Learn the New Rules of the Luxury Real Estate Market
May 8th, 2013 | by Update Metro
Briggs Freeman Sotheby’s International Realty leads the Metroplex luxury real estate market, with listings such as this stunning estate at 3915 Gillon Avenue in Highland Park.
There are new rules to the game for today’s rapidly transitioning luxury real estate industry, according to a report from Luxury Daily.
First, luxury real estate prices need to be understood on a global level.
Also, luxury real estate is widely viewed as a hedge against inflation, commodity markets and international political risk.
Last, high-net-worth buyers view luxury properties as they would unique collectible items.
“Real estate is a true luxury category,” Camilla Papale said at the Luxury Roundtable: State of Luxury 2013 conference.
The Luxury Roundtable: State of Luxury 2013 conference, May 1 in New York City, was organized by Luxury Daily.
The key factors behind luxury home buying decisions start with lifestyle, followed by a safe haven for capital, investment, education for children, tax implications and business connections.
“These wealthy consumers are really looking to take their money and put it in a safe place,” Ms. Papale said.
There are several reasons why real estate is so different from other luxury categories. There is a long transaction cycle, complex process, high price and the inability to control inventory, making the buying process a combination of emotional and rational decision-making.
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