Luxury real estateReal estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is fixed in location.
"Real estate" The American Heritage Dictionary of the English Language, Fourth Edition. Houghton Mifflin...
(or
luxury property in
British EnglishBritish English, or UK English or English English , is the broad term used to distinguish the forms of the English language used in the United Kingdom from forms used elsewhere...
) is the real estate market
nicheA niche is specialized sector of the property market. Examples include income property, garden real estate, condos, equestrian property, vacation property, farm property, golf property, waterfront homes, beach houses and luxury homes. These are often categories in which potential buyers think...
targeted at the highest socio-economic group of consumers.
The characteristics that define Luxury real estate differ among countries. However, location largely defines the property's value, especially with respect to whether it offers views (particularly,
waterfrontWaterfront may refer to the dockland district of a community. It may also mean:In music:*Waterfront , a 1980s British pop duo*Waterfront Records, an Australian record label*"Waterfront" , by Simple Minds...
ones) or amenities such as proximity to
golf courseA golf course consists of a series of holes, each consisting of a teeing ground, fairway, rough and other hazards, and a green with a flagstick and cup, all designed for the game of golf. A standard round of golf consists of playing 18 holes, thus most golf courses have this number of holes...
s, school districts, and the
downtownDowntown is a term primarily used in North America to refer to a city's core or central business district, usually in a geographical, commercial, and community sense....
district.
Luxury real estateReal estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is fixed in location.
"Real estate" The American Heritage Dictionary of the English Language, Fourth Edition. Houghton Mifflin...
(or
luxury property in
British EnglishBritish English, or UK English or English English , is the broad term used to distinguish the forms of the English language used in the United Kingdom from forms used elsewhere...
) is the real estate market
nicheA niche is specialized sector of the property market. Examples include income property, garden real estate, condos, equestrian property, vacation property, farm property, golf property, waterfront homes, beach houses and luxury homes. These are often categories in which potential buyers think...
targeted at the highest socio-economic group of consumers.
Definition
The characteristics that define Luxury real estate differ among countries. However, location largely defines the property's value, especially with respect to whether it offers views (particularly,
waterfrontWaterfront may refer to the dockland district of a community. It may also mean:In music:*Waterfront , a 1980s British pop duo*Waterfront Records, an Australian record label*"Waterfront" , by Simple Minds...
ones) or amenities such as proximity to
golf courseA golf course consists of a series of holes, each consisting of a teeing ground, fairway, rough and other hazards, and a green with a flagstick and cup, all designed for the game of golf. A standard round of golf consists of playing 18 holes, thus most golf courses have this number of holes...
s, school districts, and the
downtownDowntown is a term primarily used in North America to refer to a city's core or central business district, usually in a geographical, commercial, and community sense....
district. Thus, a waterfront home with less than of property might be worth more than a mansion with of property.
Luxury real estate in any particular region is generally defined as property worth more than a certain lower limit; for instance, homes worth more than $1 million in the United States are generally classified as Luxury real estate. The classification also takes into account the presence of surrounding homes, amenities, views, waterfronts, absence of crime-rate, industrialization or unwanted commercialization, customizations of the home, and historical or architectural significance.
Differences from ordinary real estate
Luxury real estate entails greater responsibility for agents who handle transactions than ordinary real estate. They must advertise to a national
audienceAn audience is a group of people who participate in a show or encounter a work of art, literature , theatre, music or academics in any medium...
to attract non-local buyers, whereas ordinary real estate only generally requires exposure in local
mediaMass media denotes a section of the media specifically designed to reach a very large audience such as the population of a nation state. The term was coined in the 1920s with the advent of nationwide radio networks, mass-circulation newspapers and magazines. However, some forms of mass media such...
. There are also greater legal responsibilities for the luxury estate agent, which often involve attorneys, trusts, and anonymity issues. Buyers often require more inspections than with ordinary real estate (which are generally bought after a single inspection).
Luxury real estate magazines
Companies operating in the luxury real estate market often publish their own magazines online and in print, meant to publicize their brands. Examples include
Panache MagazinePanache Magazine is published in New York by Panache Privée. Started in 2003, Panache is designed for the luxury market and an affluent readership...
, published in New York by luxury real estate broker
Panache PrivéePanache Privée, is a New York and Connecticut-based luxury real estate brokerage firm that serves an elite group of clients in the U.S, and overseas, including an A-list of diplomats, financiers, business leaders, socialites, philanthropists, collectors, and top professionals in the arts, fashion,...
,
Christie's Great Estates magazine, published by
Christie's Great EstatesChristie's Great Estates is the real estate arm of Christie's, the fine art auction house. This wholly owned subsidiary was established in 1995 and is the largest international network of real estate brokers dedicated to luxury properties.- History :...
, the real estate division of
Christie'sChristie's is a leading art business and a fine arts auction house.- History :The official company literature states that founder James Christie conducted the first sale in London, England on 5 December 1766, and the earliest auction catalogue the company retains is from December 1766...
auction house and
Previews magazine, published by
Coldwell BankerColdwell Banker is a large real estate franchise owned by Realogy, which also owns Century 21 Real Estate and ERA Real Estate. The company was founded in 1906 in San Francisco....
.
External links