What Exactly Is Luxury Real Estate?
Can a luxury home be for you in this sort of tumultuous market? The answer will all depend on knowing how one goes about buying such real estate and also knowing what the price points are in order to get into such a market. Normally luxury properties begins in the low millions and goes upward from there. These are not typical suburban homes, in other words.
Actually, such properties involved in the luxury real estate market helped to identify those who have reached the very top of their chosen field and who have now decided to take a little bit of their hard-earned money and turn it into real property such as is evidenced by a luxury home. If there is any confusion, just think about a Malibu oceanside mansion to get an idea of what one of these properties are.
What can come as a bit of a surprise is that -- these days -- such homes may not cost as much as they once did. This is partly the fault of the global decline in real estate, though a home that once cost $15 million will certainly not be able to be purchased for anything remotely resembling a so-called "bargain basement" price. Also, there is still the matter of maintenance and overhead.
And that's where many people who are unfamiliar with real estate go wrong when it comes to thinking about buying such properties. Along with big-ticket homes comes big-ticket maintenance and upkeep, and it is still a fact that if you have to ask how much it costs to heat the place you probably really can't afford it and shouldn't be trying to get it.
Barring all that, if luxury real estate is in your future and the time has come to consider moving into something that's decidedly upscale, there are certainly websites and brokerages that exists that deal only in homes costing at least $1 million, though in this world, 1 million would be equivalent to someone buying a three-bedroom brick ranch in a suburb of Cleveland, for example.
For an example of what this means, consider that the home that was depicted in "Ferris Bueller's Day Off" is currently on the market for around $2.3 million. This is a princely sum indeed, but the people who are considering buying the home are more interested in the property and plan on demolishing the home to erect an even bigger house. That's saying a lot about the kinds of people who can afford to get into luxury real estate.
What that says is that land is always a far more value than a home that might be sitting on top of it. In downtown Tokyo, a square foot of this stuff sells for around $10,000 in good years. Homes are located in cities like Honolulu or in Marin County, for example, cost a lot but the land underneath costs much more.
Certainly luxury real estate isn't for everybody, but for those who have decided that the time has come to get themselves into a really nice home with all the amenities and which has a good chance of appearing in a new version of "Lifestyles of the Rich and Famous," now is probably as good a time as any to line up a broker and begin the search for that elusive property. - 23159
Actually, such properties involved in the luxury real estate market helped to identify those who have reached the very top of their chosen field and who have now decided to take a little bit of their hard-earned money and turn it into real property such as is evidenced by a luxury home. If there is any confusion, just think about a Malibu oceanside mansion to get an idea of what one of these properties are.
What can come as a bit of a surprise is that -- these days -- such homes may not cost as much as they once did. This is partly the fault of the global decline in real estate, though a home that once cost $15 million will certainly not be able to be purchased for anything remotely resembling a so-called "bargain basement" price. Also, there is still the matter of maintenance and overhead.
And that's where many people who are unfamiliar with real estate go wrong when it comes to thinking about buying such properties. Along with big-ticket homes comes big-ticket maintenance and upkeep, and it is still a fact that if you have to ask how much it costs to heat the place you probably really can't afford it and shouldn't be trying to get it.
Barring all that, if luxury real estate is in your future and the time has come to consider moving into something that's decidedly upscale, there are certainly websites and brokerages that exists that deal only in homes costing at least $1 million, though in this world, 1 million would be equivalent to someone buying a three-bedroom brick ranch in a suburb of Cleveland, for example.
For an example of what this means, consider that the home that was depicted in "Ferris Bueller's Day Off" is currently on the market for around $2.3 million. This is a princely sum indeed, but the people who are considering buying the home are more interested in the property and plan on demolishing the home to erect an even bigger house. That's saying a lot about the kinds of people who can afford to get into luxury real estate.
What that says is that land is always a far more value than a home that might be sitting on top of it. In downtown Tokyo, a square foot of this stuff sells for around $10,000 in good years. Homes are located in cities like Honolulu or in Marin County, for example, cost a lot but the land underneath costs much more.
Certainly luxury real estate isn't for everybody, but for those who have decided that the time has come to get themselves into a really nice home with all the amenities and which has a good chance of appearing in a new version of "Lifestyles of the Rich and Famous," now is probably as good a time as any to line up a broker and begin the search for that elusive property. - 23159
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The real estate market continues to devalue, with even luxury real estate falling in price, and perhaps making some luxury homes more affordable than was previously the case.
posted by X - Men @ 1:50 AM
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