1. Luxury is - So much more than location, location, location. Traditionally we thought of Luxury properties being in certain areas or postal/zip codes but that is changing. High net worth clients are expanding their scope and willing to pay high prices where ever they find the lifestyle, and amenities that are important to them.

2. Luxury is – Convenience. As Millennials grow up and the Baby Boomers downsize, many large cities and urban areas are witnessing a resurgence. This is having a significant impact on the growth of urban areas with older affluent buyers. These areas are convenient and loaded with amenities that the suburbs don’t have. Many are opting for generous sized condos and town-homes within walking distance of offices, shopping, and great dining.

3. Luxury is – Age-Agnostic. Over the past 3 years we have seen more multi-generational travel. The growth in this type of tourism has meant some prestigious real estate is being purchased in resort destinations. We see increased demand for luxury homes with spaces that can accommodate generational diversity and entertaining requirements. Wealthy buyers are focused on spaces for grandchildren, and adult children are focused on guesthouses for elderly parents. A wide variety of amenities and entertainment for the entire family are becoming a priority with affluent home buyers.

4. Luxury is – Ultimate Privacy. For the very busy client, or one who is active on social media, and with smartphone technology, there has become an increasing desire for tuning out and privacy. A characteristic of today’s high end luxury is ultimate privacy. Long gated driveways, security systems, vegetation, and media-proof hideaways are replacing the ostentatiousness of the wealthy from just a few years ago.

5. Luxury is – Conscious living. Owning a home that doesn’t leave a negative footprint on the community is very important, and a home with a positive effect is even better. The demand for more sustainable and healthy environments has placed more emphasis on sourcing materials and has fueled the conscious living movement.

6. Luxury is - Collectible. Today’s wealthy and savvy investor loves to acquire and collect things of great value such as high value art work, sport teams and trophy residences. Many investors love to work with architects and designers to create ultra-luxury residences and properties. One of a kind trophy homes are becoming the latest “must have” for the world’s most affluent.

7. Luxury is – Turn Key. Buyers are willing to pay a large premium for the convenience of the “just bring a tooth brush” type of property outfitted with top of the line accoutrements. Many buyers are insistent on immaculate condition and have little appetite for refurbishing a property or a project. Move in straight away is the way to go for these buyers.

8. Luxury is – Blank Canvas. At the other end of the scale is the buyer who has a desire for newness and willing to build their own trophy home. Buying the “trophy” property with the older home on it and tearing it down to start from scratch.

9. Luxury is – Understated. Today luxury is not the brash display of wealth that we saw years ago. Today, luxury is scaled back, quality over quantity, with understated elegance. Luxury buyers tend to be discreet, and less ostentatious. There is a trend to architecture that blends into the topography as opposed to in your face. The quality of the amenities and the lifestyle offering are more important today than the size of the house. We are witnessing a continuing shift from ostentatious displays of one’s wealth to a more restrained expression of tasteful, and thoughtful understated luxury.

What does Luxury look like to you? Is your favourite type of Luxury here in this list?