If you’re familiar with the world of luxury real estate, you know that what was the hottest trend yesterday is just another basic thing today. Things are changing at an alarming rate in this realm of the real estate market. This often leaves architects, developers, and even relators with no choice but to up their game. Cutting-edge design and structure that appeals to buyers is everything here. And everyone knows that. However, there are still some things that those talking about Louisiana luxury real estate market trends do wrong.
It seems that everyone focuses on things like the kitchen, bathrooms, entertainment rooms, and all the other living areas. And while all of those are important, we feel that luxury living is a concept that goes far beyond that. Not only should there be no home renovations that you must do before moving in, but you should get something you didn’t even know you desired.
We are all aware that buying a home, let alone a luxurious one, is not a purchase you make every day. So, there are many things to consider. If you want to buy a luxury home in Lousiana, you have to think about the location, features of a house, financing, and emerging trends. And we’ll talk about all of those things today. Feel free to dive in.
Luxury Real Estate in the US
According to studies done recently, the East and West Coast are the places where luxury million-dollar homes are most likely to be found. And there’s no surprise there. California is a definitive leader thanks to being home to the entertainment and tech industries. Additionally, lots of celebrities live there.
The situation is pretty much the same with the East Coast. New York, and especially Manhattan, has been famous for its high real estate prices for ages. It’s a people’s hub, and luxury living in NYC certainly has to be expensive.
However, all of this doesn’t mean that there are no luxury homes outside of these two states. Although Lousiana might not be the first place that comes to mind when thinking about luxury homes, the Pelican State has a tradition when it comes to these. There’s a reason why Baton Rouge is popular among buyers. And these emerging trends that you can find here might just be it.
Luxury condos are getting more and more popular
For anyone following the reports of professionals in the last few years, this won’t come as a surprise, but for some, it certainly will be. Luckily, the explanation is simple. Nowadays, millennials are the people buying these luxury residences in Louisiana. And since most of them have fewer children than their baby boomer parents, they don’t have to look for big flashy mansions.
Another thing is that these buyers like to travel. That is when the world is not in lockdown, of course. Therefore, having a lot of space that is not used at all times is impractical. Additionally, younger generations tend to wait longer to get married and have families. So, these luxury condos give them a chance to socialize in communal areas and are often close to nightlife.
As you can see, this is not one of the Louisiana luxury real estate market trends that have emerged during COVID 19. They date a little while before it but are still very relevant. Of course, this isn’t to say that all millennials want to live in condos, but lots of them do.
Simple and laid-back luxury
Just a few years back, luxury homes were all about rigid and super formal interiors. These made the house feel more of a showroom than a home. And during the pandemic, people simply spent a lot more time in their homes and got a little more comfortable. Nowadays, more individuals interested in buying a luxury residence are in favor of a living that is simple and relaxed.
Don’t get us wrong. We can all agree that sometimes simple is more elegant, and it seems that in this case, it really is. There are even cases where people sold their formal homes and bought new comfortable counterparts. And since relocation to any part of the state is not a problem, you too can do the same if you don’t feel like remodeling the entire house.
In recent years, people have developed a particular interest in finishing design besides asking for quality materials. The thing that luxury home buyers are after the most these days is sophisticated craftsmanship. People are more aware of quality products, and most of them are glad to hear a backstory of everything they have in their homes.
So, one difference in today’s market, as opposed to the market a few years back, is that there should be zero compromises on design. Nowadays, consumers want to know what makes one design better than the other in terms of uniqueness and class. So, if you want a home that will have a good resale value, pick one that has these sophisticated features.
Louisiana luxury home financing
So, if you have decided that Louisiana and its trends are perfect for you, you need to figure out how to finance purchasing a luxury home in it. And you’ll have the following options:
- Jumbo Mortgage – These mortgages are the ones that are higher than the conforming amount and usually go up to $2 million.
- Super Jumbo Mortgage – As you might expect, it’s a mortgage greater than $2 million. However, only a selected number of lenders offer these.
- Bank Statement Loan – If you are a self-employed borrower, you will be offered this type of loan. You qualify for these with average monthly bank deposits rather than tax returns.
- Non-QM Mortgage – Subprime lenders often offer non-qualified mortgages. Sometimes, this is the only way to get enough money to finance a luxury home.
As you can see, there are quite a few things to be aware of when it comes to Louisiana luxury real estate market trends. Some people are trying to run away from cities, while others are going for luxury condos instead of mansions. Whatever you do, make sure to think about it thoroughly and make the decision only when you’re sure that it’s the right one.