The luxury homes market was once a tiny percentage of overall sales but today is a fast growing market segment that has gained increasing momentum over the past several years. Real estate professionals who once may have dabbled in the market are now beginning to view this niche as an opportunity to build a career path.
But what is a luxury 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.
Source:
TransWorldNews
TransWorldNews
Jim Remley
RealtyU.COM
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