As most of the major economies of the world prosper so does the niche market of luxury real estate. It is one of the segments of the world that has shown a quick upward trend in its development. This market aims at the richest economic groups of the world.
Definition of luxury real estate
The definition of luxury real estate differs from place to place and also depends on the views that the property offers. The main criteria is the location of the property. If the property is located on a beach with a view of the ocean in the forefront for example, it most certainly would be classified as luxurious. Though this property may not be very large, due to the location, view and the facilities it provides, it becomes a prized possession.
In America, many homes that are worth more than a million dollars are termed as luxury real estate. Thus, we can say a property in any region that is a cut above the others and costs above the normal range of homes is luxury real estate. All properties having high values in terms of dollar amount are in this category. These properties can be large plots of land or a thousand square foot home. The value mostly depends upon the location of the property, the amenities offered in the home or condos, proximity to hospitals, malls, golf courses, high ways, and other important facilities.
How is luxury real estate different from general real estate?
The price of the general real estate is less compared to the luxury real estate. The cost of one luxury home may have the capacity to purchase two, three or four median priced homes. The clients involved and the real estate agents differ from the median priced properties. When purchasing luxury real estate the process of buying the property takes much longer time than the normal real estate in some cases. It is an expensive decision and requires a lot of thinking before any purchase is made.
Marketing differences in general and luxury real estate
The marketing of most homes are sold in the local market where clients can afford to purchase and reside. The target market for luxury real estate may not be local residents at all. Marketing of such property is done nationally as well as internationally. The media used is also different and more expensive than the local media. The agent has more responsibility when selling luxury property. In Many cases attorneys, trusts, inspections, open houses, professional photography, brochures and presentations are involved with luxury homes and condos. The agent has to be all the more vigilant in all these aspects.
Growth in the luxury real estate market
In the various nations of the world, the number of owners of the luxury homes has significantly gone up. This may be due to the improving economies of the world, proper marketing by the agents, better development of property and the rule and regulations controlling the real estates market are less stringent. According to a survey conducted in America the number of owners of luxury homes has risen to 0-5% of the total houses. The luxury homes are costing more than $1 million.
Types of luxury real estate
There are various kinds of luxury real estate. Homes located near a golf course for example. These are private homes and a part of a small community of the higher society. There are various real estate agents who can help you locate the finest homes on a golf course. You can then enjoy a golf game right in your own neighborhood or backyard.
Homes situated on waterfront such as a private beach or a lake are also included in the list. One can always enjoy swimming in your personal lake or strolling along the beach right from your backyard. Fishing and boating may be other activities that interest you as well without the hassles of traveling.
Historical areas also offer properties that have the bliss of the classical feeling added to it. These luxury homes are often furnished in olden style and offer classic architectural style. Mature gardens may also accompany these dwellings. Most of them are built gracefully, have beautiful streets a canopy of trees along the roadside.
For those who love outdoor sports choose a home that have access to tennis courts, lawns, swimming pools and other sporting facilities.
Country homes accompanied by huge farms of flowers or open space are available for the affluent home searcher too. You can enjoy a barn with horses or even a ranch with cattle. Every minute details of a country house is crafted to match the quality that one desires.
Special features of the luxury real estate
You’ll enjoy the comfort and pleasure of a king in the many types of luxury homes. The kitchens, living rooms, bathrooms, bedrooms, gardens and pools are beautiful themselves. Most of the homes have modern amenities from the latest electronic gadgets to other facilities that make living there a great experience. Luxury homes located near the beach offer various rejuvenating experiences such as fishing, yachting, surfing and other activities. Most will have swimming pool(s) and spas attached to the home as well.
Things to be kept in mind before investing in luxury real estate
It is important to consult an agent who deals in luxury homes. Knowledge of the area is of the utmost importance and ability to understand what the needs of the clients are. An attorney should always be consulted and various rules and regulations regarding the property should be reviewed. So, enjoy your search and happy house hunting.