What Does High-End Real Estate Mean?
The word high-end gets thrown around far too many times in today’s society. In real estate especially, this word is used to draw in more buyers to the house that’s on the market. The problem lies when a majority of properties on the market are being advertised as high-end, but actually aren’t at all. The word becomes overused and starts to lose its marketability.
It’s true that high-end real estate is usually defined differently across different housing markets. Property value, income, and location play into what makes a property luxurious. Ultimately, it is up to the homebuyer to decide what their definition of high-end is. This can range from the newest houses in the wealthiest neighborhoods, or simply a moderate kitchen with updated appliances. Whichever range of the spectrum you fall into, you should set a list of needs and wants to have in your residence.
Where Does High-End Start?
In larger, more populated cities across the United States, high-end properties usually start at the $1 million price point. This price can fluctuate depending on how desirable the location is. Luxury homes in San Diego and Los Angeles can go up in cost as they are attractive real estate areas. In these expensive cities, the high-end market is usually the top ten percent of the market. Going off of that, the ending price point in a smaller city may stop at $1 million, as the nearby market is what you’re going off of.
Purchasing a high-end property doesn’t have to mean you’re spending tens of millions of dollars on a single property. This can just mean you’re getting a better deal for the area you live in. Clearly, when you’re buying a high-end residence in New York, it’s going to be on the higher range as opposed to buying one in a smaller city like St. Louis. Regardless of where you buy, or how much you spend, the purchasing process is far different from buying normal property.
What Makes a High-End House?
A high-end house can’t be defined by using a checklist. Even though this is the case, there are a lot of common features that are among pricier properties across the United States. Optimal location, marble countertops, top-quality kitchen appliances, large walk-in closets, amenities, and other high-end interior finishes all make up the staples most high-end properties tend to have.
A great location is where to start. In major cities like Chicago, New York, and San Diego, buying a luxury condo is different from purchasing a regular property. Obviously, having a great view to go with the location is essential. A luxury realtor in San Diego should know that the best high-end houses have a beautiful view of the beach. As do luxury realtors in New York know that having a view of Central Park is necessary. Not only do these condos need to have picturesque views, but the architecture is different than in simple apartments. They have larger floor plans, higher ceilings, and more space than your typical condo. In more suburban areas, having a gated community that also gives you access to a country club can be defined as luxurious living.
When discussing the interior of the residence, the finishes need to be top-of-the-line to truly impress. That means everything must be brand new to truly blow away the competition. Marble countertops with a large kitchen island are usually what you associate with a dream kitchen in a high-end residence. To add to this, kitchen appliances must have the newest technology and be stainless steel. A large floor plan for giant walk-in closets and spacious rooms can be defined as luxurious.
How to Interpret ‘High-End’
It’s always important to see a property before you even think of buying it. With this rule, you will know how to interpret “high-end” in a listing, but will still be able to see the place for yourself in person. A luxury realty company in San Diego should know what signs to look for that may be discerning. If there is no other information available on the listing that mentions high-end, it’s best if you stay away from that property as they may just be overpriced for a regular house.
When looking at listings, you can tell what is a high-end home by the finishes and by how the property is furnished. This means that appliances should be new, there should be high-end finishes in each room, and the furniture should match with the whole aesthetic of the room it’s located in. If you’re still questioning what to look for, most luxury realtor agents can give you valuable information about what is familiar in the area, what finishes you should look for and what the best location should be. Instead of focusing on the word high-end in a listing, you should be paying more attention to what that luxury can be defined as.
Regardless of if you’re buying or selling property, you should try to stay away from labeling it as a high-end home. This is because most people will come to their own conclusions of what high-end means to them. When luxury home buying in San Diego, they don’t need to be told upfront about the prospects of a high-end property when reading what the listing includes will give you the information. If the must-haves in the home meet a buyer’s expectations, they are more likely to purchase the property. A prime location, new floors, stainless steel appliances, spacious living area, and other amenities and finishes will show the potential homebuyer that the property they’re looking at is luxurious.