What is a Luxury Home, You Ask? We’ve Got Answers.
If you’re obsessed with Selling Sunset, Dream Home Makeover, Million Dollar Beach House or similar TV shows, you probably have an idea in your head of what a luxury home is. However, a million dollar listing in the midwest looks much different than a million dollar listing on the west coast. So when we’re talking local, what is a luxury home, really?
We’ll cut to the chase, it’s money. Square footage and location and home finishes all contribute to what makes a home a luxury home, but it really has more to do with the sale price of the home.
It’s really all relative to the average sales price in your area. If you’re working with a $350,000 average sales price, a luxury listing would start double that at $700,000. In the Kansas City metro, our luxury market is starting closer to the $600,000 range.
What else qualifies a home as luxury? Here are a few items that certainly increase a homes’ property value:
- Prime location – Many luxury homes are located on or near golf courses, lakes, beaches, ski resorts and areas where famous people reside.
- Size – Square footage hasn’t always been everything for luxury homes, but since the pandemic, “55% of luxury property specialists deemed (more) square footage the number one amenity that flipped from 2019 to 2020,” according to the Coldwell Banker report.
- Smart homes – This feature is one on the rise for luxury home buyers. This can include features like a smart home system that allows you to control your lights, thermostat, security system, locks and even music through a secure web portal or app. This can even help you save money with your insurance companies.
- Home offices and swimming pools and other amenities – If the pandemic taught us anything it’s that we can work from home and need to have entertainment at our fingertips in case of a lockdown. Homes that have extra space for a home office, home gym, home theater and outdoor space for a swimming pool can certainly contend for luxury listing status.
- High-end finishes – If a home is full of marble, Italian-imported stone, Thermador or Viking appliances, custom-made fill-in-the-blank … you’ve most-likely got a luxury home listing. The average homeowner won’t go to the lengths luxury home owners will to create a state-of-the-art, one-of-a-kind living space.
So have we answered the question of, what is a luxury home? Do you have more questions?
At Dani Beyer Real Estate, it has always been our vision to be Kansas City’s most respected and sought after real estate company, and now we’re proudly announcing our newest designation: Keller Williams Luxury. When you’re ready to pursue a luxury home search or list your luxury home in Kansas City or Lake of the Ozarks, we’re ready to help you at every stage of your homeownership journey.