealth has become the new status symbol as elite consumers eschew symbols of materialism like logo handbags in lieu of intangible investments, with a focus on health and wellness in particular," the publication stated

In addition, Tennessee-based Sonoma Ridge of Gwaltney Communities stated in a blog post that managed communities should be a consideration.

"Don't underestimate the value of good management, too. Outdoor amenities like parks, walking paths and high-end children's play parks are fast becoming essential elements in luxury apartments," the residential community stated. "These trends encourage residents to remain active and prioritize their health right from the comfort of their homes, while green space help managed communities to feel fresher, cleaner and more enjoyable to live in."

The shift in amenity trends is part of the real estate industry's marketing to younger people. According to Patrick Sisson, in a report for Curbed, "today's developers have elevated to an art form the practice of including amenities that pander to the millennial lifestyle trends."

In a report called "Disruption" from the National Multifamily Housing Council, 94 percent of consumers surveyed said the ability to personalize space was important, while 83 percent wanted space that evolved with different stages of their lives.

Similar to technology, apartment spaces also need to be more personalized, flexible and adaptable to changing lifestyles and needs," the report stated.

"People want facilities with machines that record, analyze and share their performance and progress and the bandwidth to hook them up with far-away friends," according to the NMHC.

The report added: "Boomers planted the seeds of this ethos, and millennials have given it their own, more extreme spin. Wellness is now a mindset that goes well beyond health and extends well into sustainability and social and environmental justice. This means there's a value, even if just judgmental, in everything."

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