Luxury Toronto Real Estate is All About Experiences, Not Cash

13 September 2019
Robert Greenberg Team

Enjoying tea by the poolside.

Nowadays, marble , French doors, and a bidet in every bathroom isn’t what elevates a property to luxury status. 

Andrew Kotchen, a New York-based designer and founder of architecture and design firm Workshop/APD, says today’s luxury real estate properties don’t focus on aesthetics, but experience. 

"It's about comfort," he said in an interview with Mansion Global

"A beautiful hotel, for example, is not luxury if it's not relaxing. It's not just about rich materials spread throughout. The world we live in thinks the more money you throw at it, the more fancy materials, the more luxury it is. It's not true.

"Certainly there are baseline conditions of quality and craft, but it's really an experience. That's what it means to me. It's not a place, a thing, or a product."

We’re seeing this shift in condominiums already, with developers pouring their resources into ‘well-being’ amenities. These nods to luxury experience include pet-friendly areas, fitness facilities, and common areas featuring amenities like outdoor yoga decks, infrared saunas, or even simple tranquil green spaces. 

Prioritizing luxury experience over material upgrades and aesthetics may explain why more and more luxury buyers are downsizing. They prefer quality over quantity of space. 

Taking another step back for an encompassing picture, this luxury real estate evolution is parlaying a bigger shift in the luxury industry. The rich are spending their disposable incomes on experiences rather than material items that used to designate status. Full industries are pivoting towards this approach, catering to consumers’ new preferences for unique experiences, rather than cool products. 

"Wellness is increasingly regarded as a modern embodiment of luxury, and accordingly, an array of spas and studios offering treatments like cryofacials, weeklong retreats, and vitamin IV drips are delivering those experiences,” Business Insider’s Lina Batarags says.

Robert Greenberg has been a luxury Toronto real estate agent for the past 35 years, and can help you find the perfect home, whether you’re looking for aesthetics, experiences, or a bit of both. Get in touch with our Toronto realtor team today.