Buying a Luxury Home
What’s a luxury home and who is buying them? By Katherine Bacon, Certified Fine Home Specialist
Today’s luxury home has been redefined with the great number of baby boomers at their financial prime. For the first time in history one group is calling all the shots and changing the way the world looks at the luxury market. As we say, “Boomers Rule”. In the age of our parents and grandparents the luxury home was extremely grandiose on curb appeal and the scale of luxury was decided with a drive by. Today’s boomers are much more discreet, their lifestyle choice is private for themselves, their families & friends to see and enjoy alone. This style of home is called “New Luxury”. It is very discreet from the curb and quietly fits into their neighborhood but from the moment you walk through the door you know immediately that you have entered a truly upscale home.
The interiors of these homes are built to the highest standards with every bell and whistle imaginable. Rooms are spacious, ceilings soar and features include everything from gourmet kitchens and luxurious bathrooms to robotic lawn mowers & window treatments on remote! Today’s luxury homeowner usually owns more than one home with vacation homes, as well as their primary residence. These vacation homes include waterfront for boating, mountain escapes for skiing, Southern getaways for us Canadians and let’s not forget those glorious golf course residences. There are actually communities that cater totally to owners of their own aircraft with a private runway in the center surrounded by luxury homes each with their own hanger so owners can taxi right to their own front door!
Who is this luxury buyer? Only three per cent of today’s wealthy have inherited their money with 97 per cent coming from lower and middle-income families who have earned this status with smarts and a lot of hard work. What do they expect when purchasing a home? First and foremost is discretion (they had better not hear their buying plans broadcast at a cocktail party), second is value (these are astute business people who expect good value for their dollar), third is an appreciation of their time (time is precious, they may view three homes that meet their requirements not 30 like lower and middle market buyers and fourth is trust (they want a Realtor they can trust explicitly who not only understands the market but their personal lifestyle choices as well. What is the worst thing a realtor can ask of the luxury buyer? The answer is “What is your price range?” The luxury buyer takes this as an insult! They can usually buy what ever they want and the trained high-end Realtor knows how to qualify this type buyer without ever uttering those dreaded words. One thing for sure across the Maritimes for those with the means there is a home to fit every lifestyle! Katherine Bacon is with Prudential Summit Real Estate in Saint John. She is the only certified fine home specialist east of Toronto working within the Prudential Fine Homes International Network, covering properties in Southern New Brunswick and vacation homes across North America. She has been specifically trained in Beverly Hills, CA for the high-end market and is also a renowned interior designer listed in “Who’s Who In Interior Design - Top 100 Designers”. This column is the opinion of the writer and does not necessarily reflect the views of Lifestyle Homes and Properties.