Luxury living is highly dependent on the local market when it comes to defining it, an article in the Los Angeles Times said. The article covered a panel of experts at the National Association of Real Astate Editors’ annual conference.
While the luxury price start point differs with geographic region, Frank Malpica of ERA Franchise Systems pegs it at about $500,000 outside of metropolitan areas.
Popular amenities vary by location as well. Media rooms are still “in” in L.A. — less so in Houston. Fireplaces are shrinking and changing in L.A., since newly constructed houses can no longer have wood-burning ones.