In a world where the word, “luxury” pops up everywhere, from signs announcing the newest subdivisions to apartment complexes, it seems that the word would be most appropriate to partner with descriptions of million–dollar homes. But what is luxury? Is the phrase, “luxury apartment” an oxymoron? What does this word truly convey? MSN Encarta Dictionary defines luxury as “a great comfort, an item that is desirable but not essential, and often expensive or hard to get.” Perhaps luxury is in the eye of the beholder. What constitutes luxury to one may not necessarily constitute luxury to another who comes from a different economic bracket.
In the real estate world, the ever–present word is cause for questioning.
“Luxury homes include the highest quality materials,” says Raul Perez, a realtor for Keller Williams Reality. “You can tell the craftsmanship of a luxury home. It’s always done in detail. The quality of the work sticks out.”
Perez has seen the rise in demand for luxury amenities and stresses the importance of curb appeal and location.
“Luxury is having the amenities that you don’t find anywhere else,” he says. “Cordillera Ranch has a Jack Nicklaus golf course and an equestrian center. That is luxury home living.”
With this standard of living, the word, “luxury” is often used, yet loosely thrown around. Comparing a luxury home to a luxury apartment is like comparing apples to oranges, but the word is still used to describe both. The common thread is clear.
Homeowners want specific amenities that facilitate the desire for comfortable living and also offer modern conveniences. In a high–end luxury home, desirable features include exotic woods in flooring and cabinetry, high–end appliances, eight–foot doors, spa–like bathrooms, home theater rooms and most importantly, an open floor plan.
Of course, these luxurious features come with a higher price tag. However, you don’t need a huge space to accommodate your needs and wants.
“The lot size has nothing to do with luxury,” says Dave Wagner, realtor and luxury home–seller for Keller Williams Realty. “It’s a lifestyle choice. Size doesn’t matter. I’ve been in some homes that are much more luxurious at 2,500 square–feet than at 6,000. It’s a lot more than square footage.”
Buyers are currently splurging on their homes and focusing the majority of their attention on the kitchen and master bathroom. Bigger spaces and higher–end products are typically of interest to homebuyers.
“Homes that don’t have the top–end stuff that are at a higher price are not selling,” explains Wagner. “Yet, luxury homes built with quality are still selling and going quickly.”
“Price has changed a lot in the last few years,” says Tiffany Powell Hartnett, vice president of Chad Powell Homes. “Luxury, I think, would be high–end, custom. You get into a certain level when you have an architect design and every detail counts, including the materials and details specific to your family.”
Powell Hartnett says luxury is very personal.
“Some people feel luxury is not having a yard to maintain,” she says. “One person may want acreage and others may want potted plants out by a water feature. Whatever it may be, more isn’t more. You could have a 3 or 6,000 square–foot home that has nothing special, no quality or attention to detail, and that’s not luxury; it’s just space.”
A large focus on luxury home living is attention to functionality and design.
“Depending on the level you’re talking about, the trends have moved toward functional spaces like the mudroom. You don’t have to have a lot of space, but well thought–out plans that function,” says Powell Hartnett, who continues to say that there has been a rise in requests to build customized spaces, such as utility rooms that double as crafts rooms or family planning centers.
A well–designed house is a luxury in and of itself. Armando Juarez, a partner at Juarez and Juarez Residential Design, says design is more the result than the goal when it comes to luxury. “It’s more about addressing the wants and needs throughout the home,” he says. “If it’s successful, it can be termed as luxurious to the client.”
Juarez adds that there is a separation between necessities and what clients want.
“We deal with individual clients, and our goal is to make sure the home appeals to their needs and expectations,” he says. “People don’t typically tell us that they want a luxurious house. Luxury is the end result of a well–planned house from the selections to the detailing.”
Juarez goes on to say that the root of a luxury home is your lifestyle and budget, which allows you to have a gourmet kitchen, library, herb garden or wine cellar.
Luxury, of course, is relative. To parts of the world that struggle with the basic necessities, such as food and clean water, even the most modest of American homes would seem luxurious. Apartments advertised as luxurious might offer high–speed Internet access and granite countertops, as well as access to a media room and fitness center on the property. Those amenities may not seem luxurious to an owner of a million–dollar home, but to a college student or up–and–coming professional, it is a nice standard of living. If the amenities and the quality of the whole package afford you a desirable living, then maybe it is luxurious.
