“Luxtimate” – a new term used in the recent Coldwell Banker Previews Luxury Market Report describes the pricing of ultra luxury homes in the market segment of $10 Million plus. The report explains how determining property values in the highest echelons of the marketplace is not always exact science but oftentimes an art form. The finest homes in the world are traded like a work or art. While the most common factors of location – location – location, immaculate condition, high quality finishes and premium amenities are still of great importance other intangibles such as rarity, architectural significance, irreplaceability, and celebrity ownership have significant impact on the ultra luxury home pricing to arrive at what we call a “luxtimate”.
A recent Coldwell Banker Previews International survey states that more and more younger, affluent buyers are driving the luxury real estate market in addition to affluent buyers age 55 and older. “This trend towards younger luxury buyers is leading a change in desired home amenities,” said Betty Graham, president, Coldwell Banker Previews International NRT. “Whether these younger buyers have young families or are single without children, they are looking for homes that fit their active and unique lifestyle.” The survey found that amenities such as a swimming pool, an outdoor kitchen, a home gym, a home theater, a wine cellar, four + garages, green or LEED certified properties, and open floor plans with fully automated and ‘wired” home environment are on top of the younger buyers’ wish list.
Luxury home sales have set a milestone in 2012 and continue to grow into 2013. In 2012, Coldwell Banker Previews International closed over 200 transactions of homes priced at $10 Million and above in the top 15 U.S. cities. At a glance:
Coldwell Banker Previews International Significant Sales in 2012 (list price)
- California: Beverly Hills ($55M), Malibu ($55M, $27M), San Francisco ($34M), Santa Barbara ($29M), Bel Air ($24.9M), Atherton ($24M)
- Florida: Indian Creek ($52M)
- New York: Great Neck ($39.5M)
At Coldwell Banker Previews International, we assist clients purchase and sell luxury homes every day. In fact, in 2012 Coldwell Banker Previews franchises handled $86.1 Million in luxury homes sales on average on a daily basis. With claims as impressive as this, it is easy to understand that Coldwell Banker Previews Specialists are trained to satisfy the unique needs of the buyers and sellers of the world’s most desirable properties. Visit the following Coldwell Banker Bali Hai Realty Previews listings and let our Previews Property Specialists assist you with your needs.