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!

Some readers may be in the market for an equestrian property as part of their relocation. If you have not researched this type of property, here are some things you may want to consider (issues may vary from state to state, of course).

Obviously budget is probably first on the list - assuming you are either pre-approved or are a cash buyer - and you should have a good idea of what you are willing to spend. This type of specialty property can vary widely in price, based on region of the country, number of acres, the house and any  outbuildings, among other factors (horse properties in my area of San Diego can run as high as $20 million or so, and rarely below $1,000,000)

Decide on how much acreage you want - 2-5, 10, 20 or more? Availability of these properties will vary and may depend on proximity to larger cities. You are more likely to find more land at a better price much further away from the suburbs and urban areas.

What are the details of the property you are seeking? In addition to a main house (size, bedrooms, baths), what other facilities do you want - guest house; house for staff; one or more barns (holding how many horses, including one or more tack rooms); fenced in paddocks or pastures (number, size, type of fencing, ability to add more); storage for feed/grain/hay/straw/etc. either in a barn or a separate building; outdoor riding ring; indoor arena (or room to build one); equipment included in the sale (tractor, jump equipment, etc.); a track (if interest is in racing); room for parking horse trailers and/or vans; access to trails and other equestrian facilities in the area. You may also have an interest in having a well and if so, what is the size, capacity, etc.

What is the zoning - you may run across areas that place a limit on the number of horses you can maintain on the property, whether you can run a business or not and what type (e.g., show horses, race horses, riding lessons) and so on.

What communities are most likely to have these kinds of properties (here in North County San Diego Olivenhain, which is part of Encinitas, and Rancho Santa Fe are well known towns offering a range of horse properties; further out you will find them in Bonsall, Valley Center and Fallbrook, among other areas)?

Is there a way to find out about properties not currently on the market but whose owners might be willing to sell?