When you're looking at places where you can stable your horses, you're not likely to find a lot of luxury listings. However, when it comes to inner city real estate, you'll begin to notice that every second listing claims to be luxurious. You might visit some of these listings and wonder: what makes them so luxurious? The line is sometimes a fine one, hard to see. We can help point it out for you so you can figure out if the price is worth what you see inside.
One thing that sets luxury condos apart from standard ones is the size. Royal LePage's housing statistics reports list a luxury listing as having at least 500 square feet of interior space beyond what you would expect in a standard unit. The average for a standard two bedroom is about 900 square feet while for a luxury two bedroom the average is 1400 square feet. The same goes with houses - the square footage will increase without adding bedrooms to the total, making for more spacious rooms.
The primary reason that home buyers will zero in on a house that's listed as "luxury" is that in a luxury home the fittings and fixtures will be of the highest quality. Having the trendiest, most in-demand countertops, flooring, and lighting classifies a home as a luxury home. This includes gas fireplaces (some here), hardwood flooring, granite or marble countertops, track lighting (some here), and updated kitchens and bathrooms. Much of this can be accomplished with a good renovation, so the whole building may not be luxury, just your unit.
When you buy a luxury piece of real estate, you expect a little more than the standard stove and fridge. While a standard unit will have only these two appliances, luxury units are required to have five or more. Usually the extra three will be a dishwasher, clothes washer, and clothes dryer. As for the fridge and stove, they should be the latest models, such as a flat-topped glass range and a convection or two-zone oven. Fridges will likely have features such as ice makers as well.
And finally, the amenities available both in the unit and in the condo or townhouse community also make a difference in whether the property can be called luxurious. Ensuite laundry is a must, along with parking, a large balcony, pool, and building security. Luxury buildings may also have shopping malls, movie theaters, and rooftop gardens. For houses, luxury will likely mean a double garage and professional landscaping. Luxury homes usually also have some sort of bonus room, such as a sunroom or library.