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A luxury home in Chicago's Lincoln Park neighborhood

Luxury real estate (or luxury property in British English) is the real estate market niche targeted at the highest socio-economic group of consumers.

[edit] Definition

The characteristics that define Luxury real estate differ among countries. However, location largely defines the property's value, especially with respect to whether it offers views (particularly, waterfront ones) or amenities such as proximity to golf courses, school districts, and the downtown district. Thus, a 750-square-foot (70 m²) waterfront home with less than 1-acre (4,000 m²) of property might be worth more than a 10,000-square-foot (930 m²) mansion with 10 acres (40,000 m²) of property.

Luxury real estate in any particular region is generally defined^{[by whom?]} as property worth more than a certain lower limit; for instance, homes worth more than $1 million in the United States are generally classified as Luxury real estate. The classification also takes into account the presence of surrounding homes, amenities, views, waterfronts, absence of crime-rate, industrialization or unwanted commercialization, customizations of the home, and historical or architectural significance.

[edit] Differences from ordinary real estate

A luxury home in Florida, United States.

Luxury real estate entails greater responsibility for agents who handle transactions than ordinary real estate. They must advertise to a national audience to attract non-local buyers, whereas ordinary real estate only generally requires exposure in local media. There are also greater legal responsibilities for the luxury estate agent, which often involve attorneys, trusts, and anonymity issues. Buyers often require more inspections than with ordinary real estate (which are generally bought after a single inspection).

[edit] Luxury real estate magazines

Companies operating in the luxury real estate market often publish their own magazines online and in print, meant to publicize their brands. Examples include Panache Magazine, published in New York by luxury real estate broker Panache Privée, Christie's Great Estates magazine, published by Christie's Great Estates, the real estate division of Christie's auction house and Previews magazine, published by Coldwell Banker.

[edit] See also

• Mansion

[edit] External links