A nonprofit publication of the Kentucky Center for Public Service Journalism

Guess where one of the region’s hottest luxury home markets is? Hint: It’s not in Cincinnati …


By Shelly Whitehead
Special to NKyTribune

The northern and eastern suburbs of Cincinnati may get a lot of the press when it comes to luxury homebuilding locally.

Talk to those who actually construct such high-end domiciles, however and you’ll learn that one of the hottest markets these days for Greater Cincinnati’s “movers and shakers” is right here on the south side of the river.

About 10 percent of EGC's overall business revolves around high-end homes like this one under construction in the Pimlico Park section of Triple Crown Estates in Union.

About 10 percent of EGC’s overall business revolves around high-end homes like this one under construction in the Pimlico Park section of Triple Crown Estates in Union (photo by Shelly Whitehead).

“I’d say at least 50 percent of our clients come here from the east side of Cincinnati,” said longtime local luxury homebuilder John Toebben. “They’re coming here because their kids are moving over here because there’s nothing left on the east side of Cincinnati.”

About 12 to 15 years ago, Toebben says the population started shifting north to places like Liberty Township.

“So now, those parents have grandchildren over here and they start asking, ‘Why are we always driving back and forth?’ and ‘Why don’t we just move over there, too?’” Toebben said.

Even construction companies that do a smaller share of their overall business in luxury home construction are seeing the trend.

EGC in Newport – whose main business is large-scale industrial construction – also sees a lot of wealthy Cincinnati homeowners relocating to Northern Kentucky, to places like their Pimlico Park development in Union’s Triple Crown.

EGC Project Development Director Shad Sletto believes that longtime Cincinnatians are finally considering the Kentucky side of the river because of the recent upsurge in riverfront development on both sides of the Ohio.

“I think Northern Kentucky is refreshingly becoming more and more a part of Cincinnati,” Sletto said. “That’s really an image issue if nothing else.

“In the last five years through the recovery from the recession we have really added to our retail and entertainment offerings here. Those two factors help people feel like they’re going to be able to have those amenities on this side of the river…when compared with say, some of the smaller neighborhoods in Cincinnati.”

What the wealthy want in their homes today
When well-to-do individuals do come south, they often bring some new and sometimes, quite unusual demands for their newly constructed estates. After all, these are people who can truly afford to appease their strongest desires.

Toebben Builders specializes in $1 million to $5 million dollar dream homes, like this one, packed with every imaginable amenity. Picture provided.

Toebben Builders specializes in $1 million to $5 million dollar dream homes, like this one, packed with every imaginable amenity. Picture provided.

So, if that happens to be a yen to see water wherever you are in your house, these builders can make it happen. Or perhaps, as with one of Toebben’s clients, you really like to unwind by firing round after round of ammunition into a target, regardless of the weather.

“One we built has a certified FBI shooting range in the basement,” Toebben said. “With that we had to coat the whole first floor with Kevlar (a bulletproof material) in case of an accidental gun discharge that somebody doesn’t end up getting shot in the kitchen.

“We just built one that – almost like a hotel – the house completely surrounds the outdoor pool which is in the center of it. Then we just put in the first hotel-sized outdoor pool in Northern Kentucky with purified water that you can drink because it’s UV-treated … and quite expensive.”

Now, while that aforementioned Kevlar-lined kitchen might not be a place some of us would want to hang out in, most people – regardless of their level of wealth – still tend to gravitate toward the kitchen of any home.

That’s why Sletto said most of EGC’s high-end clients want to make the kitchen the center of their homes.

“People really want a functional kitchen and one that has all the attributes of a living room, too,” he said. “Since one-floor living is very important now … they really want the kitchen to look like it will fit in their overall living space because the design of the homes now is more open and the kitchen is a big part of that open space.”

Custom casework with high-end finishes and trim details, as well as lighting and (appliances) that are integrated are also popular. Sletto said buyers are looking for amenities such as refrigerators and ovens that don’t detract from the look of the kitchen but still function extremely well.

“They want authenticity in their materials so if they’re going very high-end, maybe they want bronze fixtures or materials that reflect the actual material they’re purchasing … and the best craftsmanship,” he said.

We get that. After all, if you could have marble counters – or even stairs for that matter – instead of some plastic-based clone, why not? Particularly if you can get a nice spacious plot of land in an exclusive area like Toebben’s Country Squire Estates or EGC’s Triple Crown-based lots.

And since you’re in the rolling hills of Kentucky, why not take advantage of that beautiful landscape with the pool or water feature of your dreams. Or perhaps, as in the case of a recent EGC customer, your very own horse-heaven-inspired indoor riding arena.

Trouble in paradise?

It’s all pretty heady stuff, isn’t it? But that is not to say that all is wonderful in well-heeled land. For instance, if you want to actually build that home of your dreams with all the bells and whistles, Sletto said you had better be prepared to fork over a little more than usual these days.

oebben Builders is constructing in one of the last areas to be developed in super-posh Country Squire Estates in Villa Hills. But as is the case with all home construction these days, no one is certain how long our area's still-adequate supply of skilled craftspeople will remain.

Toebben Builders is constructing in one of the last areas to be developed in super-posh Country Squire Estates in Villa Hills. But as is the case with all home construction these days, no one is certain how long our area’s still-adequate supply of skilled craftspeople will remain (photo by Shelly Whitehead).

“Housing values have not returned to the level where they were prior to the recession in that the cost of construction is still much greater than what you can buy an (existing) house for today,” Sletto said. “So what we’ve faced in the past four to five years is that prospects would say they’d like to a build a house. Then we would say we’d love to build you a house, but you must understand that you can buy a (existing) house for less than 70 percent of what it’s going to cost you to build one of the same basic size and location.”

Nonetheless, if you are flush with cash and absolutely yearn for certain amenities, it still may be a good time to build. At least around these parts, construction companies have not yet experienced the huge dearth of skilled labor that’s plaguing many other home markets nationally.

Sletto says, however, that the healthy supply of top-end craftspeople talent may not last much longer.

When you take into account that even smaller custom-built luxury homes take at least a year, and often much longer, to design and build, it might be worth talking to a homebuilder very soon.

After all, even if there are enough skilled craftspeople to give you authentic aged curly maple kitchen cabinetry with bronze fixtures, that may not be the case a year from now.

But the nice thing about having heavy pockets, is even if the Zombie apocalypse does actually occur next year, if you’re rich you’ll probably have a safe room to hang out in, according to Toebben.

“A house we’re doing now is totally encased in concrete with a vault door,” Toebben said. “A lot of these people are really concerned about personal safety and all the sorts of threats that exist because they have a lot of valuables — from gold to weapons. Many are building safe rooms with their own ventilation systems and water supply in their lower levels.”

As for the rest of us?

At least we can take some comfort in knowing we paid a fair price for our little bungalows.

And now for the rest of the story … What does the median-priced home buyer want?

Shooting ranges, riding arenas and purified water pools are nice, if you can afford it. But most of us are looking for a little lower-end home than say the $700,000 to $5 million places that are the subject of the main article here. So, just for perspective, we asked local Sibcy Cline Realtor Tommy Records what the more-average-income customers he works with are looking for today in their homes.

Q: How’s the market in the under $250,000 home range these days?
A: The market is busy. There are not enough homes available for the amount of buyers. With an expected busy spring, I hope inventory increases to meet demand.

Q: What amenities are your customers looking for in their next home?
A: Buyers want nice things in the home. Depending on the price range it could be granite and higher-end appliances, to an outdoor entertainment area and a finished basement.

Q: How important is the yard and what are other priorities for your clients?

A: Very important. Amenities and extra living space – like an extra bonus room, finished basement (or) three-to-four-season room – are at the top of the list.


Related Posts

Leave a Comment