Purchasing luxury real estate is just like purchasing any other real estate (same processes) but depending on where you live, the selection of luxury real estate available for sale can be dismal. The term luxury in the real estate realm brings visions of sprawling homes and manicured gardens to mind, but is it form or price that makes something luxurious?
Some markets are ripe with beautiful, large homes in exclusive neighbourhoods, and by any definition these types of homes can be considered luxury real estate. This is the sort of thing you might see in Beverly Hills or the Hamptons, but what about other places? Some cities, many of which aren’t located near mountains or beaches, offer large homes but they aren’t really considered luxury real estate – but you wouldn’t know it based on the price tag! In a strong market you can see homes that you would think are average, going for exorbitant prices. In some areas a million dollar home might be smack dab in the middle of the suburbs with a postage stamp front lawn and an unfenced backyard…it happens.
If you are after true luxury real estate, you often have to be shopping in markets known for it. You can spend a million dollars on a house anywhere, but how much bang you get for your buck will entirely depend on location, location, location. The more prestigious the location, the more you are going to pay for everything. In many cases the land a house site on is worth more than the house itself, so consider that when you are shopping around. A lot of people strive to own luxury real estate eventually, but it’s not always a realistic goal if you aren’t in a market with a good selection that is favoring the buyer.