Luxury homes get a lot of attention on the market, and sell for higher price premiums. But what exactly makes a luxury home so special? Is it determined by price, location, square footage, or a combination of all of the above? Realtor.com's Lisa Johnson Mandell says "luxury" can be quite subjective.
While it’s hard to pin down an exact definition that encapsulates this air of affluence, luxury homes do tend to have certain features in common. Here are just a few:
1. A high price for the area
Of course, a “luxury” price depends on where you live. A million-dollar house in Studio City, CA, may not qualify, but a similarly priced home in Hemet, a mere two hours away, would be one of the priciest and most luxurious properties in town.
2. Premier quality
The construction materials, finishes, appliances, and design all must be a cut above what’s considered standard. Marble, hardwood, Venetian plaster, crystal, and Miele appliances have all become common components of luxury homes.
3. Luxe amenities
“From Imax movie theaters to arcade rooms to decontamination showers, these homes incorporate the most exquisite amenities,” according to The Agency’s Daniel Stevenson, who specializes in selling luxury listings.
Many high-end buyers—particularly celebrities who get accosted by paparazzi and fans when out in public—like their home to be a true refuge. As such, privacy is a premium, and can be afforded with large yards, high walls, and foliage for cover, and gated entrances with security guards to keep looky-loos from peering in or making a ruckus that might disturb the peace.