By definition, luxury homes are those with a price tag of $1 million or more. With rising prices, the scope of homes considered “luxury” has broadened. Currently, Calgary real estate is a seller’s market. This means there are more buyers than there are homes to buy. For buyers interested in high-end homes, the inventory is even more limited. The luxury home sector can be driven by different factors than typical home sales and can be trickier to navigate. Here are some of our words of advice for Calgary buyers searching for their dream home in the city’s luxury market.
Important Considerations When Buying A Luxury Home
1. Define Luxury
Calgary luxury properties are defined as homes selling for over $1 million. But every buyer’s definition of luxury is different. When you are looking for homes that command that kind of price, it is important to figure out what luxury means to you. Are you searching for a home in an exclusive inner-city neighbourhood? A sky-high condo with a spectacular city view? A newly-built home outfitted with the latest smart technologies and the finest finishes? Your personal definition of luxury will help you streamline your search and target homes that are right for you.
2. Location, Location, Location
Some Calgary neighbourhoods are developed exclusively with the luxury market in mind, but our diverse community demographics can also mean that some luxury properties are nestled amidst multi-family buildings, or in historic neighbourhoods with a mix of new and older homes. For communities under development, make sure that the lot amenities you pay for today will remain in the future. Buying a home with a breathtaking view that sits aside a teardown home that may be zoned for future development (that will block your million dollar view) can impact your quality of life and your property value.
3. Be Patient
The inventory of luxury properties is much smaller than that of average family homes. Patience and an open mind are key to finding your dream property. Having an open mind means that you open yourself to the possibility of a major renovation or purchasing an empty lot and designing your vision of the perfect luxury home from the ground up. If you are set on move-in ready, the right home will come along, it just may take a while longer than expected.
4. Search Outside the Box
Many luxury properties can be found using conventional search tools like the MLS®, but some sellers of more exclusive, upscale homes avoid listing their homes publicly to protect their privacy. Sometimes called “pocket listings”, many Realtors® with high-end clients will market these luxury homes privately and more discreetly. To access these restricted listings, it pays to work with a Realtor® who is well connected.
5. Choose Your Realtor® Wisely
On that note, having the right Realtor® on your side can elevate your luxury home buying experience. Your buyer’s agent should understand the unique economic factors that drive the luxury market, have a trusted and robust network of other Realtors® who specialize in luxury home sales, have insight into the features that impact the pricing and value of exclusive properties, and the skill and experience to negotiate confidently with high-powered players in the real estate game.
Calgary’s Luxury Home Experts
Navigating Calgary’s luxury market can present some unique challenges. Your dream home is out there, but you may need some better tools and resources to find it. The best strategy for streamlining your home search and closing the deal on your ideal luxury property is to partner with a team who understands the complexities of buying and selling in the luxury sector. The right Realtor® will have the skill and connections to gain access to the city’s most exclusive listings and navigate confidently to ensure your financial investment is protected. The expert team of Realtors® and real estate specialists at The Tanya Eklund Group have the insight and experience to guide you to the best luxury home for you. Leverage our network and in-depth knowledge of the Calgary luxury real estate market to ensure that you are able to find and purchase the home you have always wanted.
If you are seeking a unique luxury property for your next home or if you are interested in listing your luxury property for sale, The Tanya Eklund Group team has the resources you need. Reach out to us at 1-403-863-7434 or contact us online and let’s talk about your home.
