Unique Luxury Homes: Selling A Lifestyle!

by Jim Remley, Speaker, Author, Consultant

Imagine listing a 40,000 square foot home which lists as just a few of its amenities: five swimming pools, an eight limousine garage, and a mosaic floor made of 24-karat gold leaf in the downstairs study. Hard to imagine, isn’t it? Now imagine the price - $134 million U.S. dollars. The estate named Updown Court is just outside of London and boasts as it’s neighbors the likes of Elton John, the Duchess of York, and at nearby Windsor Castle, the Queen herself.

Who are the target customers for this dream home? Agents specializing in this upscale market state that the super rich, not just millionaires, but billionaires will be the ideal market audience. Buyer candidates may include foreigner business leaders or high rollers from as far off as China, Russia, or even the Middle East.

Okay, so you’re not selling those kinds of homes, right? This may be true but many agents are becoming more and more involved in selling unique luxury housing as baby boomers continue their drive to buy, build, and remodel bigger “statement houses.”

According to the National Home Builders Association the average size of new homes in the United States has increased 138 percent since 1950, from 983 square feet to 2330 today. Even since 1970 the average size of new homes has increased more than 50 percent! In addition to just the square footage of a home the volume of homes is also increasing. For example the average ceiling height in new homes today is now 9 feet (up from 8 feet) and in luxury housing this is often as high as 10 to 11 feet.

In addition to just the increase in size and volume of these upscale homes, the architecture, or building character is changing as well. New luxury housing often reflects four distinct, yet subtle changes that have been occurring over the last decade.

• Unity of Design. Many luxury home builders state that new luxury housing must flow together, one living space to the next, with a melding of spaces. As homes have become viewed as not just living spaces but as a sanctuary or personal retreat many luxury clients have become more interested in architecture that provides a sense of refuge from the outside world.
• Flexibility. As lifestyles have changed so have the needs of the luxury home owner. Upscale housing is now offering flexible living environments that allow for multiple uses: kitchens that double as meeting space or social event areas, outside patios and sunrooms being used as an extension of interior space, or even libraries that double as hallways.
• Layering. The “big box” homes of yesterday are now being replaced with floor plans that focus on details that utilize every square inch of the home. The focus on quality materials, construction, and planning create a complete living environment, not just a series of rooms under one roof.
• Personality. Luxury home buyers today want their home to make a unique statement about their lifestyle that accurately reflects their personality. Simple changes in lighting, floor coverings, and room locations can reflect these differences as well as smaller changes in a homes overall design.

So with all this in mind, how do you market a unique luxury home?

A great starting point is to focus on what separates the home from the marketplace as unique and different. What makes the home stand out? Sometimes this will be obvious as when a developer places a home in a highly desirable area as with the newly proposed 24 unit “WatersEdge at Bellevue” a waterfront development in Northern Kentucky which offers panoramic views of the river and city. But in many cases luxury home agents will need to dig deeper into the home itself, perhaps looking at the architecture, land, home history, or the amenities list.

But most importantly, as many in the upscale housing field point out, it is essential to recognize that luxury home buyers aren’t just buying a house, they are buying a lifestyle or a way of life. The more successful you can become at conveying a compelling lifestyle message the more likely you will be to find success in selling your next luxury home listing!

Copyright Jim Remley. All rights reserved. Jim Remley is a speaker, author, and consultant. A frequent contributor to RealyTimes.com, he is also an active real estate broker in Southern Oregon where he owns a network of nine offices. Jim won the Rookie Instructor of the Year award in 2001 from Realty-U, the largest network of real estate educators in the nation. Recently he won the 2002 and 2003 Pacesetter Award. Along with his book, Make Millions Selling Real Estate, he has developed an extensive catalog of products and a personal coaching system. For more about Jim, visit ProPerformer.com.