Home Gyms Hit Their Stride During Covid
Kanebridge News
Share Button

Home Gyms Hit Their Stride During Covid

Some homeowners are vowing to ‘never go back’ to the gym after building their own fitness spaces.

By Jessica Dailey
Wed, Sep 1, 2021 11:35amGrey Clock 3 min

Before the pandemic, Tracy Tutor was a regular at the Dogpound, a boutique gym in Los Angeles popular with celebrities. It’s where she met her boyfriend, personal trainer Erik Anderson. But when Covid-19 forced gyms to shut down, the couple found themselves without a place to exercise.

“When there was nothing to do but eat and drink and workout and sleep, we got this wild hair: Why don’t we turn the garage into a home gym?” says Ms. Tutor, a real-estate agent with Douglas Elliman and star of Bravo’s “Million Dollar Listing Los Angeles.”

Within a month, they converted the detached garage of their Beverly Hills home into a mirror-wrapped fitness centre, spending close to US$100,000 transforming the 21-foot by 22-foot space. The biggest challenge was sourcing the equipment, including free weights, a squat rack, a bench press, an exercise bike and a pilates reformer. “One day, Erik drove three hours to get a set of dumbbells,” Ms. Tutor says.

Once fully equipped, the gym gave Mr. Anderson a place to safely meet with clients and provided Ms. Tutor with a convenient space to workout. “I don’t think I’ll ever go back to a gym again,” she says.

Ms. Tutor is not alone.

Interest in Garage Gym Reviews, a website and social community that helps people create home gyms, has exploded since the pandemic’s onset. Site owner Cooper Mitchell says that its “diehard” Facebook group grew from 15,000 members to more than 100,000, while website traffic and YouTube subscribers increased fivefold.

“Gyms are reopening, but we’re not seeing a drop off,” Mr. Mitchell says.

The National Association of Home Builders found that 47 percent of homebuyers in 2020 considered a home gym essential or desirable.

“People are reevaluating their homes to be more inclusive to take care of themselves,” Ms. Tutor says.

Jason Friedman, a realtor with Daniel Gale Sotheby’s International Realty on Long Island, says that home gyms have become a deciding factor for a lot of buyers. “We did have multiple instances where one home having a gym was the final push the buyer needed to transact on that property as opposed to other options without one,” he says.

Designers and architects are seeing similar demand. In the last 18 months, each of Chicago-based dSPACE’s 10 residential projects has included a dedicated fitness area. They range from 100-square-foot workout areas with smart equipment like Pelotons or Tonals to full-blown professional gyms with basketball courts. The spaces cost anywhere from $15,000 to well over $100,000, depending on the size and amenities included.

“A home gym becomes a lifestyle,” says Kevin Toukoumidis, dSPACE’s principal architect. “It offers more freedom.”

Acoustics and lighting are the top priorities for any exercise room, Mr. Toukoumidis adds, so the space is comfortable and noise is not disruptive to the rest of the home. Natural daylight is best when possible, but mirrors and a warmer temperature light can evoke a daytime feel.

Vancouver-based interior designer Stephanie Brown likes to add texture, like grasscloth or linen wallcovering, and warm materials like hardwood floors or panelled walls. She also suggests adding artwork and a statement piece of furniture, like a console table below a television. “Stack fitness magazines on top and stock bottled water to make it feel more like you’re at a hotel spa gym rather than a basement,” she says.

When it comes to gym equipment, Mr. Mitchell advises to buy “less and better,” and expect to spend around $1500 to $5,000. Choose pieces that you’ll actually use, even if it means spending more money. A Peloton, for example, will cost at least around $2200 before the membership. “But it’s worth it because it’s going to motivate you to actually use it,” he says. “Whereas a regular stationary bike may just end up being a coat hanger overtime.”

For one of Ms. Brown’s Maui-based clients, that meant indulging in a full line of products from Pent, a high-end exercise equipment company based in Poland. The pieces are made from carved walnut and brass, and a single 8-pound kettlebell costs US$396, while a full set of 20 dumbbells with a stand goes for US$18,680. “They look like jewelry,” Ms. Brown says. “Even if you’re not feeling the draw to workout, it makes it a more pleasant experience.”

Roxanna Kennedy, a member of Garage Gym Reviews from Florence, Ky., “refused to workout at home” prior to the pandemic, opting for in-person kickboxing classes instead. But after the birth of her second son last year, she didn’t have that option when she was looking for a way to lose weight. A personal trainer helped her choose the right weightlifting equipment, plus a heavy bag for boxing, and she turned a sunny corner of her basement into a gym. She’s down 43 pounds.

She has kept her membership to a commercial gym, but rarely uses it. With two children under the age of four, “childcare is a major barrier” for her. “I wake every morning at 5:45 and get a full workout completed, before I even wake up the kids and go to work,” Mrs. Kennedy says. “I wouldn’t have that option if I didn’t have a home gym.”

Reprinted by permission of Mansion Global. Copyright 2021 Dow Jones & Company. Inc. All Rights Reserved Worldwide. Original date of publication: August 30, 2021



MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Lifestyle
The surprising passions paying off for investors
By Bronwyn Allen 09/04/2024
Lifestyle
Kanebridge News partners with Dubai Fintech Summit
By KANEBRIDGE NEWS 08/04/2024
elon musk
Lifestyle
The Inside Tale of Tesla’s Fall to Earth
By REBECCA ELLIOTT 08/04/2024
The surprising passions paying off for investors

The Knight Frank Luxury Investment Index reveals investments of passion are paying strong dividends, in some areas at least

By Bronwyn Allen
Tue, Apr 9, 2024 4 min

Art was the investment of passion that gained the most in value in 2023, according to Knight Frank’s Luxury Investment Index (KFLII). This is the second consecutive year that art has risen the most among the 10 popular investments tracked by the index, up 11 percent in 2023 and 29 percent in 2022. Art was followed by 8 percent growth in jewellery, 5 percent growth in watches, 4 percent growth in coins and 2 percent growth in coloured diamonds last year.

The weakest performers were rare whisky bottles, which lost nine percent of their value, classic cars down six percent and designer handbags down four percent. Luxury collectables are typically held by ultra-high-net-worth individuals (UHNWIs) who have a net worth of US$30 million or more. Knight Frank research shows 20 percent of UHNWI investment asset portfolios are allocated to collectables.

In 2023, the KFLII fell for only the second time, with prices down 1 percent on average.

Despite record-breaking individual sales in 2023, a surge in financial market returns contributed to a shift in allocations impacting on luxury asset value,” the report said. “… our assessment reveals a need for an ever more discerning approach from investors, with significant volatility by sub-market.

Sebastian Duthy of AMR said the 2023 art auction year began with notable sales including a record price for a Bronzino piece. But confidence waned as the year went on.

“It was telling that in May, Sotheby’s inserted one of its top Old Master lots – a Rubens’ portrait – into a 20th Century Modern evening sale. But by then, it was clear that the confidence among sellers, set by the previous year’s record-busting figures, was ebbing away. In the same month, modern and contemporary works from the collection of the late financier Gerald Fineberg sold well below pre-auction estimates.”

The value of ultra contemporary or red-chip’ art contracted the most in 2023.

“Works by a growing group of artists born after 1980 have been heavily promoted by mega galleries and auction houses in recent years. With freshly painted works in excess of £100,000 almost doubling in 2022, it was little surprise that this sector was one of the biggest casualties last year. There is a risk there are now simply too many fresh paint artists with none really standing out.”

In the jewellery market, Mr Duthy noted that demand was strongest for coloured gemstones of exceptional quality, iconic signed period jewels, single-owner collections, and items with historic provenance in 2023. In the watches market, Mr Duthy said collectors chased the most iconic and rare timepieces.

A Rolex John Player Special broke the model record when it sold for £2 million at Sotheby’s in May, double the price for a similar example sold at Phillips in 2021,” he said.

Although whisky was the worst-performing collectable in 2023, it has delivered the highest return on investment among the 10 items tracked by the index over the past decade, up 280 percent. Andy Simpson of Simpson Reserved, said 2023 was a challenging year but the best of the best bottles gained 20 percent in value. In my opinion some bottles that lost significant value in 2023 will return through the next two years as they are simply so scarce and, right now at least, so undervalued, Mr Simpson said.

Whisky was the worst performing collectable in 2023 but it had highest return on investment over a 10-year period. Image: Shutterstock

Classic car expert Dietrich Hatlapa said the 6 percent fall in collectable vehicle values in 2023 followed a 22 percent surge in 2022. The strong performance of other investment classes such as equities may have dampened collectors’ appetites it’s a very small market so it only takes a minor change in portfolio allocations to have an effect, and there has also probably been a degree of profit taking. However, we have seen some marques like BMW (up 9 percent in value) and Lamborghini (up 18 percent), which appeal to a younger breed of collector, buck the trend in 2023.”

Mr Duthy said a dip in the share price of the top luxury handbag brands last Autumn appeared to spook investors. Last autumn it was possible to pick up an Hermès white Niloticus Himalaya Birkin in good condition for under £50,000. The recent slide reflects a general correction at the upper end that’s been underway for some time rather than changing attitudes to the harvesting of exotic skins.

According to Knight Frank’s Attitudes Survey, the top five investments of passion among Australian UHNWIs are classic cars, art and wine. Fine wine values gained just 1 percent in 2023 as the market continued its correction, said Nick Martin of Wine Owners. “It’s been a hell of a long run, so I’m not that surprised. Some wines from very small producers that had enjoyed the most exuberant growth have seen the biggest drops. It had got a bit silly, £50 bottles had shot up to £200 or £300.”

Favourite investments of passion: Australia vs Global

1. Classic cars (61 percent of Australian UHNWIs vs 38 percent of global UHNWIs)
2. Art (58 percent vs 48 percent)
3. Wine (48 percent vs 35 percent)
4. Watches (42 percent vs 42 percent)
5. Jewellery (18 percent vs 28 percent)

Best returns among investments of passion (10 years)

1. Whisky 280 percent
2. Wine 146 percent
3. Watches 138 percent
4. Art 105 percent
5. Cars 82 percent

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Lifestyle
The ‘Meatball Test’ and Other Tips for Pet-Proofing Your Decor
By NINA MOLINA 20/02/2024
Money
Supercar Blondie Is Going Into the Auction Business
By Jim Motavalli 08/04/2024
Money
Amid Geopolitical Concerns, Major Philanthropy Continues to Forge Ahead…Creatively
By Geoff Nudelman 24/02/2024
0
    Your Cart
    Your cart is emptyReturn to Shop