What Is Luxury Real Estate?
Real estate isn’t considered luxury just because it’s expensive. Luxury real estate must be unique, exclusive and superior – people who are wealthy will pay a premium for something that is perceived to be superior. A luxury property will typically have its value above three times the median price of a house or condo in its region.
Location is very important. A luxury real estate buyer will want access to luxury activities such as high end shopping, dining, the arts as well as proximity to other luxury homes. There are those who prefer the natural beauty of a waterfront location, mountain views or city views perched from their hillside or mountainside location.
Luxury real estate buyers want the same features that all homebuyers desire, but on a grander scale. They want a beautiful home inside and outside, and can afford the custom design, landscaping and architecture. There should be over-the-top attention to detail and opulent finishes. Plenty of privacy and security is paramount to keep out would be intruders and the inquisitive public from accessing the property.
When it comes to amenities in a luxury home, everything should be top of the line and there should be features that are not ordinarily found in a normal home, such as expanded temperature controlled wine cellars, a chef’s kitchen, an elevator, and the like. Home theaters with top video and sound, gyms with massage areas and spas and cigar rooms with circulating fresh air are not uncommon in a high end residential home.
Luxury homes come in all shape and sizes, as grandeur is interpreted differently between different persons. Often, it’s the unique design of the home, based on the singular properties of the homeowner for whom it was built, which give the property the luxury label.
If you are looking to buy a luxury home, or sell your luxury real estate, contact us as we have offices in Vancouver, Seattle, London and Moscow, and we are firmly established internationally and recognized as a leader in the luxury real estate market.