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Celebrating its 10-year anniversary, LuxuryRealEstate.com
Real Estate magazine:
The growth of LuxuryRealEstate.com has been phenomenal. It was one of the first luxury real estate Web sites in the world and, as a result of the high quality experience we provide visitors, has become the most viewed luxury real estate Web site in the world. No one could have predicted that kind of growth, either for the Internet or for LuxuryRealEstate.com. Today we continue to make staying at the forefront of technology a priority.
RE: You are launching an enhanced version of the Web site this month what are your goals with the relaunch?
To make the site more user-friendly, and thus continue to lead the luxury real estate industry on the Web. The new site will be more interactive, with tools that allow visitors
RE: Why has the luxury real estate market grown so successfully in recent years?
The luxury real estate market—typically considered to be the top 10% of an area’s listings, whether that area is Manhattan or rural Alabama—has done well because any time there is a prosperous economy, people feel more confident about buying an expensive
RE: How are demographics playing a role in the growth of the luxury market?
We’ve seen growth in resort areas, such as Florida, Hawaii and mountain and desert resorts, due in part to the “graying of America.” Baby boomers are reaching the age of
RE: How has the definition of the luxury market changed over the years?
RE: With such significant price appreciation in the past few years, how do you
Half of the people who live in a home in the top 10 percent of the market couldn’t afford to buy that home today. If they paid $1million for a home a few years ago, it might be worth $5 million now. How many people can afford to pay $5 million for a home? That’s the affect of appreciation.
RE: What are some of the up-and-coming luxury markets outside of the United
New hot spots in the luxury market include foreign locations such as properties in Costa Rica.
The Luxury Real Estate network has a governing body of brokers, the Board of Regents, which is made up of many of the leaders in our industry, both nationally and abroad. We look to the Regents members to keep us abreast of industry trends. Here’s what they say. China is an incredible emerging market for luxury development. Central America has also grown
RE: Generally speaking, how is being a luxury broker different?
For the most part, the difference boils down to a lot of hard work in what is essentially a niche market. The luxury market is a very service-oriented business, one where you have to develop and hone your skills. It’s not an easy market to enter because so much of the job is about acquiring skills over a period of time. A luxury broker has to be confident and comfortable in communicating and dealing with an affluent clientele. The properties are
RE: How will an overall slower, more balanced real estate market specifically
I don’t believe the market will slow down that much, and if it does slow down it makes the luxury broker that much more valuable. In a hot market, people don’t value the broker’s expertise as much. In a slower market, the broker becomes more valued.
"Key Biscayne is considered one of the best destinations to live and own a luxury home."