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 is often defined as real property that has an appraised value of over $1 million in the United States, yet this varies greatly depending on the location. 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.
Read more about this topic: Luxury Real Estate
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