Quote:
Originally Posted by rofina
That's so crazy.
Last time I was intimate with luxury home numbers it was on the North Shore about 12 years ago, and the cost for luxury was just starting to touch $400 a foot, more like $370.
Now were talking closer to $1000.
That is some intense price escalation.
Carpenters then were making $33-35. What's the rate now? $45?
Where is the near tripling in cost coming from?
Also - appreciate your input as always, its great to have your perspectives.
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You can still get by a lower number at between 500-750 for something without as many bells and whistles or even lower if you want builder spec quality even though on paper you still have "high end finishes" like subzero, wolf, miele etc but once you start wanting a truly custom and high end finishes and detailing, the prices escalate.
I think part of the price escalation in addition to construction, labour, material, and inflation is the change in expectations and accepted level of finishes within a price range. When the final market value of the property doubles or triples compared to say a decade ago, the level of finishes and expectations for them also increase.
For example, a basic Nanawall or eclipse door system was considered high end many years ago but owners in that category now want a large format, zero threshold pocket door system from similar to a Nanawall Cero or even a motorized version instead. They want better windows and may go for commercial level glazing. 24"x24" stone tiles were considered luxurious a decade ago but now they desire stone slabs on the floor which were once meant for a counter or wall application. It's also not difficult to spend over 7 figures for a more complex home automation system from Crestron with 2 dozen audio zones and full AV integration with landscaping, lighting, multiple scenes etc. Maybe trimless potlights, architectural reveal details, invisible speakers from Sonance, etc. They might also want branded millwork for kitchens like Bulthaup, Boffi, Arclinea and wardrobes from Poliform or Porro. Everything adds up really quickly
And dont forget the furniture budget