Luxury homes are in a league of their own because the criteria that determine a home’s luxury change and are largely influenced by customers purchasing high-end homes at any given time. Luxury is not strictly based on price. It is a moving target influenced by a series of factors and mainly, trends. For example, the market once considered luxury homes to be spacious mansions equipped with their own theaters and skating rinks. How times have changed! Demansionization is the movement of luxury homes getting smaller and smarter, but no less luxurious. This is just one of the ways the market has changed its demands, and even this trend is not consistent.
Luxury is also heavily influenced by its location. In Los Angeles, where the weather is favorable year-round, luxury would be a home that blurs the lines between indoor and outdoor space with large glass walls that fully open the home to the elements. Further north, however, being protected 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 matter. In a city so congested that cars are not used much, a home with a multi-stall garage will not be considered a luxury, but rather a smaller space closer to the city center. Luxury houses are designed for this reason, designed taking into account the environment and the city in which they are located.
So what qualities do you expect buyers to look for in the luxury real estate market?
1. Limited locations with great views
The luxury homes being developed on the surrounding mountain slopes and high points of a city are prime real estate for those seeking a view of the entire city and / or the beautiful natural landscape. Some buyers prefer to be in the middle of the action for the views and the convenience of downtown living. City centers are popular locations for luxury condos and may even be the highest value properties in the area.
2. Smart home / Energy efficiency
Energy efficiency and awareness are gaining popularity, not just to save the home buyer money, but to leave the next generation planet in better shape. Technology has advanced so much in such a short time that old houses are cowering alongside new houses 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. Gorgeous outdoor living spaces
In recent years, a home’s outdoor space has been prioritized almost as much as its indoor space. As the world speeds up each day, home buyers want to take advantage of their free time and feel like they are on vacation in their backyards. Entertaining family and friends at home is also what luxury home buyers have in mind when looking for accommodation.
4. Highest quality building materials
In every look and with every twist on a luxury home, you will see magnificent upgrades; granite, hardware, stainless steel and other attractive metals, sophisticated light fixtures, touchscreens and buttons, crown molding and tray ceilings, custom cabinets and more.
5. Security and privacy
Coded doors, modern bomb shelters, bulletproof glass and doors, and live and recorded security camera systems are features that luxury home buyers enjoy.
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 attached to the home. For some buyers, this is the factor that causes the house to close quickly because this type of buyer develops a deeper emotional and intellectual connection to the house.