What is a Luxury Home and What Makes It So Special?

 

If you've ever looked over real estate listings and came across an ad for a "luxury home", you might have thought..."Wow, this one must be special!"  But what exactly defines a luxury home?  Is it determined by price, location, square footage, or some combination of all of those?

"Luxury" isn't strictly how much you pay for a property.  It's more subjective and based upon what a particular area's high-end buyers have come to expect.

While it's difficult to pin down exactly what defines this air of influence, luxury homes to tend to have certain features in common.  So whether you're looking to buy a posh place or wondering if you can describe your current home as luxury, here are some general qualities you can expect to find in a luxury home.

1.    A High Price For The Area

A "luxury" price depends on where you live.  In general, the lowest price you can expect to pay for a luxury home starts anywhere from $500,000 to $3 million and goes up from there...way up.

In our area, $750,000 and up qualifies as a luxury property.

2.    Prime Location

No matter the city, state, or country, luxury homes are the ones with the most coveted locations.  They may be on a mountain, beachfront, overlooking a scenic cityscape, a high-rise condo, or located in the hippest part of town.

3.    Premier Quality

The construction materials, finishes, appliances, and design all must be a cut above what's considered standard.  Marble, hardwood, Venetian plaster, crystal, and high-end appliances have all become common components of luxury homes.

4.    Luxe Amenities  

From theater rooms, outdoor kitchens, and his and hers bathrooms, these homes incorporate the most exquisite amenities.

5.    Privacy

Many high-end buyers like their home to be a true refuge.  Therefore, privacy is a premium and can be noted with large yards (lots), high bushes, and gated entrances.

6.    Background

This may surprise you.  Luxury home buyers are not necessarily looking for flashy mansions, but do consider it an ultimate asset for their property to have some sort of story...history.  Whether the home was built by a prominent architect, is situated in a noteworthy area, or was once once owned by a well-known person, the value goes up if it's not just another tract home.

Ultimately, the definition of "luxury home" is in the eye of the beholder.

"Luxury" can mean many things; so rather than automatically swooning over a certain listing boasting this term, focus on the features you're keen to have in a home to find one that you love.

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Get Multiple Offers to Buy Your Home

For months (years), we have heard the news that we are in a seller’s market – meaning there are not enough homes for sale to meet the demand of home buyers.  Often in a seller's market, the time it takes to sell a home is decreased and the possibility of multiple offers is increased.

 

This news could cause dollar signs to start dancing before your eyes.  Before you count your cash, there are a few things to consider.

 

TIPS ON HOW TO GET MULTIPLE OFFERS FOR YOUR HOME

 

Price Your Home Competitively ~ When a home is priced and marketed correctly, your chance of getting multiple offers is increased.  The longer a home sits on the market, the longer its days on the market grows and with that comes a sense of staleness…thus reducing your negotiating power.

 Spruce Up Your Home ~ “Move-in Ready” is music to a buyer’s ears.  Walk through your home as if you were a buyer and fix up those areas that don’t reflect well on your home.  Putting in a little elbow grease before your home is listed for sale could net you a larger profit.

 

Build Anticipation ~ As the #1 Real Estate Company in the metro Saint Louis area, we use our unique marketing tools to build anticipation in the market.  With the largest number of agents in the area, our listings are shared with our associates even before it is listed on the MLS.

 Listen To Your Realtor ~ We will supply you with sound advice that comes from experience in all types of real estate markets.  For example, it’s best not to get emotional when you receive offers to buy your home.  High offers with a long list of contingencies are not always the best offers.  We will be able to help you differentiate between solid offers and questionable offers.

 

If you are thinking of selling your home, contact us for a free, no-obligation consultation. 

 

(314) 348-4033

 

LUXURY REAL ESTATE MARKET COMING OF AGE WITH YOUNGER BUYERS

There is an emerging trend in the luxury real estate market place.  It is a kind of “coming of age”, as in the age is coming down.

A new survey by the Luxury Institute finds that wealthy younger buyers are driving the luxury real estate market and are paving the way in a changing market place.  And, the bonus for luxury home sellers is that they are willing to pay more than similar wealthy buyers age 55 and older.

 

According to the survey of Americans age 21 or older with a minimum gross annual household income of $250,000, 43% of younger wealthy consumers are considering the purchase of residential property in the next 12 months, compared to 21% of those age 55 and older.

On average, these younger wealthy consumers spent more than $2.1 million on their most recent purchase of residential property, approximately twice the average amount spent by older and similarly wealthy luxury buyers, which was $1.1 million.

 

These young luxury buyers are leading a change in desired home amenities, whether they have young families or are single without children…they are looking for homes that fit their active and unique lifestyle.  Younger buyers are significantly more likely to want homes with amenities such as a pool, outdoor kitchen, home gym, home theater, wine cellar, and three or more garage spaces.

For the majority of luxury buyers, location is the most important factor when considering the purchase of resident property.  However, nearly one in four have the freedom to choose a property anywhere.  The Young luxury buyers have more freedom to choose a residence that truly fits their lifestyle and will not limit their search based on location.