Let’s start out with the most basic question that we must understand in order to comprehend today’s luxury home market. What is luxury real estate? Most experts would consider the top 5% of the current real estate market sales prices in a given area to be quantified as luxury homes.
Many of ushave our own ideas as to what would constitute a luxury home. I, myself, think of large estate style lots where extensive pavers invite you to the entry way of the home. The landscaping of such a property would entail majestic trees reaching to the sky and abundant flora / fauna calling to mind a resort type of feeling.
Once you enter these types of homes, you are witness to beautiful amenities that are not often found in your typical home, such as soaring ceilings with eight foot or taller door frames. Most often you will find the kitchen to be the artistic center of the home featuring the latest culinary accessories, as well as the master suite leaving a lasting impression of a peaceful spa that will not soon be forgotten.
You might think this type home would not be available in our fair city of Murfreesboro, but you would be quite mistaken. Murfreesboro offers a special niche to those seeking luxury homes. Some specific subdivisions that leap to mind are Mirabella, Oakleigh, Northwoods Estates, Puckett Station, and one of the very newest to arrive on the scene, called the Enclave at Marymont.
Buyers who tend to shop for this type of home are often times in search of specifics such as very large lots, extensive landscaping, safety for their families, and similar homes in size as well as price point. For example, recently my good friends Micheal and Natalie Burt began the search for their new luxury home. Their personal search parameters were: a large private lot, extraordinary kitchen, bathrooms that are outfitted with the latest luxuries to create a spa like experience, and finally an outdoor living space with which to welcome family and corporate executives alike. Their greatest need was for their home to be the equivalent of a personal oasis.
Here are five facts to consider when you are exploring luxury homes in Murfreesboro.
- The top 5% of Murfreesboro home sales would equate to roughly a $600,000 or better price point.
- In a given year, Murfreesboro will sell around 15-25 homes that would qualify as a luxury home.
- A vast majority of the homes in our market will sell for 95% of the original asking price.
- It is not uncommon for luxury homes to exceed $150 per square foot verses the median price of homes in our market being $115 per square foot.
- Luxury home buyers are heavily influenced by leading economic indicators such as the stock market, current economy, political climate, and future outlook.
There is a unique need within luxury home owners and that is this; the home must be a personal retreat with which to find ultimate peace and solace while also functioning as the epitome of executive entertaining.
So there you have the luxury home market in Murfreesboro in a quick nutshell. Venture out and explore all that the Boro has to offer.
To gain further insight into the Murfreesboro Real Estate Market, tune in every Wednesday to Real Estate 101 at 1 p.m. on Facebook live (Thomas C. Davidson)
or contact me directly at firstname.lastname@example.org.