Saturday, May 16, 2009

What constitutes "luxury real estate"?

A few days ago that question was asked from me after I posted a comment on our local papers' website. Here was my answer...

Let me attempt to answer that question. First, we're talking about “improved” real estate; not just a piece of raw land. Next, there has to be a large house sitting on it, and it has to be no less than 5,000 square feet. The inside must be what “today's discriminating customers want;” namely granite counters and marble baths everywhere, “distressed” wood floors, European tiles, Wolf professional stove (even if it hardly ever gets used,) SubZero fridge, “incredible” furnishings, “expansive” windows, “breathtaking” views, handcrafted finishes, at least one guest suite in addition to the master's, large rec room with home theater, three or four car garages and of course, heated driveway.Nothing for sure can be “dated”... Some of the above might not be needed if the property is a condo selling over $1,000 per square foot and offering direct ski access. Oh yes, the price has too be exorbitant and will probably “hold” for as long as as the property is listed and regardless of the number of similar listings. These features are just a baseline; I'm certain that I've forgotten many more, but it's a good start for appreciating the absurdity of “luxury” these days...

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