There is not one concept, style or size that embodies a luxury home. Luxury real estate could be a vast 15,000-square-foot French estate set on several rolling acres, or Luxury town homes could be a 4,000-square-foot modern home snuggled into the side of a mountain. Although it's difficult to evaluate exactly what luxury means, most luxury property purchasers think they know it when they see it.
Sales of luxury homes have been hitting records. The amount of Luxury real estate for sale selling for $2 million or more, for instance, reached an all-time high in 2013, as everyone rebounded from the foreclosure emergency.
Luxury property for sale
Costs of luxury condos for sale have also seen significant increases over the last couple of years. The finest luxury townhouse market now is Jakarta, which saw price rises of nearly 38% at the end of 2013 over the previous year. Luxury real estate is described as homes that were sold in the top five percentile in terms of value. Other double-digit price increases in the last quarter of 2013 over the same quarter 2012 include Dublin (17.5%), Beijing (17.1%), Dubai (17%), Los Angeles (14%), Tel Aviv (12.7%), Bangkok (12.3%), San Francisco (10.4%) and New York (10.4%).
Luxury housing Job Market
In numerous metropolitan markets, low unemployment rates combined with well-paying jobs have fuelled the luxury realtors market. There has never been this kind of craze in luxury homes for sales before. The greatest single market segment for 2013 was definitely the luxury condo market. If you include the sales of luxury properties priced at over $500,000 - the top 10% of the market - we saw an raise of 44% year over year.
International Luxury townhouses for sale
International buyers portray a growing percentage of the real estate market, particularly the luxury market. From April 2012 - March 2013, international purchases were at $68.2 billion, which made up more than 6% of total existing luxury town home sales, and more than 4% of purchases, according to the National Association of Luxury Realtors ; 2013 Profile of International Buyers. Florida, California, Texas and Arizona were the best destinations during that period, with the bulk of international buyers coming from Canada, China, India, Mexico and the U.K. These numbers express a small decrease from 2012's $82.5 billion in sales to international buyers, but luxury realtors feels this is related to the slow growth in some significant European economies and that the issue should dissipate over time.
Luxury property for sale and the internet
Nine out of 10 buyers used the web at some point when looking for a home and 43% of recent buyers first found the home they bought online. While the substantial majority of home buyers rely on the Internet at some time during their home searches, luxury properties for sale can be at a disadvantage when it involves properties online. Many top-quality properties aren't mentioned on MLS or search engines. And, in order to guard their privacy, many sellers avoid putting specifics and photos of the property on the internet.