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Tel 416-630-1999 / 905-660-7999

Toll Free: 866 890-1999

Nawel K Seth, M.A.S.c, MBA, MVA
Broker Of Record
Trail Blazers Realty, Brokerage

 

 

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Luxury homes, Luxury Condos and Luxury Estates or sometimes simply called luxury properties is  loosely used terminology in the real estate industry for properties offering luxury life style living for rich, famous, professionals, Senior business executives, politicians and other upper end of the socio-economic group of people in a society.


At one time, term, million dollar homes was synonymous with luxury homes and condos, but with inflation, million dollar home  has lost its significance as a luxury home.  When the average  home price was $25,000,  a million dollar home was a luxury home, however,  now there are areas where even an entry level home cannot be bought with a million dollars.


The price of a luxury home varies from city to city and from country to country.   In smaller towns, an estate with a pool, a Tennis courts and a quality home with high end finishes and all the bells and whistles still can be had for under a million dollar while one will have to pay several million dollars for such a home  in any of  the big cosmopolitan cities of North America.  So it is not the price that decides the luxury status of the property, rather  it is the life style that a property can offer as compared to some internationals measures of luxury.
Here below are some measures of luxury accepted by the society:


1.    Size
2.    Finish
3.    Features
4.    Surroundings
5.    View
6.    Amenities
7.    Proximity
8.    Schools
9.    Peaceful and Quiet Living
10.    Unwanted commercialization
11.    Architectural significance
12.    Historical Appeal
13.    Surrounding homes
14.    Use  and Access to Technology at the property
15.    Neighbourhood
16.    Exclusivity
17.    Value


When all things are taken into account, a luxury property can be easily be defined for a specific area. 


Luxury real estate market has remained less than 5% of the total real estate market for most cities in Canada. When an area comprises of multimillion dollar homes, all homes may fall into the luxury category of homes, the relative status of the luxury home  becomes more important for people seeking  luxury home for the social status.

Luxury  real estate normally takes more time to buy and more time to sell simply because it is a significantly small portion of the total market.

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