What is a Luxury Home?

What constitutes a luxury home is going to vary depending on the location. Considered to be homes that are in the top 10% of properties listed on the local real estate market, luxury homes offer luxurious living conditions and an extravagant lifestyle. We believe the top Luxury Homes on the coast will sell for $25-$35,000,000 in the next 5 years.

Location

As you know, location is one of the most important factors in determining the value of a property. Many luxury properties are built in some of the world’s most desirable locations, whether it’s along the waterfront, in the center of a desirable city, or high in the mountains with an incredible view.

Price

The price of a luxury home will depend on a number of things, including the location. While some neighborhoods, cities, and counties are more desirable and therefore have higher housing costs, luxury homes in these areas will be even more expensive.

Luxury homes could cost anywhere from a million dollars to a $100 million dollars, depending on the location and specifics of the property. In the Sarasota, Lakewood Ranch, St Petersburg area, luxury homes start at over $1,000,000 and in 2021 the high sale price was $16,500,000. Currently there are 2 homes listed for $20,000,000!

Square Footage

High-end homes are much bigger than traditional homes. However, a luxury home in a rural area might be a lot larger than a luxury apartment in a place like New York City where space is hard to come by. Even so, there are certainly some luxurious homes in places like New York City that boast tens of thousands of square feet. In our area 4,000 to 6,000 sqft is common, with a number of homes over 10,000 sqft

Materials

Builders of luxury homes aren’t just running to Home Depot to grab some bathroom vanities and countertops. These types of homes are constructive and finished with the finest materials. Quality is just as important as how large and lavish a home is, and a large home built with subpar materials is destined to be viewed as tacky and gaudy.

Design

If you’ve ever pursued the internet to look for lavish homes, you’ve probably noticed how unique and impressive some of the architecture and designs are. These houses aren’t cookie-cutter homes you’ll find in your typical suburban development. On the contrary, their design can be one-of-a-kind and jaw-dropping.

Amenities

For people who build homes to support their life of luxury, you’ll find some pretty outrageous amenities available in some of the country’s highest-end properties. At this point, the lines between public amenities and private amenities start to get quite blurred. Sure, high-end homes might have tennis courts and swimming pools, but they also might have amenities like shooting ranges, rock climbing walls, bowling alleys, home theaters, and sprawling grounds.

Mark Segreto – Segreto Group – Luxury Realtor – RMS Elite Properties 941-444-2270

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