Welcome to Luxury real
estate
Luxury real estate (or luxury property in British English) is
the real estate market niche targeted at the highest
socio-economic group of consumers.
The characteristics that define Luxury real estate differ among
countries. However, location largely defines the property's
value, especially with respect to whether it offers views
(particularly, waterfront ones) or amenities such as proximity
to golf courses, school districts, and the downtown district.
Thus, a 750-square-foot (70 m²) waterfront home with less than
one acre of property might be worth more than a
10,000-square-foot (930 m²) mansion with ten acres of property.
In the previous example, the former would be called a "luxury
property", whereas the latter would be called a "luxury home".
Both properties, however, owing to their high value, would be
classified as "luxury real estate".
Luxury real estate in any particular region is generally defined
as property worth more than a certain lower limit; for instance,
homes worth more than $1 million in the United States are
generally classified as Luxury real estate. The classification
also takes into account the presence of surrounding homes,
amenities, views, waterfronts, absence of crime-rate,
industrialization or unwanted commercialization, customizations
of the home, and historical or architectural significance.
Luxury real estate entails greater responsibility for agents who
handle transactions than ordinary real estate. They must
advertise to a national audience to attract non-local buyers,
whereas ordinary real estate only generally requires exposure in
local media. There are also greater legal responsibilities for
the luxury estate agent, which often involve attornies, trusts,
and anonymity issues. Buyers often require more inspections than
with ordinary real estate (which are generally bought after a
single inspection).
Companies operating in the luxury real estate market often
publish their own magazines online and in print, meant to
publicize their brands. One such example is Panache Magazine,
published in New York by luxury real estate broker Panache
Privée.
While there are multiple ways to accomplish a house trade, the
simplest is the simultaneous sale approach. In this scenario,
you purchase a property from another seller, and he buys your
property, all in the same transaction. As in a separate sale,
you must have sufficient funds coming in from the sale to pay
off your existing mortgage. You also need the necessary funds to
purchase the new property, or the necessary down payment to
procure a new mortgage.
Since both parties are buying new properties, both will need the
ability to purchase the other property, either through
sufficient equity in their existing house and /or additional
available cash or borrowing potential. It is therefore difficult
to accomplish a trade with another owner who has little or even
negative equity.
In simultaneous sale approach, as the name implies, the two
transactions must happen simultaneously. In other words, both
close or neither closes. By structuring the closing in such a
way, proceeds from the sale of one property can be figured into
the amount applied towards the purchase of the other. In this
way, you are able to apply a portion of your existing equity
towards the new property.
Online trading can take two forms.
The first is simply the inclusion of a text box alongside a real
estate listing, stating the the seller will consider a trade and
possibility a description of what the seller is looking to trade
for. Craigslist is a popular example of this. While not
specifically geared towards permanent trades, it is often used
for such a purpose. Their are also several web sites, mostly set
up by Realtors, that make use of this approach.
The second, more sophisticated approach, uses a model similar to
a dating service. Such a web site matches sellers with other
sellers based on what each seller has and what each is looking
to trade for. There are a small number of web site that make use
of this approach.
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Buy
Property
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Sell Property
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