Living in a luxury home sounds, well, luxurious. For many, when imagining one of these high-end homes we think of massive mansions complete with state-of-the-art kitchens, gorgeous gardens, and walk-in closets that even Madonna herself couldn’t fill. And in some cases, this dreamed up image of luxury is correct. But there are other elements that come into play when deciding whether or not a home is considered “luxury,” and how much the property costs isn’t always the determining factor.
The luxury sector of the housing market is typically defined as having at least one of the following qualities: a high price for the area, a prime location, premier quality, luxe amenities, privacy, or a unique home history. And while the price point and the amenities a home features are the most obvious facets of an opulent abode; all of the aforementioned attributes are really subjective to the buyer and what features are desirable in their eyes. More and more consumers are searching for homes that help them live their best lives rather than living in the lap of luxury.
“Sure, there are homes on the market that stand out as luxury listings, however there are others that meet the luxury criteria in an unconventional matter,” said Tim Clark, vice president and managing broker of LIV Sotheby’s International Realty’s Castle Rock office. “Plenty of consumers are looking for homes that align with their own values, priorities, and lifestyle goals. The homes that match these requirements may be houses that are listed at lower price points but provide the buyers with better opportunities to achieve their dreams, and that is what makes them luxurious.”
Luxury isn’t always a price point, sometimes it is the experience that makes a home feel lavish. How easy or difficult, relaxing or complex a home makes one’s life can make or break a house’s extravagant status. Luckily for the communities within Castle Rock, practically any buyer can find the qualities they want and need in a home.
Many eager homebuyers looking for their dream home, at all price points, are showing interest in Castle Rock and other cities within Douglas County. The plentiful development of new neighborhoods, shopping centers, restaurants, and entertainment options within the area has caught the eye of consumers interested in buying homes in towns that can offer both urban conveniences and a sense of community. Having this highly attractive balance of amenities is what makes Castle Rock such a popular destination for buyers looking for their own version of a luxury home, whatever that may be.
In fact, according to LIV Sotheby’s International Realty’s Year End Micro Market Report which takes a look at the real estate performance within Douglas County during 2019 compared to 2018, this community in the South Metro area saw some pretty encouraging increases in real estate activity last year. In 2019, 2.9% more homes sold in these neighborhoods than in 2018, which brings the total of listings sold to 41,051. Additionally, the average price for single family homes grew slightly by 1.8%, making average price for a house in Douglas County $524,808 in 2019.
Buyers in search for the perfect Douglas County home for them should consider which of the six luxury factors matter most to them before deciding on a house to invest in. For those who like to be on-the-go, a location close to shopping and dining might be better suited for them than a property on the outskirts of town. Good news for homeowners with centrally positioned homes, houses with prime locations near shopping and convenience stores tend to be valued at two to three percent higher, according to a research paper from the University of Chicago and Brigham Young University.
Do you prefer open spaces to shopping? A study from the University of Washington says that homes adjacent to, or in front of, a park will see a 20% average increase in value. Whatever your preference is, finding your ideal surroundings can make a home at any price feel that much more special, and Castle Rock can provide both.
Certain amenities can also introduce a home into the luxury real estate market. Pools and spas are unmistakably two of the most popular features. But for homebuyers who don’t care to swim, these add-ons could be seen as a chore to keep up with. Other lower-maintenance offerings are now being sought after by homebuyers. Smart home technology systems can improve the homeowner’s quality of life by automating simple tasks around the house. Any home, no matter the size, can have one of these systems installed to give the house an added boost of convenience.
There are virtually endless characteristics of a home aside from a high price tag that can fit it into the luxury housing market. A luxury home doesn’t necessarily mean a home is perfect, it just means that a home is perfect for you.
To learn more about Douglas County’s real estate market, and beyond, visit coloradomarketreports.com.