Luxury homes are in a league of their own because the criteria that determine the luxury of a home change and are greatly 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 primarily by trends. For example, luxury homes were once considered by the market to be spacious mansions equipped with their own theaters and skating rinks. How times have changed! Demansionization is the movement of luxury homes becoming smaller and smarter, but not less luxurious. This is just one of the ways the market has changed its demands, and even this trend is not constant.
The 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 house that blurs the lines between interior and exterior space with large glass walls that open the house completely to the elements. However, further north, being sheltered from the elements would be ideal, but with design elements that bring nature indoors 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 aren’t used much, a house with a multi-car garage won’t 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 to look for in the luxury real estate market?
1. Limited locations with great views
Luxury homes that are built on the surrounding mountainsides and high points of a city are prime real estate for those seeking city-wide views and/or beautiful natural scenery. Some buyers prefer to be in the middle of the action for the views and convenience of living in the center of the city. City centers are popular locations for luxury condominiums and can 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 homes cower next to newer homes 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 equally as its interior space. As the world gets faster every day, homebuyers want to take advantage of the free time they have and feel like they’re on vacation in their backyards. Entertaining family and friends at home is also what luxury home buyers have in mind when searching for accommodations.
4. Highest quality construction materials
At every glance and with every turn at 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 cabinetry and more.
5.Security and Privacy
Coded doors, state-of-the-art bomb shelters, bulletproof doors and glass, and live and recorded security camera systems are features enjoyed by luxury home buyers.
6. Something special
An unexpected luxury ingredient that high-end buyers look for in a luxury home is a cool story, a famous designer, or a story related to the home. For some buyers, this is the factor that quickly leads to closing because this type of buyer develops a deeper emotional and intellectual connection with the house.