Stephen G. Kliegerman
President of Development Marketing
For some, the idea of decorating a new home is an exciting challenge. For others, it’s an unwanted chore. So that's why more and more developers are offering new homes that already feel like home when you get there.
“Early on in the industry, model homes really were furnished with rental furniture or lower-end furniture,” says Stephen Kliegerman of Halstead Property. “Developers are offering model homes that are designed by professional interior designers who are going out and finding better quality furniture – slightly more expensive furniture – to be more competitive in the marketplace.”
They call them “turnkey homes,” because all the buyer has to do is show up. No moving costs, no trips to the home store and no waiting for the furniture to be delivered.
We checked out the Langston in Harlem where the model homes come with everything you need including a coffee pot, dishes, bedding, towels – you name it.
So why would a developer do this? Well, a furnished home is a lot easier to sell than an empty one, so it gets it off the market quickly. Some add a little bit to the asking price, while others don't at all, which means it’s included and that could leave room in your budget.
“Buying furniture – even if you buy it on a credit card – ultimately costs you cash out of pocket. If you are buying a model home, chances are that when you purchase the home, the furniture is not necessarily noted as part of the purchase price, because it’s really being given to you, so when you go to finance or mortgage the home, you are mortgaging the full purchase price including the furniture,” says Kliegerman.
At Langston, the color and styles are pretty neutral, but they're not all like that. Some are high styled with the trendiest designs.
“A lot of these turnkey homes have this ultramodern feel where, yeah they are beautiful right now and they are amazing and outstanding looking, but you run the risk that 10 years down the road the look is dated,” says Wendy Friedman of Sotheby’s International Realty. “You may have to redecorate altogether or if you go to sell your home, it’s not a staged home anymore and the look may be dated.”
And sometimes these homes lack your personal touch which is what makes a home a home.
But this trend is becoming very popular with foreign buyers, people looking for a pied à terre or just those who just don't have the time and want a place designed for easy living.
Sunday, March 30, 2008