Luxury home building cost per square foot estimates are being debated in today’s market. As tens of thousands of gorgeous 5000 square foot, luxury homes are sitting empty, their values are often dwindles. From California shores to Washington D.C., large luxury homes are not as popular today. Builders had to ask, “What do those who can afford it really want? What is a luxury home, really?” The answer might surprise you.
What are the features of a Luxury Home?
Price per square foot has nothing to do with the definition of a luxury home. Luxury homes range in cost per square foot from $100 to $8000 per square foot, but average around $200 to $300 per square foot. Many cost a lot more, and therefore many cost a lot less. While hiring an architect and buying a fabulous lot could be expensive, they have nothing to do with the square foot cost to actually build. Luxury also has nothing to do with size. Instead the features of a luxury home have much more to do with creativity, artistry and design than they do size and cost.
• Fabulous location with beautiful surroundings – Water features, gardens, and amazing attractions nearby are all part of a fabulous lot for a luxury home. Oceanfront, lakefront, or mountain properties with a view are strong luxury locations. A home bordering a golf course may be considered luxurious, as well as a penthouse in a large city.
• Architectural Significance – A true luxury home has unique and easily recognized architecture, which is different from all other homes.
• An atmosphere of comfort and luxury – convenient and beautiful fixtures, and a well designed kitchen, are marks of luxury, but it is the unique feel of comfort that defines the overall effect of these things.
• Fabulous architectural details – Artistic details, such as a hand carved fireplace mantle, or a uniquely designed stairway, are the mark of a true luxury home. Again, one of a kind features.
• Superior materials and construction – A luxury home must be solid and well built. This does not cost that much extra, but it is very important.
A luxury home which is 5000 square foot or more, has a magnificent foyer, features a fabulous stairway, and sports extremely elegant but mass produced fixtures. A luxury home is placed in a subdivision with other luxury homes.
The market has collapsed on luxury homes, as their popularity and value plummets. Though these homes were popular during the 1980s and 1990’s. It calls attention to affluence, it’s wasteful of energy and other non-renewable resources. Prices are bottoming out and while their original buyers paid a premium, today’s prices are substantially lower, and tomorrows prices might be a real steal.
Many architects have started a new trend in tiny luxury homes. These small luxury homes average about 650 square foot, and sell for about $600K or $900 per square foot. These homes are also on tiny lots. There are several reasons why this trend is popular. One is community. These homes are built in groups with community amenities. It avoids the sense of isolation, and basically forces neighbors to feel closer. As strange as it sounds at first, it is very trendy. These tiny luxury homes are selling like hotcakes.
The best definition for luxury is having what you want. If hot tubs make you dizzy then you don’t have to install one. The beauty of designing your own custom luxury home is that you choose what is important to you. Build the home only as large as you need, and only add features you will use. Avoid wasted space, and consider multipurpose space.
The trends are to go smaller, and more energy efficient. Admittedly 650 square foot is a bit tight, but over 3000 square feet is just as extreme. The 1000 to 2000 square foot home is far more sensible to maintain, heat, cool, and pay taxes on, than an excessively large one. By keeping your home of a sensible size, and selecting the luxury features that are important to you, and omitting the ones you don’t care for, the cost could be a lot less than average. Luxury is to an extent in the eye of the beholder. Luxury home building cost per square foot today reflects a market in which the grandiose is being replaced by common sense.