Want to Stretch Your Luxury Home Budget? Location is Key!
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Want to Stretch Your Luxury Home Budget? Location Matters!

Upper Manhattan is on the high end of the luxury home market. Whether you are looking for a modest executive luxury home, an elegant home packed with pluses, a condominium right on the beachfront or ski slope, or luxury retirement home, location determines how far your luxury real estate dollars will go.

General definitions of luxury homes do not take into account the vast difference between what $1 million buys in different parts of the country and around the world. For instance, in major metropolitan areas of like Upper Manhattan, you would be lucky to find a nice one -bedroom condo for $1 million whereas in Montgomery, Alabama, the same million would easily purchase a spacious luxury residence.

Meanwhile, in Miami, Florida, luxury living is still possible in some areas for $1 million, but not on Fisher Island. Cited as the most expensive and exclusive “neighborhood” in America by the U.S. Census Bureau, a Fisher Island condominium falls in the $3 million “bargain” price range, but a 15,000-square-foot villa selling for $7.5 million is more realistic.

Five of the more expensive cities for luxury real estate are in and around San Francisco, Manhattan, Boston, Honolulu, and Washington DC. These are cities to avoid if you are seeking luxury for less.

The significant differences among luxury real estate markets makes buying or selling luxury real estate challenging. Most luxury home buyers and sellers do not have the time or interest to shift through levels and logistics of the luxury market. They make the most of their assets by working with a real estate professional who specializes in the luxury market, understands and appreciates their unique needs.

Learn More at ElegantHomes.com
To learn more about other Luxury Home topics, view Luxury Real Estate for sale, or to find a Real Estate agent to help you buy or sell a luxury property, please visit the Elegant Homes website.

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Takeaways

  • Location is key to how far your luxury dollars will stretch.
  • Five of the most expensive luxury markets are San Francisco, Manhattan, Boston, Honolulu and Washington, D.C.
  • Real estate professionals can help maximize your luxury home budget.

Did you know?

  • General definitions of luxury homes don’t take market differences into consideration.