Luxury real estate is a very small niche in the real estate market that is tailored to meet the needs of the highest socio economic group of consumers. This type of real estate is much different than the normal market because it requires a very high degree of care and responsibility on the part of the real estate agents who handle the transactions. The agents must advertise on a national level because they are trying to appeal and market to a very specific group of people, Very often, these types of transactions can even involve extra things like attorneys, trusts and anonymity issues for high profile clients.
Also, those clients that are considered buying luxury homes often require many inspections of the properties because they want to be sure that everything is perfectly in order since they are spending such a large sum of money on it. These types of things require the real estate agent handling the case to be there around the clock to meet with people for any type of appointment that the client may have scheduled.
There are many different characteristics that define a luxury home or luxury real estate and they usually change from country to country. Although different countries have different defining characteristics there is one that is relevant no matter where you are looking, location.
Location plays a very large role in defining the value of a piece of property. This can include things like: the view, whether it is a waterfront property or not, if it is near different types of amenities like golf courses, school districts or the downtown area. This is what makes it possible for a much smaller piece of property that is situated on the water to be worth way more than a larger space that is more inland. The amount of land that surrounds the property is also a defining characteristic because it allows the person purchasing the property to possibly expand its size in the future.
There are also vast differences between luxury homes as opposed to something that is referred to as a luxury property. Using the word property usually denotes that there is more land surrounding the home; at least a few acres. In the United States of America, generally any piece of real estate that is over one million dollars is considered to be part of the luxury real estate group. So, if you think you may be interested in purchasing one of the many luxury homes on the market then you should expect to pay a pretty penny for it.
