Anna Maria Porowska

By: Anna Maria Porowska

“Luxury” doesn’t mean the same thing to every buyer. Perhaps it is the location, amenities, architectural design, exclusivity or sustainability offered by a particular home or community. The definition may vary also across regions and markets or even one’s social status. The concept of luxury is vast, which means agents need to understand it’s variety to be able to serve clients successfully. Let’s dig into the niche and explore.

Understanding the Luxury DNA

This famous quote from Aldo Gucci succinctly sums up the ethos of luxury: “Quality is remembered long after prices are forgotten” by Aldo Gucci. For those who seek luxury, whether in automobiles, clothing, aviation and real estate, quality matters more than any logo or brand. This is why exclusivity, heritage prestige, quality and in many cases, tradition still ring true for those seeking luxury.

In real estate, you may have noticed that many developments are branding themselves to appeal to the luxury buyer. Some examples include Aman Residences, Armani Residences, Mandarin Oriental Residences, Four Seasons, St. Regis Residences, Rosewood, Waldorf Astoria, Pagani, Porsche Tower and Bentley Tower just to name a few. These developments, often associated with luxury fashion and hotel brands, promise known standards of quality and excellence to buyers

For luxury properties, quality is found primarily in the experience provided, the service offered and of course, the materials used in the crafting.

Built into luxury DNA is also a sense of belonging no matter the location. It’s like owning a Porsche 911 or a Harley Davidson. You buy into a certain lifestyle and with it comes a network of people that allows the consumer to find community wherever they go.

Space and Amenities

Historically, luxury buyers have always had an interest in the location of a property, the amenities offered and the experience provided by the development. That said, the Covid-19 pandemic put a spotlight on the importance of size and location matter in the times of uncertainty. Luxury buyers understand that freedom and space—extra bedrooms, private gym, wellness amenities, private tennis courts and golf courses—are not necessarily wants but needs in their realm.

Luxury real estate is a combination of location, quality, amenities, exclusivity and lifestyle. Nowadays it also has to include an experiential element. For instance with the purchase of an apartment at Ritz Carlton residences, buyers may get a weeklong trip in the Caribbean, Mediterranean or Transatlantic with the Ritz Carlton Yacht Collection. Likewise a penthouse purchase at the Aston Martin Residences may be accompanied by an Aston Martin Vulcan.

Food and dining is no exception to the experiential amenities buyers seek, and ultra luxury developments aim to please. They tend to have private or by invitation only restaurants and private Chefs on the premises.  They include exclusive dining clubs, indulging in gourmet cuisines paired with rarest wines and spirits.

These developments also offer private staff and tailor services such as valet and private chauffeur, laundry services etc. For high-end buyers, saving time and being fully immersed in life is what luxury real estate offers.

Location, Location, Location

Many ultra wealthy individuals are attracted to global financial hubs, but also into luxury residential enclaves such as gated communities known for their privacy, security and upscale amenities which you may find in locations such as Palm Beach in Florida and Upper East Side in New York City. Waterfront properties overlooking the ocean, lake or river is a scenic retreat offering privacy and prestige. Locations such as Monaco, Lake Geneva, Lake Como and Miami are known for luxury waterfront real estate where, for instance, the new all-electric Maserati powerboat may be of use.

Private Islands offer privacy, exclusivity and natural beauty. Perhaps one of the most known destinations for private islands is the Caribbean. From a private island to a rural retreat, many enjoy outdoor activities in scenic countryside areas surrounded by mountains and vineyards. Provence, the Rocky Mountains and perhaps my favorite, Tuscany, represent some key locations for the wealthy.

Last but not least, loved by the wealthiest are cultural capitals. Cultural richness is of essence to some individuals and they may want to choose cities like Dubai, Cracow, Paris, Rome, Vienna and Tokyo. These will attract those that appreciate history, architecture, fine dining and cultural experiences.

Privacy and Security

For many high net worth individuals, privacy and security are essential to protecting their names and their assets. Private islands accessible only via helicopter or yacht appeal to some. The goal, however, is privacy and security coupled with stunning views of surrounding landscapes of waterfront, mountains or city skylines. In Monaco for instance you pretty much get all of the above mentioned at once.

Privacy and security are also important to the wealthy when choosing a real estate agent. They want and need someone who can be discreet and helpful. They need someone they can trust to protect their name and their privacy.

Exclusivity, Customization, and Personalization

Ferrari Atelier, Louis Vuitton Personalization, Bvlgari host stamping… do these sound familiar ? These brands offer opportunities for customization and personalization so that consumers can maintain the quality they’re used to but also feel like they’re getting a one-of-a-kind product.

When in the market for a luxury property, consumers are looking for an agent who understands how all of these attributes work together in the real estate space. They want someone who can navigate the market with these priorities in mind. That’s why it is so important to understand these elements if an agent is interested in selling in the luxury niche.

Anna Maria is a licensed global real estate advisors in Florida with One Sotheby’s International Realty. She is the Florida Realtors State Director at Florida Realtors and a Broward—Miami governor with the Miami Association of Realtors, which represents over 200,000 real estate professionals. She is also the Miami Association of Realtors YPN Ambassador. Follow her on Instagram @anna.maria_porowska