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Residential living with hotel perks: How the ultra-rich live

Ann Schmidt

When it opens in 2021 in Hallandale Beach, Fla., 2000 Oceans will have two pools, beachside butler service, a spa, gardens around the property and valet service.

If that sounds to you like a luxury hotel, you’d be wrong. 2000 Oceans -- developed by KAR Properties -- will be a residential building.

This kind of resort-style living may seem exorbitant, but Shahab Karmely, the principal and founder of KAR Properties, told FOX Business that it comes down to people’s focus on lifestyle and experience.

“When people are buying homes, they’re investing in lifestyle,” Karmely said.

“These resort-style condominiums combine the elements of private ownership, a privacy of experience and hotel experience services, without having the intrusiveness of being in a hotel, with strangers around you, [where] it’s crowded and it’s transient,” he added. “So we’ve combined the best of both worlds in our offerings and that’s as much about lifestyle as it is about homeownership.”

Owning a condo at 2000 Oceans -- a beachfront property -- will certainly have a lifestyle of its own. Aside from the pools, spa and beachside -- as well as poolside -- butler service, the property will have a tranquility garden, a sculpture garden, an oceanfront art library, a catering kitchen and a cafe and juice bar, according to its website.

Units -- and there are only 64 of them -- will have private elevator vestibules, full views of the beach and furnishings by high-end Italian designer Minotti.

The units start at a size of 3,000 square feet, with either full-floor or half-floor condos. The starting price for a unit at 2000 Oceans is currently expected to be $2.6 million.

But when it comes to luxury, Karmely said, it’s not about being expensive, it’s about having high value.

“Luxury, like a great meal or a symphony, is a combination of many elements -- like a great meal is a combination of ingredients. Setting, mood, lighting, preparation, pairing of wine, so many different things,” he said.

“Luxury is like that, it’s a combination of many elements in order to achieve luxury -- it’s quality, it’s design, it’s materials, it’s safety, it’s security, functionality,” Karmely added.

The trend of resort or hotel-style residences, Karmely said, began with Indonesian hotelier Adrian Zecha, who introduced higher levels of luxury in hotel rooms, including larger bathrooms and larger closets -- amenities that had typically been reserved for presidential suites.

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As people began to visit those hotels and get those experiences in luxurious suites, they began to wonder why their homes couldn’t be similar -- which is how lifestyle became a part of real estate, Karmely said.

“Luxury and living space have melded together into forming this way of living,” he explained. “So what was considered to be resort living before … has really become a requirement.”

“People today really have come to expect that the way I live is about my style,” Karmely added. “And my style’s a combination of where I am, how well this place -- this condominium or this building or this home that I’m living in -- is built.”

In fact, aside from 2000 Oceans, there are several luxury hotels that have also opened similar high-end condos, Business Insider reported.

Those residences include the Ritz-Carlton in Sunny Isles and Miami Beach, Fla., the Four Seasons in San Francisco and Mandarin Oriental in New York City, according to the website.

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However, even as expectations rise, Karmely said there’s a contrast between true luxury and how often the word is used.

“Everybody calls themselves luxury,” he said. “It’s very easy to say… but the bar keeps getting raised. There’s always going to be those who set the pace and I think we’re among those.”

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