Definition of a Luxury Home,
Did you know:
The world economy grew 25% in 2006 according to Forbes magazine (the fastest growth in recorded history), and a record 9.3 million household in the United States now report assets of $1 million or more, not including their home according to research group TNS. This is up 5% from the year before! The growth for 2007 might not be out yet.
Why is this important? The richer America gets, the less rich we(Americans) look, huge deficits, huge export deficits and billions spent in the two wars...But there a few of us who can still live the good live and not worry about the next day. Here is how I think a Luxury Home is defined.
Most agents incorrectly think a Luxury Home is based on its size, well than what is a Luxury Home?
I think is simply what a home offers, like:
1. High quality
3.Nice floor plan
5.Upscale lifestyle for the owner
Are there homes like this?... all over.
Still think that size is what makes a luxury home? Think about it for a second. What makes a hotel room a luxury hotel room? It is the differences in the key areas like amenities, quality, view, décor and service. That's why 63% of consumers prefer upgraded amenities and character to square feet when purchasing a home.
Certainly we can all imagine in our minds eye the enormous castle or a fabulous estate on the hill, complete with butlers and maids, but is this an accurate definition of today's Luxury Home? Luxury homes are often described as expensive homes. But cost is only a measure of luxury, a way to measure the differences in any community. Cost can also vary greatly between areas of the country. A luxury home price in the one part of the country may not be able to buy a modest home in another. So price alone is a poor description of a luxury home.
Looking at it another way, luxury homes also include many types of properties from ranches, town homes, condominiums and apartments, to custom homes, villas and brownstones. But one area that all luxury home specialists seem to agree on is that location is a key ingredient to desirability. Location is often a reflection of lifestyle, a key component in the luxury homeowner's decision making process. And therein rests the key ingredient that needs to be understood for real estate professionals that want to move into this growing market niche. According to John Brian Losh, publisher of Who's Who In Luxury Real Estate, "When luxury buyers look for a home ... they look for a lifestyle change - and they want the home to reflect the lifestyle of the area.
Luxury Home Agents please comment.