Are you in the market for a luxury home? There are lots of them out them, depending on where you want to live and what you wish to spend. There are also a number of ways to go about finding this sort of property. This first post is about types of properties and reasons you may have for seeking a new luxury home. Later on I'll cover amenities of these properties, and finally the search process itself.

First, what type of property are we talking about? In many areas the luxury home category starts at about $1 million, but with the direction prices have gone in the last few years, and in certain higher-end markets, you aren't really into the luxury home category until you are spending $2 million and up (e.g., Southern California, San Francisco, New York CIty, Palm Beach, Malibu and many more). And prices for these properties can easily rise to 8 digits (Del Mar, CA has an oceanfront home priced st $50M; the is an oceanfront home in Laguna Beach for $75M and another for $24M; the median price of a home in Rancho Santa Fe and La Jolla, both in Southern California, is $2.7M and $1.7M respectively, but you don't get alot for that).

This type of property is characterized not only by price, but also by the amenities that are included...and in recent years these have become as varied and expensive as you want (more on those in a later post). But there is also a certain lifestyle (or perhaps different lifestyles) that goes along with this type of home - often it is not just a primary home (there may be 2, 3 or 4 others), and may only be used periodically during the year, or for specific purposes (a corporate property, for retreats, family gatherings, etc.).  Another aspect of the luxury home lifestyle is privacy, security and being in a gated community or on an island. So the luxury property must fit in with the particular desired lifestyle of the new owner.

You might be seeking a property to use as a get-a-way, or while traveling extensively  on business or for pleasure rather than using a hotel. Some like a home that will be a sanctuary, an escape from the rat race; others need it as a base for their corporate lives (e.g., a pied-a-terre in New York City or London). Interest in certain sports and outdoor activities also prompts the purchase of a particular type of luxury property - a waterfront home with substantial dockage for a yacht or a collection of sailboats; a ranch of several thousand acres for hunting, fishing, and raising cattle; a large equestrian property or for racehorses; a large oceanfront property for family and friends to vist and enjoy the beach; a gated estate with large orchards. Collectors also buy homes to meet their particular needs: room for a fabulous art collection; large garage (or more) for an antique car collection). Or how about owning a winery? And certainly putting substantial funds into the investment of luxury property can be a prudent way to increase wealth.

So what are YOUR reasons for seeking a luxury home? More space? A certain lifestyle? Investment? Making a statement?  I'll touch on amenities and related issues in my next post. Thanks for stopping by!