What Is A “Luxury Home?”

February 21, 2014

Iverson Rear

I recently did an interview for a radio show that aired on ABC News Radio and FOX Business News and I was asked the following question:  “Ben, what is considered a luxury home?”  That’s a great question!!  Real estate is very much like the weather in that it is very localized, what might be a luxury home in Charlotte might not be considered a luxury home in another market.   In Charlotte, luxury homes begin at approximately $750,000. Homes sold with a list price of $750,000 or greater made up 2.7% of the homes sold in 2013. When you cross the magic million dollar threshold, those homes sold made up only 1.2% of all homes sold in the metro-Charlotte area.

If you are considering buying or selling a luxury home, you want to make sure you are working with an agent who specializes in luxury homes and who has a great understanding of that market. Your agent needs to be comfortable and skilled in negotiations with this clientele.  Your agent should also be knowledgeable of the products and features found in a million dollar home compared with a typical home.  Remember, the million dollar home costs approximately 5 times what the average home in Charlotte sells for and they are built with completely different products and features.

If you are in the market to sell a luxury home, you want to be certain your agent is skilled with marketing homes in this price range and has a creative and direct plan for marketing your home or property.  You want an agent with a lot of contacts in this price range.  Your agent should also know the other agents who would typically have buyers in this price range.

There really is no substitute for experience.  I have personally closed more than 65 homes priced above $1,000,000 and it is this experience by having numerous sales above $1 Million that has enabled me to be a valuable asset to my luxury home clients.

 By the way, the home pictured above is located at 1929 Iverson Lane and is currently offered for sale by Ben Bowen Properties for $2,850,000.



Ben Bowen


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