What is luxury real estate?

Luxury homes are in a league of their own because the criteria that determine the luxury of a home change and are largely influenced by the customers buying luxury homes at any given time. Luxury is not strictly based on price. It is a moving target influenced by a number of factors and mainly by trends. For example, the market once considered luxury homes to be spacious mansions equipped with their own theaters and skating rinks. How times have changed! Demansionization is the movement of luxury homes getting smaller and smarter, but no less luxurious. This is just one of the ways the market has changed its demands, and even this trend is not constant.

Luxury is also influenced by its location to a great extent. In Los Angeles, where the weather is favorable year-round, luxury would be a home that blurs the lines between indoor and outdoor space with large walls of glass that fully open the home to the elements. However, further north, being protected from the elements would be ideal, but with design elements that bring nature inside with the use of skylights, 3-season spaces, and interior landscaping and plant life. The socioeconomics of a city also matters. In a city so congested that cars are not used much, a house with a multi-car garage will not be considered a luxury, but rather a smaller space closer to the center of town. Luxury houses are designed for this reason, designed around the environment and the city in which they are located.

So what qualities might you expect buyers in the luxury real estate market to look for?

1. Limited locations with magnificent views

Luxury homes that sit on the surrounding mountain slopes and high points of a city are prime real estate for those looking for a view of the entire city and/or the beautiful natural landscape. Some buyers prefer to be in the middle of the action for the views and the convenience of living in the center of the city. City centers are popular locations for luxury condos and may even be the highest value properties in the area.

2. Smart Home/Energy Efficiency

Energy efficiency and awareness are growing in popularity, not only to save homebuyers money, but also to leave the planet for the next generation in a better condition. Technology has advanced so much in a short time that older houses cower next to newer houses in this regard. Energy efficiency goes hand-in-hand with the latest smart home technology, including: smart thermostats, advanced security systems, phone-controlled technology, smart refrigerators and other appliances, and more.

3. Magnificent outdoor living spaces

In recent years, the exterior space of a house is prioritized almost as much as its interior space. As the world gets faster by the day, homebuyers want to take advantage of the free time they have and feel like they are on vacation in their backyards. Entertaining family and friends at home is also what luxury home buyers have in mind when looking for accommodations.

4. Highest quality construction materials

With every look and every turn in a luxury home, you’ll see magnificent improvements; 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 doors, modern bomb shelters, bulletproof doors and glass, and live and recorded security camera systems are features that luxury homebuyers enjoy.

6.Something special

An unexpected luxury ingredient that high-end buyers look for in a luxury home is a cool story, famous designer, or history associated with the home. For some buyers, this is the factor that quickly leads to closing on the home because this type of buyer develops a deeper emotional and intellectual connection to the home.