By Joseph Callaway
What makes a home “luxury?” Is it price? Age? Lot size? Neighborhood?
Price certainly plays a role but there are condos under a million dollars that can be called “luxury” and there are large lot properties valued over two million that could never be called luxury.
Age is, as they say, only a number. Many older homes have been remodeled to luxury standards and there are newer large size homes with more standard features.
Larger lot size helps to support luxury construction but there are $3 million condos in Kierland.
Neighborhood can define luxury if that was the goal when the developer created it. But there are many examples of overdevelopment in middle class neighborhoods that meet luxury standards.
Ultimately, luxury is an individual judgment––it is the finishes, the countertops, the appliances, the fixtures, the room sizes, the entry, the grounds, and the feel that set the bar.
Just a thought – in Paradise Valley, luxury features like a staff elevator, a wine cellar, or expansive, unobstructed views of Camelback Mountain are considered luxury features, whereas a zip code over a built-in ironing board in the laundry room is considered luxury. It comes down to what the buyer considers luxury.
Joseph Callaway is the owner of Those Callaways and Callaway Realty. His cell is 602-796-5751.