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Luxury real estate might be somewhat difficult to define in a constantly-changing market. One concern that many have about defining luxury real estate is how heavily used the term is.

A leading question is: is luxury real estate used to describe houses so much that it has become a cliche? How are luxury properties in Oklahoma City compared to high-end properties in Los Angeles? What is the best way to define luxury in a given area?

What Defines a Luxury Property?

Upscale properties in many cities share certain features in common. Large closets with custom features, top-of-the-line kitchen appliances, and finishes like marble or granite countertops. Sometimes, such properties may include access to concierge features in an apartment or condo building.

One thing that sets luxury properties apart is, whether single-family homes or condos and apartments, the influence of an architect in their design.

How Luxury is Mentioned in Listings

In many cases, prospective home buyers need to read between the lines to determine whether a home advertised as a luxury property actually is. Some sellers and real estate agents will advertise a property as being a luxury home without mentioning specific features, such as high-end appliances. For luxury to mean anything to buyers, there needs to be something defining what makes the property luxurious. 

In many cases, agents focus on features found in the top 10% of homes on the market. Much of the focus is on features that allow for the easier pursuit of activities and hobbies. Some examples include high-end chef’s kitchens, bathrooms with spa features, and media rooms with high-quality sound systems.

Does Luxury Begin With a Certain Price?

Many look at luxury as beginning at a particular selling price because prices are very relative. Although many would consider a $1 million home a luxury home, costs would need to be higher in some areas to qualify as being luxury. A home could be well under $1 million and be considered a luxury home in relation to other homes in the area.

Luxury real estate is a relative term, and much of this definition depends on the use of desirable features in high demand.