Resources on Luxury Property

Luxury Property/ Luxury Real Estate

Luxury real estate (American English) or luxury property (British English) describes a niche in the real estate market dealing with the highest socio-economic group of property buyers. Since real estate buyers in this group tend to own many homes, the terms vacation property and second home are inaccurate.
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Differences from ordinary real estate
In addition to simply defining and classifying a property, Luxury real estate also carries with it a much weightier responsibility for those who serve the luxury real estate buyer or seller and that is due to the buyer or seller's ability to pay for added services and their expectation for performance of service. For example, a luxury seller expects a real estate agent selling their home to advertise nationally and sometimes internationally in luxury print media whereas a non luxury seller is usually satisfied with very localized advertising and exposure in the local Multiple Listing Service. Many luxury buyers expects a real estate agent to understand how to work with attorneys, trusts and anonymity. They expect a luxury agent to have resources at their disposal when needed that non luxury buyers wouldn't expect. Frequently a luxury home buyer will take a home through multiple inspections (perhaps 10 to 15 if the property is truly an estate), whereas a non-luxury home will typically go through one inspection.

Excerpt from "Luxury real estate." Wikipedia, The Free Encyclopedia. 13 Oct 2006, 18:21 UTC. Wikimedia Foundation, Inc. 29 Oct 2006 http://en.wikipedia.org/w/index.php?title=Luxury_real_estate&oldid=81252028