Factors that Constitute Luxury Real Estate and how it is Evaluated by the Professionals

If you are looking for accommodation in a big city, what would you like to have it as the top feature? There are several factors that are overwhelming for most people looking for a place to live. For example, a mansion is up for sale in New Canaan, Connecticut, USA. One of the features that are advertised is that it has an underground garage that can accommodate at least twenty cars. Just imagine, 20 cars! This feature is more than enough, even for Floyd Mayweather, ex-heavyweight world champion, who has reportedly 8-10 cars including Rolls Royce and Lamborghini.

People looking for luxurious accommodation can look for several aspects like a huge lawn, Olympic-size swimming pool, tennis/basketball court, gym, indoor theatre, etc. This is just the beginning as the list can include several more features according to the type of accommodation. For example, if you go for a penthouse, features can be very different than a huge mansion in the suburbs of the city. That is why features vary according to the geographic location and also the type of accommodation.

Features in a Luxury Condo

The word luxury in real estate is synonymous with extravagant living and features that are not available in most of the other accommodations. When we think about a penthouse that is luxurious in every sense, the location and the prices are two options that come to mind. But these factors only add to the value if the exterior and interior matches the price. Let me give you an example so that you can understand my viewpoint easily.

In the past, there are many scenarios in which we have seen that the price of a luxury condo is estimated at about four million dollars. The listed price was primarily based on the location of the condo. But upon proper inspection from experienced realtors and real estate investors, it turned out that the condo was not worth even three million dollars. What is the reason for this low evaluation of the property and what can an owner do in this concern? Let us analyze.

Evaluation of a Property 

They came to this conclusion after a thorough check of the exterior and interior of the condo and found out that substandard material was used in the construction. The final touches were also given in a hurry so that the experience for anyone was less than expected. For such a huge price tag, one cannot try to deceive people as this is not possible. The marketplace is full of professionals who can evaluate search properties within a few hours. In worst cases, this can make the property value nosedive because it simply does not have the merits to ask for the exorbitant price.

The bottom line is that you cannot fool experienced people in the market. If a real estate property has got the merits, it will list higher even than what you have initially thought. That is why it is a requirement for any luxury property to have the merits and all the facilities/features available so that it can demand a huge sum.

Other Factors like Luxury Kitchen, Bathroom and Living Room

When it comes to the interior of a condo or any luxury property, the kitchen bathroom and to some extent in the living room are enough to evaluate it. One can easily spend thousands of dollars on just the kitchen. The marble flooring, use of expensive tiles and other features can increase the budget manifold. But it does not guarantee that your kitchen will be considered luxurious because it is not just the amount spent on the property but how, as it must look elegant and luxurious.

The aesthetic sense of the designer and the owner of the condo counts a lot. Imagine what would you like to have in such a place when you are spending over two million dollars? It is not just the kitchen but the overall ambiance and feels that can make a place get the nod from the onlookers.

Over to you 

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Nicki Jenns

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