Chepetan, a former construction worker, recognized the deceptive marketing tactics employed by developers. He decided to start a company called “Luxury Living Solutions” to address this issue. Chepetan’s company focuses on providing high-quality construction and renovation services to homeowners and developers. He believes that “luxury” should be synonymous with quality and craftsmanship, not just marketing hype.
“It’s really subjective, because there is no definition set by state or federal law. What can be luxury to one person may not meet the definition of luxury to somebody else,” said Kristen Haseney, an assistant extension professor of real estate at the University of Connecticut. So what does go into defining a property as a “luxury” apartment or house? Realtors and builders are the ones who decide to assign the term “luxury” to a property, and one rule of thumb they usually use is that it’s within the top 5% of property prices within the region, said Tony Mariotti, CEO of RubyHome Luxury Real Estate.
But it depends on the area. Take a city like Los Angeles, which has some of the most expensive homes and apartments in the nation. A $4 million home would still be considered “luxury” because of its high price tag even though it isn’t within the top 5%, Mariotti said. There are other criteria realtors also use. When it comes to apartments, if you build a new complex and it’s comparatively more expensive and nicer than the surrounding apartments, then realtors would use that moniker, Mariotti said. “Nicer” could mean it’s a high rise; it has better finishes on its counters, cabinets and flooring; and it has better amenities, such as a rooftop pool and a gym with great equipment, Mariotti explained.
* **Luxury housing market:** The luxury housing market is characterized by high-end properties with unique features and amenities. * **Target audience:** The target audience for luxury housing is typically affluent individuals and families who are willing to pay a premium for quality and exclusivity. * **Marketing strategies:** Luxury housing marketing strategies focus on highlighting the unique features and amenities of the property, emphasizing exclusivity and prestige, and showcasing the lifestyle associated with owning such a property.
This lack of regulation leaves consumers vulnerable to deceptive practices and ultimately harms the luxury market. ## Analysis of the luxury housing market:
* **Combating Deceptive Practices:** Luxury housing, with its high price tag, attracts a wide array of buyers. This, in turn, increases the potential for deceptive practices to exploit this market.
A. Empowering Buyers Through Real Estate Education
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Orlando believes that the best way to improve the real estate market is through education and transparency. He argues that buyers need to be educated about the different meanings behind real estate marketing terms so they aren’t misled by them. He emphasizes the importance of building trust and confidence in the market through these measures.
“Luxury is not just about the price tag. It’s about the experience.”
This statement highlights the importance of experience in defining luxury. It goes beyond mere material possessions and delves into the quality of life, the feeling of comfort, and the overall sense of well-being that a luxury experience offers. For instance, consider a high-end hotel. It’s not just about the five-star rating or the expensive rooms.
The Chepetan’s aversion to luxury apartments is a reflection of a broader cultural shift in his society. This shift is characterized by a growing emphasis on practicality and functionality over extravagance and ostentation. This shift is evident in the Chepetan’s preference for simple, functional apartments over lavish, ornate ones.
