Luxury Real Estate: What Is It?

Waterfront view, a downtown retreat, a golf course five feet from your property; does that sound appealing? Although difficult to define, luxury real estate has little to do with size and a lot to do with location, location, location. What may cost a buyer $100,000 in South Dakota may cost the buyer $1 million in the Arlington VA real estate market. What may cost one million in one area, may cost $2 million in certain Arlington neighborhoods.

It is all about the ideal and how many people want it. Think of it this way: if Louis Vuitton and I make the same stiletto, which one are you willing to pay more for? It is all about the desire and the high-demand of the product, in this case. In the United States the standard minimum for luxury real estate is $1 million; however, most luxury properties far surpass this price. The greater the number of interested buyers the higher the cost typically.

Ask any Realtor and they will say, “You will know it when you see it,” when discussing luxury Arlington Virginia condos. Although the hunt may be difficult and the definition somewhat broad, the high-end customer will recognize a coveted slice of the housing market–just as many mouths water at the site of the latest seasons sought-after Louis Vuitton pump.

Being the coveted property that it is, luxury real estate takes a respected and intriguing individual to discover potential buyers. Unlike traditional real estate, luxury real estate involves much more time, primping, and pruning in order to create the most desirable look for the property. There is a lot that goes into such perfection.
One of the key components to selling luxury real estate is networking.

If the realtor cannot network, the chances of him or her selling the property are essentially zero, zip, zilch. You must know people in high places in order to sell property at the highest end of the market. Makes sense right? How does one network?

The best step a real estate agent can take is to become marketable outside of the United States. This not only increases the number of individuals interested in the property, but customers outside of the States may also recognize the greatest potential of the home such as its uniqueness, its cultural opportunity, or the entertainment potential found within the space.