Luxury Verses Traditional Real Estate Markets
Most of the major metropolitan economies have steadily been rebounding from the economic downturn and housing market crash of 2008-10. However, the luxury niche market is one segment that has been upwardly trending at a faster pace. Maxwell Realty Co., Inc. defines the term “luxury real estate” as differing geographically. And, dependent upon certain factors; such as amenities, location, price, quality of workmanship and views that the property offers. Naturally, the main criteria are location, location, location.
How Luxury Real Estate Differs from Traditional
If, for instance, the property we are concerned with is in the luxury real estate category in Philadelphia, we already assume that these homes are purchased and sold by the more affluent individuals of the area. Despite the previously stated vast generalization, this type of real estate is viewed by many as a prized possession. It’s a cut above and costs, more so than the traditional real estate that many individuals are used to. However, there are other differences to be aware of.
The primary differentiating factor when comparing luxury condo venues in Philadelphia, for example, to the traditional condo would be the price. Luxury real estate costs considerably more than the traditional type. In fact, the price paid for a single luxury home can equal the price of three or four traditional homes. Maxwell Realty Co., Inc. has also found that agents and clients differ, as well. Another key difference is the time involved in the transaction; as the purchasing process takes considerably longer to complete.
If you’re searching for the comfort and pleasure of a home with living quarters fit for a king or queen, then luxury homes and luxury condos in Philadelphia is the answer to your desires. Beautiful bathrooms, bedrooms, gardens, kitchens, living rooms, and pools are standard with many luxury residences. You will be able to enjoy your living experience even more with the latest electronic gadgets of the smart home, and many modern amenities at your disposal. Luxury waterfront real estate provides the owner many rejuvenating experiences including fishing, surfing, yachting, and other activities.
What’s Ahead for 2017?
Great expectations accompany New Year’s resolutions, and the luxury real estate market in Philadelphia is certainly not immune to those expectations. After a mixed year for high-end properties across the United States in 2016; we have seen no significant change in the current growth rate. Despite the uncertainties that still make their presence known at times, there is reason to be hopeful for the year ahead.
For instance, Maxwell Realty Co., Inc. envisions several new developments and trends in amenities and architectural design for the balance of 2017; as well as newer, must-have technologies for the luxury smart home. These tech “gadgets” will have homeowners feeling like they have been transported into the future. So as the end of the 1st quarter is rapidly approaching, things are looking up.
The advertising and marketing of homes typically targets prospective clients who can afford to buy and live in the area. Conversely, the targeting of clients for luxury homes or luxury condos, locational in Philadelphia, may extend beyond the local metropolitan area to other regions of the United States. Not only are you marketing to an expanded target audience, the media that is used to advertise luxury real estate tends to be costlier than those targeting the traditional consumer audience.
When selling luxury properties, the agents of Maxwell Realty Co., Inc. have additional responsibilities to contend with compared to those who focus on traditional real estate. As an example, luxury homes and luxury condos in Philadelphia oftentimes involve other factors such as:
- Higher quality brochures and handouts
- Presentations to groups of prospective buyers
- Professional photography
Additionally, our luxury real estate agents in Philadelphia should be more vigilant in these areas, compared to those who are involved in the more traditional housing market.
Philadelphia Luxury Real Estate
Maxwell Realty Co., Inc. has a stunning inventory of luxury home and luxury condos in Philadelphia to choose from. Our luxury condos and homes are scattered throughout various neighborhoods ranging from Bella Vista and Bryn Mawr, to Rittenhouse Square and Society Hill; as well as dozens of other locations in the greater Philadelphia area. There are properties located on golf courses, in historical areas, and along waterfronts. In any event, our agents can find you a home that suits your needs and requirements.
Whether you are interested buying or selling, leasing or renting, or you simply want to obtain a mortgage; you’ll have peace of mind knowing that your best interest is our #1 priority. We are aware of what the luxury real estate market in Philadelphia is doing, as well as any buying or selling trends that affect it. For more information regarding our listings, or to speak with an agent, contact Maxwell Realty Co., Inc. at your earliest convenience.