What’s hot in luxury Real Estate? Here in Sonoma County #1 is the In- Law apartment, guest home, or multiple dwellings on one property.
According to the Wall Street Journal, “For both domestic and foreign buyers, the hottest amenity in real estate these days is an in-law unit, an apartment carved out of an existing home or a stand-alone dwelling built on the homeowners’ property. While the adult children get the peace of mind of having mom and dad nearby, real-estate agents say the in-law accommodations are adding value to their homes.”
“In an analysis of real-estate listings, homes with in-law units, technically called accessory-dwelling units (ADUs), were priced about 60% higher than houses without them, according to real-estate website Zillow, which examined the past four years of new listings in major cities.”
Here in Sonoma County the Mother in Law unit is truly an added bonus and property enhancement, both in monetary value as well as desirability. Here are some of the housing trends that support the increase in 2nd homes as a must on the list for Sonoma County luxury home buyers.
- Multi-generational living: With the aging of our parents who can no longer live alone, and perhaps can’t afford to live in assisted living, having a home where they can have their own space, yet be near enough to keep an eye on is appealing. On the other end of the spectrum are children/young adults who move back home after school until they find a job, or make enough money to move out on their own.
- VRBO, AirBnB: There are many ways to have your property help generate income for you. The VRBO/AirBnB trend is just one. Having a second smaller home on your property that affords you privacy, yet still allows for added income when not being used by the family is a good thing.
- A proliferation of guests: When you move to wine country you will be amazed at the number of people who have always wanted to visit here. Therefore, having a separate unit is helpful for the privacy factor for all involved!
- Family Compounds: Those who buy vacation homes here in Wine Country often look for family compounds as they want a place the whole family can visit for holidays etc. This often means a piece of land that can permit for three or more homes. Look for more to come on this subject as it’s a dream of mine to have this for my family.
- Caretakers unit: Many homes here in Sonoma County are second, third or fourth homes. Having a caretaker on the property to keep an eye on maintenance as well as for the safety of your property is a good thing.
To take a look at what the Wall Street Journal say’s about multiple homes or in law homes as a requirement for luxury living, check out the video below. Multiple Dwellings ARE the number one luxury amenity for Real Estate Sonoma Style™.