Although the market for the luxury home is growing, there is nothing typical about any aspect of the luxury home, its market or its buyer. There are several types of luxury home buyer. Each type represents a special niche with different needs, wants and ways to acquire them. The young luxury home buyer might be the star professional athlete. He or she is looking for a primary home – a place to live. Because of the restrictions of celebrity, much of the price of the luxury home is spent on privacy. Because this home is a primary residence, the buyer knows what is needed. The number of bedrooms and bathrooms are set in stone.
These people are buying a real home – not an investment. For others, the luxury home is a second or third home. There is no hurry in acquiring it. It might be needed as a vacation home or as a home for a businessperson with more than one business setting. This type of luxury home buyer is also looking for an investment that will hold its value. Often, security is an issue. “Unlike the typical home on the market, agents rarely leave keys in lockboxes. When it comes to a multimillion-dollar home, only the agent holds the key.”
Another segment of the luxury home buyer’s market is the recently retired couple. They may not be looking for the grand mansion or the primary residence but for the view. Some condos are pricey because of their location and may not offer much more than that. While one portion of the luxury home buyer’s market is looking for a “move-in” ready place with furniture and appliances included, another portion is satisfied with a “decorator-ready” place with nothing but bare floors and walls.
The needs and the wants of the luxury home buyer often vary according to the three dimensions of age, celebrity and the unexpected. While some types of buyer can take years to close a deal, others can write a multi-million dollar check at the end of the day.
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