Luxury Real Estate
Luxury real estate (American English) or luxury
property (British English) describes a niche in the real estate
market dealing with the highest socio-economic group of property
buyers. Since real estate buyers in this group tend to own many homes,
the terms vacation property and second home are inaccurate.
...
Differences from ordinary real estate
In addition to simply defining and classifying a property,
Luxury real estate also carries with it a much weightier
responsibility for those who serve the luxury real estate
buyer or seller and that is due to the buyer or seller's ability
to pay for added services and their expectation for performance
of service. For example, a luxury seller expects a real estate
agent selling their home to advertise nationally and sometimes
internationally in luxury print media whereas a non luxury seller
is usually satisfied with very localized advertising and exposure
in the local Multiple Listing Service. Many luxury buyers expects
a real estate agent to understand how to work with attorneys,
trusts and anonymity. They expect a luxury agent to have resources
at their disposal when needed that non luxury buyers wouldn't
expect. Frequently a luxury home buyer will take a home through
multiple inspections (perhaps 10 to 15 if the property is truly an
estate), whereas a non-luxury home will typically go through one
inspection.
Excerpt from "Luxury real estate." Wikipedia, The Free Encyclopedia.
13 Oct 2006, 18:21 UTC. Wikimedia Foundation, Inc. 29 Oct 2006
http://en.wikipedia.org/w/index.php?title=Luxury_real_estate&oldid=81252028
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