Luxurious homes were once perceived as those priced above $1 million, but with well over a decade of rising prices, the new number is closer to $5 million or more. What makes these homes so special? Another metric is that a luxury home is valued within the top 10% of homes within its local market.
The word luxury is used in real estate to appeal to a certain group of homebuyers, who have their own definition of what is or isn’t luxurious. Among the criteria they expect are words like exclusivity, privacy, rare, breathtaking views, waterfront grounds, craftsmanship, panoramic views, architecture, amenities, custom, bespoke and so on. Luxury homes tend to be extra large, built with high-end materials and amenities, and exceptional architecture.
The desire for luxuries increases with wealth. They are goods, services, and environments that aren’t necessary to sustain life, but make living more comfortable, beautiful, and labor-free. They are superior upgrades from necessities.
Luxury is a word that can be overused, but there are a few features that luxury goods, services and homes have in common. According to a recent survey there are general qualities you can expect to find in a luxury home:
Pamela N. Danziger, and author of Putting the Luxe Back in Luxury, states that luxury must have specific values in order to be worthy of such a superlative word. These include superior performance, craftsmanship, exclusivity, innovation, sense of place & time, sophistication & design aesthetic, creative expression, relevance, heritage, and responsibility.
Luxury isn’t about consumerism, using up valuable resources, or outdoing one’s neighbours by spending the most money. It’s more about how luxury makes people feel, how they can express their individuality and station in life, and how it can stimulate all five senses with comfort, beauty and opulence.
Toronto Luxury Realty Group
Jay Egan & Olga Lapshina