Over the past 50 years, the luxury real estate market has transformed. Luxury properties are no longer just for the ultra-rich or celebrity figures, they’ve instead been redefined and reshaped by the buyer’s market itself. Gone are the days of $10 million dollar penthouses, and in are more affordable luxury properties fit for a broader and more varying audience.

  • The luxury homebuyer includes a wide range of clients, and that means breaking down their specific wants and needs
  • Quality and location are key components to helping a luxury buyer find the perfect home
  • Agents should be sure to set themselves apart from other agents and keep current with trends, developments and conditions

Over the past 50 years, the luxury real estate market has transformed. Luxury properties are no longer just for the ultra-rich or celebrity figures, they’ve instead been redefined and reshaped by the buyer’s market itself. Gone are the days of $10 million dollar penthouses, and in are more affordable luxury properties fit for a broader and more varying audience.

With global economies faltering, buyers no longer have endless amounts of money to shell out for lavish real estate and developers are taking note by creating projects that align more with their target demographics’ lifestyles. This has changed the meaning of luxury all together, shifting from being so “one-size-fits-all” to providing an abundance of differentiation in a previously one-sided market.

Consumers have defined luxury by their own needs, and as a professional it is important to weigh in on these new concerns and opinions as Miami’s real estate market continues to grow.

So how can real estate professionals gauge Miami’s luxury market?

When it comes to amenities think quality over quantity

Consumers would rather invest in a luxury property that caters to their most immediate needs (i.e. a gym and a doorman) rather than shell out extra cash for an abundance of amenities they probably won’t use.

Location is key

Most buyers start their housing search by location. Convenience is important, so tap into areas your audience would be interested in. For Miami, this could mean selling by the coast, by downtown nightlife or a treading new neighborhood like Bay Harbor Islands. More people consider location as the biggest “added amenity,” so ensuring you comply with those needs moving forward on different projects is crucial.

[Tweet “More people consider location as the biggest “added amenity””]

Price is important, even when dealing with luxury buyers

Affordable luxury has flooded the real estate market. More consumers are looking to snag a “better bang for their buck,” by looking at moderately priced luxury real estate that better fits their wants. Rather than spending $2 to $3 million on an apartment designed by a world renowned architect, they rather spend $850,000 on a condo that’s walking distance from the beach and has all the amenities they want and will use.

Be unique

Be sure to differentiate yourself from other competitors. Keep up with current trends to be on the forefront of new styles and technology. No one enjoys a market flooded with sameness, so stand out to your consumers by providing different approaches to traditional real estate styles and amenities.

Here at Verzasca Group, when we start developing buildings, before we even build we take into consideration who we want our buyers to be. It is important to remember that you’re not just trying to sell a building, but trying to sell a lifestyle.

Tim Lobanov is the managing director of the Verzasca Group. He has experience in the international real estate space, specifically identifying emerging market trends across both commercial and residential real estate.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×