Here’s How to Tell What That Luxury Home is Really Worth

Buying or selling luxury properties can be tricky, as people searching for high-end homes have different desires and needs. While one person may prefer an oceanside property in California or Florida, another might like the mountain ranges and winter recreation of areas like Colorado Springs. When searching for luxury Colorado Springs homes, understand the elements that make a property luxury, then work with an agent to pin down its true worth.

The definition of luxury real estate is a bit elusive, although it generally refers to properties within the area's top 5 to 10% of listings. What these properties look like varies significantly, due to location. A luxury property in New York City will be much smaller than one in Miami, although both properties provide something unique or exclusive to the area.

Luxury Colorado Springs real estate is spacious and surrounded by great natural views of Pikes Peak, among other perks. Buyers’ trends for luxury real estate include a desire for outdoor spaces, which makes places like Colorado Springs even more popular. When judging the worth of a luxury property, take into consideration its location, construction, and amenities.

A hallmark of buying luxury is a great location. The surrounding area should provide a unique or exclusive opportunity for buyers, whether that be a great nature view or entertainment opportunities. If located within a neighborhood, many luxury communities are private, spacious, well-manicured, and come with unique amenities. Those not found in neighborhoods or in remote areas usually boast great amenities like country clubs or resorts, fine dining, luxury shopping, and varied recreation.

In Colorado Springs, luxury real estate is typically spacious and close to nature. Alongside Pikes Peak, outdoor spots like Cave of the Winds and Garden of the Gods provide unique natural amenities and hiking trails. The city is also home to The Broadmoor, the longest-running Forbes Five-Start and AAA Five-Diamond resort. Combined, the amenities of the surrounding area increase nearby properties’ values.

Another factor to consider when searching for Colorado Springs homes is the construction. Architectural design, or the property’s overall aesthetic presence, should be unique or notable in some way. Perhaps a prestigious architect designed the home, it features decorative elements that are ornate and exclusive, or the home itself is constructed to highlight the surrounding area. Floor-to-ceiling windows offering mountain and forest views add a level of distinction to a property, while an open-concept floor plan with elegant interior design can emphasize a home’s spaciousness.

Alongside great architectural design, using quality materials is essential in preserving a luxury property’s value. The use of hardwood in front entryways and living spaces, marble or stainless-steel countertops in kitchens and bathrooms, and glass or crystal in light fixtures or interior decor all contribute to an affluent atmosphere. Materials in appliances and furniture within the property should be equally as high-end, whether custom-made refrigerators or fine leather couches.

The amenities available on the property itself also add to its luxury status. As stated previously, outdoor spaces are rising in popularity, and given Colorado Springs’ natural perks, having spaces like a covered deck or patio provide additional value to a home. These outdoor areas may include perks like a kitchen space with a built-in grill, sink, and fridge, outdoor heating and lighting for year-round use, and additional amenities like a heated pool or jacuzzi.

The amenities in a luxury home add an element of convenience and comfort to the property owners. Ultimately, what a home provides is only limited by an owner’s vision or desires. Indoor spaces like a theater room with reclining seats and a snack bar, or a personal gym fully stocked with equipment can also add to a luxury home’s desirability. Wine cellars with social spaces, multi-purpose courts, and more all make luxury homes exclusive.

When considering luxury Colorado Springs real estate, it can be helpful to monitor local market trends, although many of these properties are less affected by a market’s conditions. Even within El Paso County’s low inventory, luxury buyers are likely to search for properties not listed on online platforms. Additionally, many luxury markets have a global reach, meaning that trends are impacted by buyers outside of the locality.

This doesn’t mean that luxury buyers should completely ignore local market trends. Researching the market is useful in determining if the area is a good place to invest. Rising property values is another strong factor in the demand for luxury properties in the area.

Even with the information above, a buyer new to or unfamiliar with the local market can find it tricky to value a luxury property. Working with an agent specializing in luxury homes is a reliable way to gauge a property’s worth. They’ll know the local market well and will be familiar with the elements that make homes in the area high-end. When you’re ready to start your search in Colorado Springs, contact the trusted local agents at Strategic Property Advisors to guide you through the process.