The term “luxury” is probably the most overused phrase in the real estate housing market today. The irony here is that there is no commonly accepted definition.
Its A Dollar Amount
RISMedia in an article posted yesterday defines “luxury property” as:
“While this might seem like an obvious question, it really depends on what part of the country you’re talking about. On the east or west coast, most real estate experts classify a luxury home as one priced at $2 million and over. In most other areas of the U.S., a home worth $1 million or even less can be considered in the luxury category.”
Its The Opposite Of Affordable Housing Often used to explain the other end of the housing spectrum.
Its A Lifestyle And Is Defined By The Accessories That Go With It
The Building Has An Attended Lobby In Manhattan, the term luxury entered the housing vernacular simply as a building, usually a rental, as having a doorman.
In The Eye Of The Beholder Luxury is very much in the eye of the beholder [Yale Daily News]
I guess I’ll just know it when I see it.