The term “luxury” was once used as a moniker for the 1%. It was to be looked at as virtually unachievable wealth. Today, term is not only held for the rich and the famous, but for those who appreciate the finest of living. Luxury is what you make it.
Luxury real estate is defined differently across different markets which all hold different property values, median incomes, demographics and geographic layout. The luxury market here in Southwest Florida, for example, would be worlds different from the luxury market in Boise, ID. Of course, nothing against Boise, ID. After all, it is called the Gem State. However, we can’t expect the pricing to be the same, realistically.
Knowing how your market defines high-end housing or luxury properties better determines what is best for you and your family. It will determine the steps you need to take to pick the best luxury home for you.
Defining luxury markets makes them easy to section together around the country and especially around your region. You’re able to do more comps and determine if luxury truly is for you, and what exact kind of luxury property you desire.
There truly are no guidelines for defining a luxury property. However, there are quite a few elements that many luxury properties share: Concierge service at condos, community pools, high-end finishing within the property, lawn care service, etc. These features are common place at many luxury communities and homes.
Keep in mind, every luxury home will harbor its own charm. Not one specific home in the entire world is the exact same. While some exterior or interior homes may look the same by first glance, every home has its intricacies.
When looking to buy a luxury home-- identifying a luxury home from a description is the toughest task of all. You can’t just look for the word “luxury” in a listing and have the gears start turning. If the only defining factor for a luxurious home is the fact that it says its luxurious is probably a red flag. It may be a firs time Realtor playing the “Luxury Realtor” role. Always be careful and wait until the photos, virtual tour or videos are posted to see for yourself—that is of course unless you are zealous enough to hop in the car right away to check it out in person.
If you have questions about the best way to approach the search for a luxury home for you and your family in Southwest Florida, reach out to a proven luxury Realtor. Make sure you’re working with someone who knows your market and knows what to look for in a true luxury home.