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…
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