Cleveland Ohio Luxury Homes: Defining A Luxury Home

The luxury home market has been steadily growing nationwide over the last 20 years, especially in the Cleveland Ohio marketplace.  As luxury home experts, we are often asked how we specifically define a home as being in the “luxury” category, so we wanted to briefly address this popular topic.

Luxury Home

To begin, the easiest and probably most common way most people categorize a luxury home is by price. According to the Institute for Luxury Home Marketing, a luxury home in Cleveland Ohio is defined as those valued over $500,000. However, when looking at the factors that truly define a luxury home, you will soon realize that price isn’t everything, and this figure is only a starting point. In fact, there are those who will argue that location, quality, and amenities are more important factors to focus on when determining if a home truly fits the luxury category.

Signature of Solon luxury gated community

Location of a property is generally seen by experts as a key component to desirability, thus making it an important aspect when defining a home as being “luxury”. Luxury home buyers are very focused on how close a home, or specific development, is to their work, schools, highways, and other local areas of interest. A desirable location increases demand. If a home is located in a gated community or one where there are restrictions to ensure that a high-end neighborhood remains high-end, such an area will be viewed as very desirable by buyers. 

Quality is king. One of the most heavily weighted items in defining a luxury home is by assessing the materials, including upgrades, used to build a home. Sometimes the easiest way to determine the quality of materials used is to know the reputation of the builder. Some builders are known for constructing only luxury homes and use higher quality materials and finishes throughout their homes. By viewing enough homes, and working with an agent who specializes in luxury homes, a buyer will be able to get a true sense of the quality of a home. 

 

luxury kitchen with high end appliances

Amenities are also seen as important in defining a luxury home. Basically, anything that helps to increase the attractiveness of a home or adds to the comfort of the homeowner are important things to consider. Examples include a special “view”, a full-blown outdoor kitchen area leading to a hot tub/pool, top of the line appliances and even energy efficient systems.

When it comes to defining a luxury home, size doesn’t necessarily matter. While the average luxury home in America, according to the National Association of Home Builders, is about 4000 square feet, size alone does not define a luxury home. A 2400 square foot home built with the finest materials, has an ideal location and contains luxury amenities could be considered a luxury home. On the flip side, a builder grade 5000 square foot home located in a less desirable area of a city may not be deemed worthy of the “luxury” label. 

Overall, there are a lot of factors that determine if a certain home is considered “luxury”, and hopefully this information will be helpful to you in your search for a luxury home.

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About The Authors:

This information is provided compliments of Amy and Dan Schuman, The Schuman Team Keller Williams Realty. The Schumans are experts in the Cleveland Ohio real estate market and specialize in luxury homes, home staging, and relocation.

Dan and Amy Schuman are members of the Luxury Home Consultants of Keller Williams Realty Greater Cleveland and of the prestigious Institute for Luxury Home Marketing, the premier independent authority in training and certification for real estate agents working in the luxury home market.

If you are looking to buy or sell a home in Bainbridge,BeachwoodMoreland HillsOrange, Pepper Pike, Solon or the surrounding Eastern suburbs, please contact the Schuman Team at 216-346-3235. 

 

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Cleveland Ohio Luxury Homes: Defining A Luxury Home is the property of The Schuman Team and may not be duplicated or used without their written consent. ©June 2009

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