The luxury real estate market is one area of the housing bubble that didn’t burst as desperately as properties closer to the market average. High budget buyers have continued to dig deep in order to secure the keys to so-called luxury real estate, in developments across the country. Silverleaf Properties are one real estate company, for example, specializing in luxury end real estate transactions. Perhaps the most noticeable of all differences is the price tag, with luxury real estate often larger and more expensive. But what is it that distinguishes luxury developments from more ordinary sites?
The first defining characteristic of any luxury real estate is its location. In terms of a real estate investment, the actual location of the land on which the property stands is enough to set the differences between two like-for-like builds on different sites. Some locations are more desirable than others, often as a result of local amenities or the reputation of the area. This will have a major bearing on the price that you will pay, and more exclusive developments tend to be more expensive to buy from. However, luxury real estate is in fact an investment, particularly when a solid location has already been chosen.
The best real estate is located within easy access of schools, hospitals and shops. In practice, people like to feel like amenities and local services are close to hand. Without this, it will be hard to sell the dream and the story behind the luxury property. However, in some cases luxury properties are provided with heightened seclusion from the rest of the world, hived away from the attention of others. This can make for a relaxing change for residents, and some of the most expensive luxury real estate is the most rural.
Luxury real estate tends to draw much of its value from the views from the home. No-one buying in at the top end of the real estate market wishes to see a factory from their bedroom window. Instead, those developments that focus on delivering an unspoiled view will make for a more attractive prospect. This can even help preserve the value of the real estate for future returns should you eventually choose to move on.
Room space will be another factor, and homes are priced almost proportionately based on the number of rooms they have available. Larger homes are more expensive to heat and harder to clean and maintain. But many choose luxury developments for the benefit of additional space. Outdoor space is another hot difference, covering driveways, paths, garages and gardens. As a rule of thumb, more luxurious developments will benefit from more space across the board, including larger yards and outbuildings.
There is always a demand for high quality, luxury real estate. Prime locations and stunning views will always command commercial attention, and luxury real estate developers are becoming increasingly skilled at choosing the right developments to pursue. This means that the supply of quality luxury real estate is improving, offering more choice for those looking to narrow down potential properties for purchase.