Selling a Luxury Home - Part 1 - Defined
This series is going to focus on selling Luxury Homes. The first question that comes to mind is what is a Luxury Home. Some may say this is obvious but it needs to be defined as Luxury Home is a subjective opinion.
To people in the 3rd world everything in this country might seem Luxuries. When I bought my first home, a condo is was a Luxury compared to the apartment I had before, then when I sold the condo and bought a 2300 SF Home with 5 bedrooms and 3 baths that seemed Luxuries; but then I moved to a bigger home which seemed even more luxuries and I would not consider the prior two to be Luxuries. (I don't even consider the one I am in Luxuries now.)
As I see it Luxury is something that sets a Home apart from the others. There are Five Things I think that could make a Luxury Home:
- The amenities and upgrades in the home are superior to other homes.
- The size of the home is a factor; although in some highly sought after areas the size may not be as big a factor in being a Luxury Home. For example a Condo in a highly sought after high rise in a big city might not be that large.
- Location - Location - Location. These are the three key things in real estate. An otherwise Average Home in highly sought after area may considered Luxury just for the Location. In this case rather than the home being superior and sat apart from the others it is the neighborhood itself. The home does have to be in good shape or it is just a Fixer in an otherwise upscale area.
- The lot. If the lot is big or unique for the area in someway then the home might be considered a Luxury Home. This might go in the amenities category as mentioned above. As with # 3 above the home needs to be in good shape.
- Some other unique feature that will drive the value of the house. Again the home needs to be in good shape.
Some might include price, but I think price is a result of the value added by one of the above factors. as an example Luxury Homes in Brentwood California may be priced under $500,000.00. In some communities less than 30 minutes away $500,000.00 would be an entry level home not a Luxury Home; Luxury Homes in Brentwood might even be a tract home.
Luxury Home is hard to define. I know there are homes that meet at least one of these criteria that would not be defined as luxury and then a home that does not meet any of these that would be defined as Luxury Home.
Next time we will look at Luxury Homes as a State of Mind.
How do you get that listing feed on there, so cool!
I agree with Scott... interesting listing feed and post - thanks for sharing!