Industry News

Most markets show spending increase in new-home upgrades

Study examines optional new-home upgrades by market

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

The majority of markets in a new study showed an increase in optional upgrades for new-home construction, while some markets sharply decreased spending on optional upgrades, iNest Realty reported Monday. Buyers of new homes in Orlando, Fla., spent 7.9 percent in 2003 on optional upgrades and 11.4 percent in 2005, according to iNest's survey, which reviewed more than 9,300 transactions conducted by the home builder referral network's clients from 2003 to 2005. Meanwhile, spending on optional upgrades plummeted from 9.6 percent in 2003 to 2.9 percent in 2005 in Las Vegas. However, spending on optional upgrades in Las Vegas in 2005 did not completely disappear, as spending on upgrades for some builders was as much as 16 percent, iNest reported. "Home buyers are taking advantage of all the unique, luxurious options offered by builders today," said Randy Pickard, vice president of marketing for iNest. "Builders are increasingly offering more enticing options that allow new-home buyers to ...