How to Define Luxury Real Estate in Today's Market
August 1, 2018
There is no doubt “luxury real estate” is overused, which makes the term confusing.
Luxury real estate is defined differently in different markets. Property values, median income and local development are all variables to consider and have can range widely. It’s important to use the right descriptions to draw the right buyers to a home, so how can you leverage this information into better communications as a buyer or seller?
Whether or not you fall into the definition of luxury real estate, knowing how the market interprets high-end properties in your area will help you to better understand the features desired in a home.
So, what makes a home a luxury home? There’s isn’t really a list to check off for classifying a luxury property, although many features are customary among upscale properties; prime location, high-end amenities, quality materials and finishes are usually the standard in luxury residences. But individual priorities and tastes can also dictate what is considered prized and prestigious adding value above what’s typical for the market.
If you are questioning whether your home would be considered in the top 10% of your market, talk with a Berkshire Hathaway Taos Real Estate professional at who is familiar with the local area and high-end properties.
If you are selling your home, compile a list of the features, along with details that you’re your property apart from the rest of the neighborhood or area. If you are a buyer, get specific about the must-have features you would like in a home and the preferred activities that you expect to be able to do with ease.
But whether you are buying or selling a home, it is recommended to wait to use the term luxury until a definitive description of the property is created. Luxury is surely defined in the details; top-of-the-line appliances should be described by brand, types of finishes named and renowned histories should be noted.