If you’ve ever looked overreal estate listings and cameacross an ad for a “luxury home,” you might have thought,“Wow, this one must be special!” But whatexactly definesa luxury home, anyway?Is it determined byprice, location, square footage, or some magic combination of all of the above?
Well, for starters, “luxury” isn’t strictlyabout how much cash you blow on thepurchase. It’s much more subjective, and a moving targetbased on what a particular area’s high-end buyers have come to expect.
“It isn’t simply a price per square foot metric,” saysThe Agency’s Daniel Stevenson, who specializes in selling luxury listings. “Many times luxury is simply in the eye of the very covetous neighbor.”
While it’s hard to pin down an exact definition that encapsulatesthis air of affluence, luxury homes do tend to have certain features in common.So whether you’re looking tobuy a posh placeor wondering if you can describeyour current digsin such opulent terms, here are some general qualities you can expect to find in a luxury home.
1. A high price for the area
Of course, a “luxury” price depends on where you live.A million-dollarhousein Studio City, CA, may not qualify, buta similarly priced homeinHemet, a mere two hours away, would be one of the priciest and most luxuriousproperties in town.
2. Prime location
No matter the city, state, or country, luxury homesare the ones withthe most covetedlocations, whether they’re atopa mountain, right on the beach, or overlooking the sparkling lights of thecity far below. But these areas are constantly expanding and evolving: A new stripof trendybars and restaurants can turn an otherwise average area into a hot spot that attracts high-end buyers.
3. Premier quality
The construction materials, finishes, appliances, and design all mustbe a cut above what’sconsidered standard. Marble, hardwood, Venetian plaster, crystal, and Miele appliances have all become common components of luxury homes.
4. Luxeamenities
“From Imax movie theaters to arcade rooms to decontamination showers, these homes incorporate the most exquisite amenities,” according to Stevenson.
5. Privacy
Many high-endbuyers—particularly celebrities who get accosted by paparazzi and fanswhen out in public—like their hometo be a true refuge. As such, privacy is a premium, and can be affordedwith large yards, highwalls, and foliage for cover, and gated entrances with security guards to keep looky-loos frompeering in or making a ruckus that might disturb the peace.
6. Provenance
This will surprise you. Luxury home buyers are not necessarily looking for flashy mansions, but they do consider it an ultimate asset for their dwelling to have some sort of story, or history if you will. Whether the home was built by a prominent architect or situated in a noteworthy location, the value goes up if it’s not just another tract home.
Ultimately, however, the definition of “luxury home” is in the eye of the beholder.
“Luxury is the quality of the build, the location of a home, the magnitude of a property—but it is also very personal,” says Lisa Gild, an associate partner with Partners Trust. “To some, luxury is privacy with sweeping city views, and to others it’s living on the ocean with private beach. Some define ‘luxury’ as a smart home fully wired with every high-tech gadget, and others would interpret ‘luxury’ as an architecturally significant Mid-Century Modern home.”
The bottom line: “Luxury” can mean many things, so rather than automatically swooning over a certain listing boasting this term, focus on thefeatures you’re keen to have in a home to find one that you will love.
