Luxury Comes at Different Costs Jeff Adams Real Estate Seminar Local markets compare luxury housing very differently. For example, in Los Angeles, the luxury market may come at about $4 million dollars and up that is double the amount Nick Segal of Partners Trust says that he would have put it at 8 years ago.
But in Houston, luxury housing could come at about a $1 million price tag, mainly driven by double-income households of young entrepreneurs, says Martha Turner of Martha Turner Sotheby’s global Realty.
A panel speaking at the National Association of Real Estate Editors’ annual conference this week tried to put a price tag on luxury. For most markets exterior of the metro areas,the luxury is at about $500,000, said Frank Malpica Systems.
The services that comprise luxury can vary quite a bit by region too. For example, panelists noted that media rooms are popular in Los Angeles, and fireplace in luxury homes are shrinking and changing since new homes can no longer have wood-burning fireplace.
In Houston, media rooms are lessening in status while home elevators are growing, particularly in luxury town homes with five stories. Also, more modern styled homes are entering the market, a change from the Tuscan villa look that once dominated the luxury market.
The Luxury home owners are building safeguard into their home in the event of hurricane or earthquakes. Lifestyle-related amenities are also gaining steam, especially as millennial move up in the housing market, and they search for homes on the lakefront, golf courses, or riverfront properties, Mal pica notes.
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