For years, the gold standard of the million-dollar-home has
been one in a gated community, on a prestigious golf course, or on acres of
private lakeshore. While some buyers in the Twin Cities upscale housing market
still want these types of homes, a new type of neighborhood is making its mark:
luxury boutique developments.
Sometimes called executive neighborhoods, luxury boutique developments typically feature 30 or fewer homes in the million-dollar-plus range. Upper-bracket homeowners find these developments appealing for a number of reasons. For starters, many of the new luxury boutique developments are located on desirable land, such as lakeshore or in a wooded enclave, that would be difficult to find as a single lot. Because of their expertise and resources, developers and builders have an easier time snatching up large acreages—many of which are former family estates or farms.
Those who can afford a multimillion-dollar home want to find a balance between being a part of a neighborhood and maintaining a sense of seclusion. “This segment of the market doesn’t want to be an island, but they don’t want to be in a large neighborhood either,” says Steve Bohl, owner of Bohland Development and Hickory Fine Homes in Long Lake. “They want a small, quaint, and private neighborhood with character. They don’t want the public pools or tennis courts. If they have a pool, it’ll be their own. But they still want some level of privacy from the neighbors.”
As such, lot size is an important consideration in luxury boutique developments. Sizes typically run in the one-to-three-acre range. For many upper-bracket buyers, the architecture is just as important as lot size. Almost all homes in a luxury boutique development are custom built while adhering to the design guidelines of the development, allowing for varied styles.
Builders are also emphasizing design excellence over square footage in the new upscale neighborhoods. “People are being much more analytical about how they live and what they need to have in a house,” says Keith Waters, president of Eden Prairie–based home-building company Keith Waters & Associates. “A lot of them are downsizing, but they want the best possible cabinetry and windows. We’re trying not to build enormous homes, but rather those of very high-quality design and construction.”
Another selling point for these developments is their convenience; most are close to both downtowns, shopping, and preferred school districts. Plus, many luxury neighborhoods are association maintained, offering services such as landscaping, snow removal, lawn mowing, and maintenance of public spaces, including walking trails.
We’ve taken a snapshot of the Twin Cities’ newest, most exclusive developments that offer the next generation of luxury neighborhoods.
