Definition of a Luxury Home,
Did you know:
The world economy grew 25% in 2006 according to Forbes magazine (the fastest growth in recorded history), and a record 9.3 million household in the United States now report assets of $1 million or more, not including their home according to research group TNS. This is up 5% from the year before! The growth for 2007 might not be out yet.
Why is this important? The richer America gets, the less rich we(Americans) look, huge deficits, huge export deficits and billions spent in the two wars...But there a few of us who can still live the good live and not worry about the next day. Here is how I think a Luxury Home is defined.
Most agents incorrectly think a Luxury Home is based on its size, well than what is a Luxury Home?
I think is simply what a home offers, like:
1. High quality
2.Great location
3.Nice floor plan
4.Upgrade amenities
5.Upscale lifestyle for the owner
Are there homes like this?... all over. 
Still think that size is what makes a luxury home? Think about it for a second. What makes a hotel room a luxury hotel room? It is the differences in the key areas like amenities, quality, view, décor and service. That's why 63% of consumers prefer upgraded amenities and character to square feet when purchasing a home.
Certainly we can all imagine in our minds eye the enormous castle or a fabulous estate on the hill, complete with butlers and maids, but is this an accurate definition of today's Luxury Home? Luxury homes are often described as expensive homes. But cost is only a measure of luxury, a way to measure the differences in any community. Cost can also vary greatly between areas of the country. A luxury home price in the one part of the country may not be able to buy a modest home in another. So price alone is a poor description of a luxury home.
Looking at it another way, luxury homes also include many types of properties from ranches, town homes, condominiums and apartments, to custom homes, villas and brownstones. But one area that all luxury home specialists seem to agree on is that location is a key ingredient to desirability. Location is often a reflection of lifestyle, a key component in the luxury homeowner's decision making process. And therein rests the key ingredient that needs to be understood for real estate professionals that want to move into this growing market niche. According to John Brian Losh, publisher of Who's Who In Luxury Real Estate, "When luxury buyers look for a home ... they look for a lifestyle change - and they want the home to reflect the lifestyle of the area.
Luxury Home Agents please comment....
See my BLOG http://www.berkscountyluxuryhomes.blogspot.com/
Exquisite Service for Exquisite Style. Visit my website for my Leo's Ready Search. www.LeoVinteler.com now offers Home Search all done, just click on the School, Price, Historic, Berks Luxury Homes
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In Monterey County it is generally $2million and above. Check out my website www.maryaguilarhomes.com - if you have anyone looking for a luxury home in California please consider my listing at 25051 Hidden Mesa Court - a brand new home with guest house and 270 degree view for $2,995,000
Ok I'll keep you in mind ... thanx for your comment.. good luck with that nice home,
Tucson is absolutely BEAUTIFUL, i was there in Nov, I loved it ...
Thanx for your comment.....
Here's my luxurious listing, just $1,875,000 in Edgmont, Pennsylvania! Cheers!
Hei Cristopher, that looks like a nice piece of property, good luck with it...
Thanx for your comment
Success in business...
Quality, Privacy, and Location are the critical three with our customers. Size is becoming less and less of a factor - in fact, more and more we hear from the empty nestors that they prefer to downsize their home, but upgrade the quality and finishes.
Leo, I met John Brian Losh at the 2007 LuxuryRealEstate.com Spring Retreat in Key Biscayne, Florida. I feel privileged to be a member of LuxuryRealEstate.com. Mr. Losh is an incredibly dynamic and energetic individual! I agree that luxury home purchases are a lifestyle choice. The luxury category isn't always about dollars, but it can be about unique choices and destinations.
We sell island properties on Madeline Island in Lake Superior. Island property is a good example of a lifestyle choice. Our island is a naturally-gated community, which appeals to buyers who desire privacy and a sense of "remoteness". Island living isn't for everyone, but it is most certainly a unique lifestyle decision!
Good description of a Luxury home. What is luxury to one client isn't always luxury to another.
These are all good points
Some would define luxury as leisure. More precisely, some think of it as the ability to enjoy leisure time. Luxury homes are often a reflection of the owner's favorite leisure pastimes, like equestrian estates or seaside retreats with dockage and a boater's lifestyle.
Leo I think I agree with you. with the coming retiree boom many are looking for high-end amenities but not necessarily the size. Great post. Plus cost depends on location. A 2 bedroom condo with ski in / out can sell for over $1,000,000 here. But off the slopes can sell for $400 - $500 and even less depending on complex.
Thanx to all of you for your responses... I think is imp for us as agents to express our views about these kind of homes to better our services in first place and to have a better understanding about what we are selling ... a property or a lifestyle...
Appreciate your comments,,, keep them coming...
In our Lake Area, we tend to have a larger percentage of Luxury Homes due to the Waterfront Lot cost factor. Although, there are several Lake Cottages on great lots. We have everything from French Country, Nantucket Style, Contemporary, English Manor, Arts and Crafts, Post and Beam to whatever you can imagine. I think mostly due to the part that most homes are custom built here at Smith Mountain Lake. We did not have many subdivisions where the Developer was the builder. This allowed buyers to purchase their lot and choose their builder. Buyers from all over, with all kinds of wonderful ideas, have made our lake very unique. The Home Below will be coming on the market this week for $1,895,000
thanx to all for your comments,
Glenda and Steven.. I looked at this listing... is beautiful, good luck with it
It's not always about price range - you can have a $2 Million property with a house that's a tear-down or kick-down. It's not always about neighborhood - you can be in an exclusive neighborhood in a 50s home with pink appliances and shag carpet that definitely isn't luxury. So, those who define luxury as the top 10% of the market by price range or 3 times the average price home have to also have the caveat that it must be a luxury lifestyle. Yes, it's in the eyes of the beholder, but there is a certain quality and certain amenities that are required for a luxury home.
I agree with you Sharon, you know what you talking about :))))))
Sharon is right on target with her assessment.
On Madeline Island, I know of a small lakeshore cottage. The cottage is tiny and very modern, probably a modular design. It is, however, on a gorgeous private stretch of beach with what resembles an ocean view of Lake Superior. It was built about twenty years ago by a young fellow who works in the film industry in Los Angeles. He built it as a place to get away from his work and from a frantic lifestyle.
The dwelling itself certainly isn't luxurious, by most people's standards. But because it's Island property, with superb privacy and beach frontage, many would still consider it a luxury property.
Thanks Eric for your comments.. on all my posts...:)))