Defining a Luxury Home

A luxury home is much more than just a property that costs $1 million or more. The $1 million only represents the fact that the place has much more to offer than a regular home. There is something special about the property and every home will have its own features that make it stand out from the rest.

In some cases it can be the location. If you have a home that is situated beside a lake, the value of the home will skyrocket due to the view offered and the luxury of being able to boat or swim. If you have a Calgary home with a view of the mountains, this can also raise the price of the property.

Many luxury properties consist of large homes with large sprawling lots. Sometimes just the sheer size of the home can make it qualify as a luxury dwelling with a higher-than-average price tag. Even without special features, a large home in good condition that's sitting on a big lot can be worth more than $1 million.

There are also many smaller homes that are considered to be luxury properties. Heritage homes often cost more than $1 million and some smaller homes are loaded with features that drive the price tags up into the million-dollar range.

When it comes to condominiums, there are usually select special features in the condo that turns it into a luxury unit. Granite countertops, open concept designs, extra storage space and modern appliances are just a few of the features to be found in many luxury condos. As well, many luxury buildings offer amenities such as heated indoor or outdoor swimming pools, rooftop terraces, 24-hour concierge services, fitness rooms, saunas and hot tubs, gated security etc.

Luxury homes in Calgary are hot this year and so far more than 730 have changed hands. In the ultra-luxury housing market, which refers to homes that cost at least $3 million, there have been 23 sales that have taken place so far this year.