What Is Luxury Real Estate?
Luxury homes are in a league of their own because the criteria that determine a home luxury changes and is largely influenced by the clients buying high-end homes at any given time. Luxury isn’t strictly based on price. It’s a moving target influenced by a number of factors and primarily, trends. For an example, the market once considered luxury homes to be spacious mansions equipped with their own theaters and skating rinks. How times have changed! De-mansionization is the movement of luxury homes becoming smaller, and smarter, but not less luxurious. This is only one way in which the market has changed its demands, and even this trend is not consistent.
Luxury is also influenced by its location in a big way. In Los Angeles where the weather is favorable all year, luxury would be a home that blurs the lines between indoor and outdoor space with large glass walls that open the home up entirely to the elements. Further North, however, being shielded from the elements would be ideal but with elements of design that bring nature inside with the use of skylights, 3 season spaces, and indoor landscaping and plant life. Socioeconomics of a city also matter. In a city so congested that cars aren’t utilized much, a home with a multiple stall garage will not be considered a luxury but instead, a smaller space closest to the city center. Luxury homes are thoughtful for this reason, designed around the environment and city they’re placed in.
So what qualities might you expect buyers to be looking for in the luxury real estate market?
1. Limited Locations with Grand Views
Luxury homes being developed up the slopes of surrounding mountains and high points of a city are prime real estate for those looking for a view of the entire city and/or the gorgeous natural landscape. Some buyers prefer to be in the middle of the action for the views and convenience of living in the center of the city. City centers are popular locations for luxury condos and can even be the highest valued properties in the area.
2. Smart House/Energy Efficiency
Energy efficiency and consciousness are growing in popularity, not only to save the homebuyer money but to leave the next generation’s planet in a better condition. Technology has come such a long way in a short time that older homes cower next to new homes in this regard. Energy efficiency goes hand in hand with the latest smart house technology, which includes: smart thermostats, advanced security systems, technology controlled by phone, smart fridges and other appliances, and more.
3. Gorgeous Outdoor Living Spaces
In recent years, a home’s outdoor space is prioritized almost as equally as its indoor space. As the world gets faster each and every day, homebuyers want to take advantage of the spare time they do have and feel as though they are on vacation in their backyards. Entertaining family and friends at the home is also what luxury home buyers have in mind when looking for accommodations.
4. Highest Quality Building Materials
At every glance and with every turn in a luxury home you will see magnificent upgrades; granite, hardware, stainless steel and other attractive metals, sophisticated light fixtures, touch screens and buttons, crown molding and tray ceilings, custom closets, and more.
5. Security and Privacy
Coded gates, modern bomb shelters, bulletproof doors and glass, and live feed and recorded security camera systems are all features luxury homebuyers enjoy.
6. Something Special
One unexpected luxury ingredient high-end buyers look for in a luxury home is a cool story, a famous designer, or history attached to the home. For some buyers, this is the factor that quickly brings the home to closing because this type of buyer develops a deeper emotional and intellectual connection to the home.