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What is Luxury Real Estate?

luxury homes

If you are new to the concept of luxury real estate or, as it’s called in Britain, luxury property, you may be wondering what the difference is between luxury and normal real estate. After all, if you look through the listings on my website or of the listings of any realtor, you’ll see a huge variety of homes. From the modest, single family home, to a manor with over 4000 square feet and a grounds it can be difficult to know when exactly you leave normal and enter luxury. In fact, it’s so challenging that different people are going to define it different ways.

By Characteristics. Luxury property is never complete without a view. Whether it’s a beautiful view of our rolling prairies leading up to the rocky mountains, waterside property, or even a top of the city view of the cityscape and skyscrapers you rarely find luxury homes surrounded by other houses on all four sides with nothing to see but suburbia. The property the house is sitting on often makes a huge different. It’s not usual to find small homes under 1000 square feet, but placed on an acre of waterfront property, out competing and more expensive than a massive manor with a sprawling grassland grounds.

By Price. From a pure cost perspective, the cut off is usually 1 million dollars. A home worth more than a million dollars is and those worth less aren’t. However, even this definition isn’t really white and black and there’s plenty of grey left over for homes ranging from the high

$800 000 or just scraping below $1 000 000.

By Clientele. The target demographic of luxury real estate is generally high net-worth individuals from all over the world. The sort of people who own many luxury homes in many different cities are the sort of people luxury realtors are usually trying to sell to. It’s part of what makes being a realtor for luxury properties a more challenging job than those who specialize in typical family homes. This is because we can’t just advertise to Calgarians about luxury Calgary homes; we need to have our listings easily available to the 1% all over the world.

It can feel like a challenge to break away from conventional suburban living. Often, it feels out of reach and impossible to achieve. However, with good financing, the ambition to come up with the down payment, and an open mind, anything is possible. Contact me today at patrickmurrayluxuryhomes.com, and we’ll look at what options are possible for you and your budget together.