If you're in the market for a luxury home among homes for sale in Anna Maria Island or Longboat Key real estate, you want to make sure that you're getting a good deal and that the home will appreciate in value over time. However, there are other factors to consider as well. In this blog, we'll take a look at some of the factors at play with luxury home purchases. We'll also give you some tips on how to keep your property looking timeless and chic!
Why buy a luxury property anyway?
For starters, homes in the luxury market, like homes for sale in Anna Maria Island and Longboat Key real estate, are usually much better constructed than homes in the lower price tiers. They're also often located in desirable neighborhoods and come with high-end finishes and features that most buyers can only dream of owning. Beyond the construction, buyers of luxury property usually prioritize prestige, land value, long-term property value appreciation, and the view.
Prestige
Since luxury homes are associated with a certain level of status, they can be excellent investments for buyers who want to make a statement. If you're looking to impress business associates or friends, a luxury home can indicate impeccable taste and high quality of living. Owning a luxury property automatically carries a certain level of prestige simply because they're so impressive in size, amenities, and cost.
Land Value
Luxury homes are also usually located on large pieces of land, which can be a valuable asset in and of itself. In addition to the actual home, luxury buyers interested in homes for sale in Anna Maria Island or Longboat Key real estate often pay a premium for the lot that the property is located on. If you're looking for a property with a large yard or acreage, you'll likely have to pay a bit more for the privilege. When you own a larger portion of land, though, you also have more options over the long-term ownership of the property. You have the option to expand or completely rebuild the home structure. You can add a guest house. You can build a vegetable garden and start homesteading. The opportunities are endless!
Property value appreciation
Of course, you're also probably wondering about the long-term value of luxury homes among homes for sale in Anna Maria Island or Longboat Key real estate and whether or not they appreciate at a higher rate than homes in other price tiers. The answer to this question is a bit complicated because there are so many factors at play, but we know real estate is usually a safe investment since homes are always needed. As long as you can afford to hold the property through the market shifts, you can expect a stable or higher return on your investment.
Looking specifically at homes for sale in Anna Maria Island, the median list price has fluctuated greatly since September 2020, with a low of $1,425,000 from August to October 2021 and a high of $5,641,500 in January 2022. Over the past five years, the number of homes listed for sale has not exceeded 90 homes per month, which has equated to a market that strongly favors sellers. Homes for sale in Anna Maria Island are a strong investment opportunity since demand exceeds the available inventory, so the property is sure to continue to appreciate in value.
As for Longboat Key real estate, the median list price has been higher than usual since July 2021, with prices remaining higher than seen monthly since June 2017. The highest spikes were seen from July through December 2021, but prices still remain above the usual median throughout 2022 so far, at approximately $1.5 million or more, which is far higher than has been seen for the majority of the last five years when list prices were usually below $1 million. It is also worth noting that there have been under 200 homes for sale in Longboat Key real estate since August 2020, which has led to a strong seller's market for over a year.
View
Another important factor to consider when purchasing a luxury home among homes for sale in Anna Maria Island or Longboat Key real estate is the view. Oftentimes, homes in this price range are located in prime real estate locations with stunning views. Whether it's an oceanfront property or one nestled in the mountains, the view is definitely something that you should take into consideration. Not only will it add to the aesthetic appeal of your home, but it could also increase the resale value down the line. However, you'll want to know about the surrounding property and if there is the possibility of new construction changing the view over time.
Design tips to keep your property looking timeless and chic
Once you've found the perfect luxury property among homes for sale in Anna Maria Island or Longboat Key real estate, it's important to maintain its appearance so that it retains or even increases in value over time. Here are a few design tips to keep your property looking chic and timeless:
- Stick to a neutral color palette for the exterior and interior of your home, which will appeal to a wider range of buyers if you decide to sell in the future.
- Invest in high-quality materials and finishes, including features like marble countertops, hardwood floors, and stainless steel appliances.
- Work with a reputable interior designer to ensure that your home is designed in a timeless way. They can help you select furniture and decor that won't go out of style.
- Make sure the landscaping is well-maintained, including keeping the lawn trimmed and planting seasonal flowers.
- Designate at least one outdoor entertainment area, possibly a pool, patio, or deck with an outdoor kitchen.
By following these tips, you can help your luxury property retain its value or even appreciate it at a higher rate.
Looking for Longboat Key real estate?
If you're thinking about purchasing a luxury home among homes for sale in Anna Maria Island or Longboat Key real estate, it's important to be aware of the long-term value. Prices have been on the rise for the past few years and are predicted to continue to increase. Keep in mind the location, view, and design of your home when making your purchase to ensure that you get the most value for your money. For assistance with finding the right luxury property for you, reach out to a local real estate agent like Alexis Smith-Frady.
*Header photo courtesy of Alexis Smith-Frady
*Header photo courtesy of Alexis Smith-Frady