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.

(314) 348-4033

PoshSTLHomes.com

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.

  

What Is My Defiance Home Worth ~ Home Sales in 63341

 

August 2022 Update  (Year-to-Date)

This report is for single family homes ONLY and NOT condos or new construction.  It’s covering Defiance only.  This report is informational and for the best advice for you as an area home buyer or seller, please contact me for a specific review of your needs.

All data is derived from the St. Louis Multiple Listing System (MLS) as of August 15, 2022.  If any property traded hands without a Realtor® involved, it won’t be reflected in this report.  All data is for the 63341 zip code only.  Percentages reflect increases or decreases from the same period of 2021.

Defiance offers a diversity of living choices, with a focus on luxury housing on acreage.  Much of the zip code area is easily reached by I-64/Highway 40, Highways D and DD, and Highway 94.

Defiance Single Family Home Category Data Summary

Homes Sold:                   36  (2 Bank/Govt. Forecl.)       UP:         28.5%

Average Price:                 $628,364                       DOWN:    9.0%

Days on Mkt. Avg:           28                                  DOWN:    9.6%

Avg. Price Per SqFt:         $256.26                         UP:          10.7%

Avg. Sales/List %:            100.18%                       UP:             0.9%

Most Expensive Home Sold:                  $ 2,400,000

Least Expensive Home Sold:                  $    250,000

Number of Homes Currently For Sale:             7

                

What can we determine from the latest statistics?

The fact that sales volume has increased from the previous year shows that Defiance has become a very desirable area to purchase a home.

-          Days on Market is very doable.

-          Distressed properties (foreclosures) have minimal impact at this point.  Less impact means better pricing for the rest of the market.

-       There is an extreme shortage of homes currently for sale in the Defiance.  Our company has a massive list of buyers just waiting to make offers on homes in Defiance.

 

What does this mean to you as a Defiance single family home owner?

Home sale prices are rising and homes are selling quickly.  The equity in your home is also rising.  It’s still crucial to price right and prep your home, if you’re considering making a move.  (Don’t forget…there is a lot of new construction competition.)

For an evaluation of your specific home’s marketability, please contact us.

What does this mean to you as a potential Defiance home buyer?

If you find a home that suits you, you cannot delay acting in putting in an offer to buy the property or you may miss out on your opportunity.  That’s why it is beneficial for you to work with us to not only assist in finding available properties, but to provide every advantage to help your offer get accepted.

St. Charles County still continues to be a VERY affordable place to buy a home.  There is some new construction available and we can help you get the best deal.  The builder will NOT cut you a price break for showing up unrepresented and using our services will NOT cost you a thing!

Contact us with any of your real estate questions, including what your home’s value is in today’s real estates, what it could sell for, and how quickly it could sell.

JUDY WROZIER

Realtor® - ABR®, SFR®

 (314) 348-4033

 

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