"Lifestyle Property" is a new phrase that one hears more and more, but what exactly does it mean?
To put it in its most basic terms: a home is considered a lifestyle property
when it has one or more unique features that augment quality of life for its resident.
A misconception about "lifestyle properties" is that they are all multi-million dollar estates
. While this is often the case, it is not always
It is the high-concept attributes
that a home possesses that make it a lifestyle property, and these can be expensive -- but not necessarily.
example, a small cottage in a living-foods commune would be a lifestyle
property, even if it is priced at only $90,000. The fact that it is in
a community where the residents share one meal a day and everyone
adheres to a raw, vegetarian diet is what makes it a lifestyle and (at
least to its residents) offers a higher quality of daily living.
example of an affordable lifestyle property would be a studio condo in
a historic downtown district near a stroll-able main street -- replete
with charming mom-and-pop shops and nature/biking trails. Though it is
only a studio, the fact that is has so many unusual amenities that
would impact and improve daily life makes it a lifestyle property.
"Urban Pedestrianism" is the latest high-concept in healthy living. In
fact, homes that live next to the Lake Hollywood Reservoir
in Los Angeles are increasingly considered lifestyle properties
because, in the Land Of The Car, being in such close proximity to a
popular walking and running spot is considered highly desirable.
Of course, many lifestyle properties are
estates, that have their own unique feature, such as an accompanying
vineyard, or an ocean for a front yard, or a vast organic hobby farm,
or stables and trails for horses, or a designated heli-pad for the
As psychic space becomes more crowded in the Age of the Blackberry
it may be that physical spaces that provide for a hobby, or that
generally offer access to more moments of serenity or joy, are becoming
the new ideal in real estate.