‘Luxury Housing Differs with the Local Market’
The luxury housing market is evolving quite rapidly as the economy recovers. A luxury home—if it is to be deemed luxury by savvy home buyers—now requires not only the price point and zip code, but more perks and amenities than ever before, especially in Southern California. According to a recent article in the Los Angeles Times, “luxury housing differs with the local market”. Very recently, a panel of real estate experts addressed the National Assn. of Real Estate Editors at an annual conference. When asked the question: “What is luxury housing?” – posed by Mark Moffa, managing editor of Unique Homes magazine, the responses were more varied than one might expect. According to the Times article titled, Local markets dictate price, features of luxury housing, “luxury housing nationwide has many price points and appearances.” But for the Los Angeles area, one expert pegs the luxury price point as much higher than years past:
Nick Segal of Partners Trust priced the luxury market at about $4 million and up – twice the amount he would have quoted eight years ago.
Ventura County Homes: Luxury Living
While I don’t particularly think Nick Segal’s price point is indicative of homes priced in the Ventura County housing market— more like $1 million, a tad bit lower— luxury is also a relative – it is Southern California after all.“Luxury is in the eye of a beholder” was never a truer statement. Here, a home could be in a great location, nicely updated, grand pool, and still only be considered a “regular” home. That being said – in terms of this conference, one should note that the panel’s qualifications for what’s considered luxury was also quite subjective and very specific. Frankly, I think many of their opinions are just that, although it doesn’t make them any less valuable. One panel member agreed that just outside any metropolitan area, a luxury home in an upscale community will probably run about $500,000 in most parts of the country. The bottom-line: a running theme emerged from the conference – amenities and lifestyle are big deciding factors in addition to home size and mere location. Said the Times piece, generators are now becoming more popular in all parts of the country. Whoever thought of a generator as a luxury item? But as homeowners choose to pay higher prices, according to the conference experts, they now want built-in safe-guards for natural disasters. Frank Malpica of ERA Franchise Systems, also weighed in with his opinion adding that physical amenities aren’t the only attributes home owners are insisting upon when viewing luxury properties. Said Malpica, which he attributes to a rush in millennial home buyers, there’s more:
[Buyers] are searching for more lifestyle-related attributes such as lakefront, golf course or riverfront property.
Westlake Village, CA: All the Home Luxury You Need
All things considered, where does one find a home that is just outside a major metropolitan area, with beautiful homes that include lakefront, golf course and riverfront properties? Westlake Village, CA of course… We have all the luxury you need and you don’t need to pay $4 million. Who needs a panel to determine luxury – I live, work and play in Westlake Village! Believe me this is luxurious living!
For more information on any item discussed in the article or to view home listings in and around Ventura County, contact Lydia Gable today.