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A luxury home is generally considered to be in the top 10% of the local real estate market in terms of price. What constitutes "luxury" is relative to the location, meaning a luxury home in one area might not be classified as luxury in another due to price variations.
Price Threshold: While the price of a luxury home varies depending on the market, in many areas of the U.S., homes priced over $1 million are often considered luxury. In ultra-luxury markets, the threshold might start at $2 million or even higher.
Unique Features and Design: Luxury homes are not just about price, but also about distinctive features, high-end design, and exclusivity. This includes custom architecture, superior construction, and state-of-the-art amenities.
Prestige in Location: Location plays a crucial role. Luxury homes are often situated in prestigious neighborhoods or in sought-after locations like coastal areas, mountains, or gated communities.
Target Market: These homes cater to affluent buyers who seek a combination of high-end living spaces, lifestyle, and exclusivity. These buyers are typically looking for homes that offer more than just living space but a statement of wealth, prestige, and lifestyle.
In essence, luxury homes are defined not only by price but also by features that set them apart from the rest of the market—whether through location, design, amenities, or overall exclusivity.