January 15, 2003
FOR IMMEDIATE RELEASELAS VEGAS— With its copper roofs gleaming in the desert sun, a "wellness center," indoor sport court, and billiards and wine rooms, the ultra-upscale homeDestinations showcase project is expected to draw the attention of not only thousands of professionals attending this year's International Building Show, but also the trade and consumer media from across the nation.
As spas go, this one truly defines luxurious living. In addition to the above amenities, it has a Club Room, individual "his and her" offices, a kitchen designed for catered entertaining, 10 baths plus lavish master-bedroom and guest suites, limestone floors-and all that gleaming copper, indoors and out.
The Copper Development Association contributed the copper sheet for the roofing, gutters and flashing, as well as plumbing materials throughout the project.
"Everything in this house is top-shelf and designed to last," says CDA spokesman Ken Geremia."The copper plumbing, and all of the other copper products in the home will still be in service long after the original owners-and possibly even their children-have moved on."
According to the project's developers, homeDestinations represents the kind of private dwelling members of the so-called Baby Boom generation will want to retire into-that is, if they have earned enough over the years to afford this kind of luxury. Industry research supports this idea, the developers say, and contends that there is no shortage of Americans approaching retirement with sufficient wealth to buy up to "empty nester" homes like this.
Like many sponsors, the Copper Development Association was eager to participate because of the impact Baby Boomers will have on housing in the years ahead.
"Ever since they began buying homes, Boomers have exerted enormous influence on the housing market," Geremia explains. "They worked hard for what they've earned, and they understand quality. They want high-value home products like copper that ensure long-term, maintenance-free performance, and that also make a statement of good judgment about the homeowner.
" By far the biggest bulge in U.S. population, Baby Boomers were born between 1945 and 1964. Members of this group are just beginning to move into their retirement years, a trend that will continue until around 2010. According to a Harvard Joint Center for Housing Studies report cited by the developers, the median net worth of Boomers is double that of the national average.
"This is a generation raised to expect customization in every major purchase," says a spokesman for the project's principal sponsor, Builder magazine. "Their wealth, expectations and sheer numbers are sure to transform luxury housing."
Included among the many convenience features in the house-actually an assemblage of interconnected structures that resembles a miniature village-are master-bedroom kitchenettes, dumbwaiters for shuttling laundry and food between floors, centralized electronic controls for all house functions and a full-screen theater in the Club Room. The homeDestinations project was created to coincide with the 2003 International Builders Show held January in Las Vegas. After the convention, the house is expected to be sold at an estimated price of $5 million to $6 million.