What is Luxury Real Estate?
We read the headlines that the "luxury" real estate market is doing well but what does luxury mean? One person's idea of luxury isn't another's.
Luxury in the hottest & most expensive real estate markets is quite different from other markets. Sotheby's, in a recent article on the luxury market uses the $4million mark but I would push it higher. Why higher? Too many homes on the West Side hit $4million, even for just lot value. Of course it depends on lot size & type of home too. A $4million home on a 33ft lot might be quite nice but on a 40 ft lot, could just be lot value.
Maybe the criteria should be a number that a reader would instantly know represents a certain type of home. Maybe that "luxury" number should be more like $7-8million.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.