Luxury homes have definitely rebounded from the doldrums of the housing crash. Across the country, sales of luxury homes rose by almost eight percent in March 2014 from March 2013, a big sign that buyers are looking to that segment for solid gains.
To further back up that stat, a survey found that 13 percent of consumers are ready to purchase a luxury home, which can start at anywhere from $500,000 to $1 million depending on the region. Another 26 percent of consumers are actively thinking about buying a high-end home.
What one considers a luxury home varies on the region. For our region – South Atlantic, which also includes Virginia, West Virginia, North Carolina, South Carolina, and Georgia – consumers believe that luxury homes cost at least $500,000. In other areas, that number is $1 million and up.
What has caused this rise in people looking for luxury homes? Many – 19 percent – said they experienced recent career success. Others – 17 percent – said they recently retired and are looking for a higher-end home. And others still – 14 percent – said they are looking at luxury homes as an investment.
What do people find valuable in a luxury home? Fifty-four percent said a chef’s kitchen is a key feature, while 44 percent said the view – whether it is of the mountains, the beach, or the city – is important. (We certainly understand that here in Southwest Florida!) And 38 percent said the size of the home and square footage is a key driving factor.
It may not be surprising to see that 23 percent of all luxury home buyers’ locations is found in the South Atlantic, which includes Florida. The luxury home market is just as strong here as it is anywhere, with a wide variety of buyers and investors interested in hot properties in our local area.