Luxury Homes 101

Luxury homes are tied to specific areas and communities with special features and amenities for living. A luxury home is not just a home, but a lifestyle which the home offers.

 

 

Luxury home customers know what they want, and they want the professionals they work with to hear what they have to say. There is a tendency to think in terms of requirements the property must have in order to be a proper reflection of who the home owner is as a person. There is a buyer for every luxury home despite tighter lending guidelines.

 

 

Corvallis, Oregon is a unique place. In fact, the Wall Street Journal noted the resiliency of the real estate market here in the face of the national picture of real estate crisis compared to other college towns. It's not just that we are a college town that makes for a better real estate market overall; there is something about the kind of people who live in Corvallis. There is a careful mindset of not overextending which was a shield for many when the market turned. It did not turn that much though, relative to what other communities in Oregon are seeing. Home values here have lost less than 10% of their value. For a seller of a luxury home, that is  not ideal, but neither is it tragic. For a buyer, someone who has always wanted their special retreat, this is a great opportunity to move up, especially given the historic interest rates we are seeing.

 

What are a couple quick tips on buying a luxury home?

 

1.  Realistically, a luxury home will mean more maintenance, which requires time and money. Calculate costs of maintaining a pool, for example, and think through how that will be accomplished.

2.  If you want to live in a nice neighborhood, do not buy the most expensive home in the neighborhood. You are better off choosing a medium priced luxury home in a great neighborhood, or, a home in that general area which needs a little work. When the time comes to sell, the equity built will be better.