Luxurynomics
What makes a home Luxury? Is it Price? Age? Lot Size? Neighborhood?
Price certainly plays a role, but there are condos under a million dollars than can be called Luxury, and there are large lot properties valued over two million that could never be called Luxury.
Age is, as they say, only a number. Many older homes have been remodeled to Luxury standards, and there are newer large size homes with more standard features.
Larger lot size helps to support Luxury construction, but there are three-million-dollar condos in Kierland.
Neighborhood can define Luxury, if that was the goal when the developer created it. But there are many examples of overdevelopment in middle class neighborhoods that meet Luxury standards.
Ultimately Luxury is an individual judgment. It is the finishes, the countertops, the appliances, the fixtures, the room sizes, the entry, the grounds, and the feel that set the bar.
Just a thought - In Paradise Valley, a Luxury feature is the built-in ironing board in the laundry. Probably to make the help feel rich.
- Joseph
