Home Trends from Ed Wang & Chris Wannamaker

THE W GROUP REAL ESTATE

Royal LePage Connect Realty

WHAT MAKES A LUXURY PROPERTY?

Finishings: One of the most obvious indicators of a luxury home is the quality of the finishings used throughout. Marble countertops, commercial grade appliances, gold fixtures, exotic lighting, extensive security systems, vast customised closets, wine cellars, theatre rooms, etc. Basically, any finishings that go beyond what is normally provided in a typical home might elevate a property to this most exalted of status. Privacy: Normally a luxury home is also blessed with more than average amounts of privacy. This can come in the sheer size of the property – a city lot is a world away from an estate encompassing dozens or hundreds of acres. This attainment of complete privacy can be provided by any number of means other than expansive lands. Large gardens, high walls, densely treed perimeters or security monitored gated entrances are staple signatures of what is universally viewed as a luxury home. Regardless of the definition, a luxury home is viewed as the top tier of all housing styles. They are for many homeowners quite literally the sort of things that dreams are made of.

Dwellings come in a variety of styles, but there is a very special class of home referred to as a ‘luxury home’ that stands above all others. What exactly is a luxury home, and what makes them so special? There is no simple definition, but there are few features that separate the ordinary from the extraordinary. Location: Location, location, location: is a special property constructed in a very coveted spot such as a secluded lake, on the heights overlooking a cityscape, on a mountaintop or other distinctive vantage point? The definition of luxury could also be connected to the lifestyle convenience of the site. A home at the first tee of a prestigious golf course, or abutting an exclusive club, school or historic location might also turn an ordinary property into a luxury home. Price: Obviously price is another. A $1 million property in a neighbourhood of $500,000 homes will stand out, and for many it would automatically assume the luxury home mantle. In some urban areas of Canada, a $1 million home might be considered typical. In such a setting a property would have to run in the multiple millions to be viewed as extraordinary. Home prices therefore depend at least in part on where the property is located, and what the local marketplace is like.

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