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What you need to know about luxury homes

home exterior design pavilion of pool villa

Luxury homes are the pinnacle of privacy and comfort. These high-end properties aren’t just characterized by their lofty price tags but also by their sought-after location and lavish features. Whatever the traditional home provides, luxury residences bring to a whole new level, based on the specifications of their affluent homeowners.

You’ll have a variety of options to choose from if you’re interested in buying luxury homes in Williamsburg, VA. These upscale abodes come in an array of architectural styles, finishes, and designs. Moreover, they’re made with only the best materials.

Here’s some general information on luxury homes that will help you as you make your purchase or sale:

The upper percentile

Local luxury real estate market prices vary from city to city and state to state. As with standard properties, their prices also fluctuate depending on forces affecting the local market. But the difference in this aspect lies in their classification based on values. Properties at the top 5% of the local market are typically classified as a luxury property while the ultra-luxury properties are those at the top 1%.

In Williamsburg, VA, the median home price is approximately $320,386 according to Zillow’s January 2020 estimates. A million-dollar property in the city can be considered a luxury home because of the current market trends.

Expect top-notch amenities

Luxury homes provide the ultimate comfort and convenience to their owners. Most of these are tailor-fit to suit their owners’ specific wants and needs. However, there still are several key amenities that every affluent buyer can agree on which are:

  • Gourmet or chef’s kitchen
  • Spa bathroom
  • Expansive walk-in closets
  • Indoor exercise facility
  • Advanced security systems
  • Smart home technology
  • Indoor/outdoor living

Every luxury home also needs an entertainment area where homeowners and their guests can relax and have fun. These rooms usually vary from house to house depending on the interests of the particular owner.

Options for entertainment areas include classic home theaters, bowling alleys, and game rooms. The more elaborate setups include a full-functioning sports bar and an indoor hockey rink.

Built with high-quality finishes

Luxury properties are finished with high-end, above standard materials such as marble, quartz, hardwood, and the like. Expect to see designer furniture and top-of-the-line appliances, as well. Restaurant-grade cookware and crystal light fixtures may also be present in a luxury abode.

These materials, furniture, and appliances not only provide the utmost durability but also elevate the aesthetic appeal of the space. Some even opt for more expensive eco-friendly materials to make their home more modern.

Idyllic neighborhoods

Luxury homes are typically located in equally lavish communities which also contribute to their exorbitant property values. These types of neighborhoods provide first-class amenities such as dining destinations, parks, and community events.

In Williamsburg, VA, you’re spoilt for choice with so many upscale lifestyle communities in the city. Some of the best neighborhoods with a wide array of amenities include Kingsmill and The Vineyards.

Golf enthusiasts will love the golfing communities of Ford’s Colony and the private country club experience at The Governor’s Land at Two Rivers.

For those who want to live close to the water, Landfall at Jamestown is exactly what you’re looking for. It’s only a short distance away from the local marina and offers great waterfront views.

Luxury homes take longer to sell

Unlike standard single-family homes, luxury properties stay longer on the market and take longer to sell. Luxury real estate is a niche market and so the potential buyers and sellers are fewer and far between. Some of the top tier luxury properties can take months or even a year to sell.

Buyers and sellers in luxury markets also have different sets of priorities compared to those in the regular market. They have a slower and more moderate approach when it comes to buying and selling properties. Some may even be on the lookout for unique amenities like a secluded location in the mountains or an indoor pool.

Luxury properties are bought and sold through luxury agents

When it comes to luxury real estate, it’s all about who you know. Most luxury properties aren’t listed on any MLS because affluent sellers prefer to keep their privacy and avoid non-serious offers. This means most luxury properties are bought and sold through a network of luxury agents passing the listing around.

If you want to buy or sell your luxury home, it’s best to have a real estate professional who knows the market and has years of experience in the area.

Explore luxury homes for sale in Williamsburg, VA with us at Coldwell Banker Traditions—the most trusted real estate company in the area. We’ve been helping buyers and sellers in Virginia make the most out of their transactions for decades. Get in touch with us today by calling 757.229.9595. Or you can send us an email to info(at)cbtraditions(dotted)com. You can also leave us a message here.