What is Luxury Real Estate?

“A house for the rich and famous”-- this is the usual connotation people have of luxury real estate. In some cases, this is true. One must be financially strong to be able to afford one. Luxury homes are also often thought of as huge spaces encompassing a vast area of house and lot. However, to people working in real estate, size is just one characteristic of a true luxury home.

Vancouver's Thriving Luxury Real Estate Market

Vancouver has a flourishing luxury real estate market. According to CTV News, sales of luxury homes in Vancouver priced over $2 million hit 1,609 in 2014, marking a 36 percent increase from 2012. The Vancouver luxury real estate market is predicted to continue this hot streak into the near future. 

Tips on Getting Your Dream Luxury House

You want to start the year with a bang by moving up the housing chain and buying a sweet, luxurious house, but you don’t know which real estate agent can help you achieve this quickly and efficiently. How do you pick the best one out of all those who promise you the same thing over and over?

One way of finding out which one is suitable for you is by asking the potential agent certifications and a list of past clients. You can then speak with these clients and find out if your prospective agent is indeed as good as advertised. With any luck, your chosen luxury real estate expert won't just find you the house you want; he just might be able to get you a discount too.

When narrowing down your choices in homes, it is highly recommended to hire a home inspector to examine every last nook and cranny to vouch for the property's overall quality. You should be getting everything you're paying for in the best condition possible, with no nasty (and unmentioned) surprises that were left out of any discussions. Generally, 10 hours of thorough inspection should suffice.

Finally, be aware of the sales terms and conditions. Read and understand them, and if you need to, hire a luxury real estate lawyer to clarify whatever isn't clear. It is important that they line up with your needs and wants.

Real Estate in Vancouver is Doing Fine...for Now

Things are looking good so far for the Vancouver real estate market, what with the Northern and Western districts experiencing at least 30 percent more gross sales since June (which is way better than the same period last year). That's not all; in fact, demand for luxury real estate is expected to remain consistent. If the market holds up, there won't be a foreseeable downturn in sales anytime soon—excellent news for both buyers and sellers.

That said, it will still take some time before a luxury property gets sold, particularly if the price is unusually too high or if there aren't that many interested buyers. Case in point: one $29.9 million estate in the West Side hasn't been sold since April 2013, despite the fact that a $25 million condo in Fairmont was sold in June. No doubt buyers still demand lower prices, as was the case for one residential property in Whistler that was sold earlier this year after a $5 million price slash.

Still, the Canadian real estate scene is much better than in the United States, which is only expected to turn up better numbers by late 2013. One expert even suggests that the year actually marks a transitional phase from Canada's lackluster real estate performance to one filled with optimism and greater potential. If this is true, then people can expect to see even better things in 2014 and beyond.