Justifying Luxury Home Prices
What is a luxury home? We all know the answer and it’s very different for everyone. When you walk into a luxury home there’s something that stands out and resonates that it’s a quality home. Many of these attributes might fall into the definition of a Luxury home:
- -Large in size
- -Grand and special location
- -Quality finishes throughout
- -The overall feel of what it luxury
But I’m going to focus this blog on what you might not see in a Luxury Home that in my mind, justifies the price even more than the Walnut hardwoods, or the marble counter-tops, or the Wolf Range. When I tour and sell luxury homes in Steamboat, there’s a part of the home I never overlook, it’s the part of the home that’s so crucial in the Rocky Mountains that if not done properly, will devalue the home by hundreds of thousands of dollars and cost the owners a lot of money in the long-term. I’m referring to the heating and cooling systems and the way the home is insulated. If done correctly, the home will not only save the owners lot of money but the home will live more comfortably then if done by cutting cost.
I went into a home this morning that’s listed for sale at $3,475,000. – 2847 Whitewater Lane.
It’s a 8,300 square foot home located right on Fish Creek in the Sanctuary subdivision in Steamboat Springs, Colorado. The price is about $416 per square foot. It also sits on over an acre of land. Not a bad price for a luxury home built in 2006 in Steamboat. But let’s dig a little deeper.
Upon entering the mechanical room, this is the room often tucked back in the lower section of homes. The room that many ignore. The door that remains closed during “open houses” but again, tells a good story. Upon finding this door and turning on the light I see this:
Buderus Gas Fired High Efficiency Boilers. These burn at 96% efficiency. One of the best boilers sold today. These are used to heat the water for the radiant floor heat and the domestic water.
- Corbond – Closed-cell spray polyurethane foam insulation. This is one the best ways to insulate a home. It’s incredibly efficient and makes the home very comfortable by eliminating cold drafts.
- A Highest Efficiency Air Conditioning System. With radiant heat, many builders will forgo putting air ducts for cooling. But this home has them and luxury is all about having air conditioning.
These three items are expensive. It’s an easy cost-saving measure not to buy the best and many builders take that route. But this home is pure luxury and with some great heating, cooling and insulation systems built-in, the luxury you see every day is just as valuable as the luxury that’s often overlooked.
I give this home in the Sanctuary high marks for luxury inside and out and placing a good value on the price. It’s worth the money.