"A Rose by any Other Name", is Not Just a Rose. And, a house is not just a house. The luxury home market is truly unlike any other real estate market. Real estate is not simply real estate when the buyers are looking for something other than a solid roof overhead and a piece of property to call their own.
For one thing, people who are investing in luxury homes now are, predominantly, not affected by the rising interest rates---something other home buyers will be considering. The country's luxury home buyers are not being impacted by interest rate increases, and many state they will continue buying luxury items for their homes. As a matter of fact the luxury market is doing very well, and there has only been a slight lowering of sales on the lower end luxury market.
People buying luxury homes are looking for something a cut above. They want the amenities in the home to reflect the leisurely lifestyle they are living. Some of the top features desired in luxury homes are: Security systems, gourmet or designer kitchens, and home theaters, which can seat six or more, and wine cellars.
The families moving into high-end luxury homes are looking for exclusivity, and want homes with private country clubs, golf courses, and tennis clubs. Since buyers in this market are traditionally families with incomes upwards of $500,000 per year, they are more likely to pay attention to lifestyles which afford them personal attention and provide recreational priorities. Many have traveled internationally and a large percentage of those will have traveled first class or by private jet.
Those buying in the luxury home market are also likely to be looking for, or already own, a second home. Second homes or vacations homes are a priority for folks in this market. Contact with a good real estate agent and network is important in this endeavor.
Million dollar home owners are often those younger baby boomers who work for large companies and earn around $500,000 per year. They care about health and recreation and many visit spas regularly, so that amenity is a high selling point.
It is apparently a booming market, and for the realtors who are engaged in this type of home sales, the field is still ripe. Rising interest rates and top dollar prices are not deterrents for luxury home buyers. They want the best and are willing to pay for it. No, "a rose by any other name", is not just a rose; and a house is not just any house when it comes to the luxury home market.