What Is Considered "Luxury Real Estate" In Prescott, Arizona?1 Jan Gwen Holloway and Elena Sanwick
What, specifically, is the qualifying benchmark for a property to be considered a luxury property in Prescott, Arizona?
The definition of what constitutes a "luxury" property varies widely, depending on both geographic area, and who you're asking. In his book, "Selling Luxury Homes," long-recognized luxury home sales expert Jack Cotton defines a luxury home as one that is priced at the top 10% of any given market. Therefore, if you ask a Beverly Hills real estate professional to define their market's version of a luxury property, you'll most likely get a much different response than when you pose the same question to an agent in, say, Missoula, Montana.
Given that simple formula, what price point would fall into the luxury property category here in Prescott, Arizona?
Based on today's inventory:
603 Active MLS Listings in Prescott, Arizona
60 in the top 10%
Luxury Properties = $839,000 and Above
While that price point may make sense as the entry requirement for luxury properties in our particular area, relegating the definition of "luxury" to ONLY a simple mathematical formula is very limiting, in our opinion. Certainly, over a certain investment level Buyers can expect a higher grade of fixtures and finishes, but there's much more to what makes a home a "luxury property" than simply reaching a certain dollar amount. So what else is there?
What we've come to understand and appreciate about our clients seeking our professional real estate services (both Buyers and Sellers), is that it is a luxury lifestyle that they seek or represent, not just a luxury property. Understanding this distinction is what has allowed our team to serve our clients so successfully, and what enables us to expand the definition of a "luxury property" to include not just price, but the other key and magical factors that support a luxury lifestyle. To some clients a luxury lifestyle may require a single level Southview residence with a spectacular view, to others it may be a lock and leave beautifully appointed cabin with a hot tub, nestled in the woods of nearby Potato Patch. And yes, to some, a luxury lifestyle may include a million-dollar property complete with barn, bunkhouse, and 5200 square feet of main house living space. All very different, but all keys to the varied, but equally important luxury lifestyles that our clients seek.
Are you in search of a more luxurious lifestyle? Whether that means upsizing into the home of your dreams, or downsizing to allow for a different type of luxury, we would welcome the opportunity to help!