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Luxury real estate has many potentially different identiying characteristics depending upon which geographic region of the world one is speaking of. Many times, luxury real estate isn't defined by the quality of home, but by location. Frequently, luxury real estate centers around waterfronts, views, and/or amenities such as golf, school districts, downtown proxmitiy and conveniences etc. As an ironic example, one may have a waterfront home less than 1 acre, 750 sq feet, 2 bedroom, 1 bath, and because of the location, could be worth more than a 10,000 sq foot mansion with 10 acres of property. Such a home, though not considered luxury by appearance, would be considered a luxury home or property and could be classified as luxury real estate simply due to location. In the above example, the term that would better suffice would be luxury property as opposed to luxury home whereas the 10000 sq foot mansion would most definitely fit under the definition and category of luxury home or estate. Both homes above, however, should be classified as luxury real estate as they both qualify by the definition above. As a general rule of classifying whether a home is luxury or not, one must take a broad average price range in a particular region and define a 'lowest limit' (i.e. all homes priced above 1 million dollars is a common definition in the US). Other factors involved in classifying whether a home fits into a luxury classification would be to look at surrounding homes, amenities, views, waterfronts, absence of crime in the area, absence of industrialization and/or unwanted commercialization, customizations of the home and historical or architectural significance to name a few examples. In addition to simply defining and classifying a property, Luxury real estate also carries with it a much weightier responsibility for those who serve the luxury real estate buyer or seller and that is due to the buyer or seller's ability to pay for added services and their expectation for performance of service. For example, a luxury seller expects a real estate agent selling their home to advertise nationally and sometimes internationally in luxury print media whereas a non luxury seller is usually satisfied with very localized advertising and exposure in the local Multiple Listing Service . Many luxury buyers expects a real estate agent to understand how to work with attorneys, trusts and anonymity. They expect a luxury agent to have resources at their disposal when needed that non luxury buyers wouldn't expect. Frequently a luxury home buyer will take a home through multiple inspections (perhaps 10 to 15 if the property is truly an estate), whereas a non-luxury home will typically go through one inspection. |
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