Georgia is one of the oldest and most popular states in the country and has been a preferred destination for migrants since years.
In addition to offering diverse residential housing and real estate for different needs and budgets, Georgia is also emerging as a luxury destination for homeowners and investors.
Luxury real estate in Georgia might have been unheard of a few years ago, but that is changing.
Post pandemic, Georgia’s housing market has made a steady comeback as demand continues to soar. However, the most significant boost was noticed in the luxury market of Georgia.
As per industry data, the demand for luxury real estate has been growing over the last few years and the trends indicate that it could grow even more from here.
It is also observed that more people are interested in making high-ticket residential investments in Georgia, especially homebuyers from popular states like New York, Washington and California.
Whether you are a real estate professional looking to break into this lucrative field or a luxury investor ready to make your next big investment - now is a good time to get started.
So, how do you take the first step to becoming a real estate professional in Georgia and cater to the luxury segment?
To get off the mark, enroll in a Georgia real estate license course online. Ensure that the course provider is state-approved to get high-quality course materials. The Georgia real estate course is of 60 hours’ duration and most aspiring real estate agents prefer online learning over classroom studies. It is convenient as they can study from anywhere anytime.
Once you have completed the coursework, schedule and pass the licensing exam. Select a broker who will mentor you in the initial stages of your job. Once all these formalities are completed, you will be awarded a Georgia real estate license. You can now be on your way to a rewarding and lucrative career in the luxury real estate segment in Georgia.
In this article, we will give an overview of Georgia’s luxury real estate, how it has shaped and what you need to know to understand it better.
You will learn everything from the definition of luxury real estate and how Georgia’s luxury market is poised for future growth and expansion.
What Sets Luxury Homes in Georgia Apart?
The term ‘luxury’ can mean something completely different for different people.
For an average person, owning a home can be termed as luxury whereas for a millionaire, luxury is something which is rare and more expensive than the average.
However, there are certain common or key aspects which give a property a luxury value.
Did you know that the current luxury benchmark price for a single family home in Georgia can go as high as $850K!
To understand what is considered luxury real estate, let us first take a step back and understand what gives the tag of ‘luxury’ to a home.
Location and Landscape
Often the first aspect for defining luxury real estate is where the property is located and how one can describe the nearby landscape of the property.
Generally, luxury real estate is located in or nearby high-value, popular and posh areas and neighborhoods and blocks of a city or state.
Proximity to modern amenities like entertainment centers, high-end shopping streets, and sports stadiums are a common sight to identify luxury real estate.
Then comes the presence of natural and expensive landscapes like golf courses, coastline and beaches that can also set luxury homes apart from other residential properties.
Luxury real estate in Georgia enjoys both the advantages - it is located strategically to some of the state’s popular and rich cultural and entertainment centers. On top of it, Georgia’s scenic views and beautiful landscape also elevate the value of real estate.
Quality of Construction and Design
Luxury homes are constructed using high-quality, premium materials and state-of-the-art design techniques which sets them apart from the average residential properties.
There are numerous considerations and choices when it comes to designing a luxury house.
Some of them include - using highest quality fixtures, industry-leading fittings, sustainable and long-lasting design, robust exterior, premium furnishings and large open floors and high ceilings.
In terms of design, luxury homes are often designed by reputed, luxury architects and world-class interior designers who have a higher price tag and brand recognition.
These lavish interiors and exterior designs add to their charm and appeal, significantly increasing the luxury quotient of a home.
Amenities and Features
In today’s day and age, every luxury home comes equipped with a plethora of amenities and features.
Jacuzzi, spa, private pools, designer taps and faucets, wine cellars, luxury bathrooms, modular cabinets, and private home theaters are some of the many luxurious amenities available in homes today.
Luxury home owners often demand and pay for premium, ultra comfortable and modern amenities to make their lifestyle convenient, comfortable and plush.
Adding cutting-edge technology features for home automation is another prominent way to add to a luxury home’s value.
Some of them include - temperature controlled rooms, climate settings, automated door access, remote controlled curtains and windows and advanced intruder protection systems.
Understanding the Luxury Home Market
A luxury home comes with a luxury price tag which only a few can afford to pay for but for the luxury buyer, it all comes down to personal preferences.
Be it apartments, condos, villas and mansions, penthouses - luxury homes come in all shapes, sizes and scale.
The luxury home market in Georgia is vast and expansive and to understand how the market is shaping up, it is important to learn more about the underlying factors and trends influencing it.
Factors That Define Luxury Real Estate
When it comes to the key difference between regular housing versus luxury homes, there is no universally accepted or agreed upon threshold.
What is considered luxury real estate can depend on the state, neighborhood, and locality.
However, there are certain factors that apply to every person, property or definition of luxury real estate. These include:
- Prime Location: Affluent homes are primarily about their location and they can easily be characterized by where they are located. Prestigious locations, upmarket streets and high-end neighborhoods are often considered as luxury real estate locations. Luxury homes are located nearby prime amenities such as - shopping malls, entertainment arenas, clubs, boutique restaurants, exclusive cafes, airport and city attractions.
- Premium Construction: A luxury home is made with the highest quality materials, finishes and design. Everything from premium glass and marble to imported flooring and furniture, a luxury home reeks of a cut-above-the-common. The construction techniques and space planning also exudes elegance and luxury with their design and looks.
- Lavish amenities: Many luxury homes come equipped with the latest and greatest amenities as standard. From temperature controlled rooms, jacuzzi baths and wine cellars to private pools, golf courses and mini theaters. Luxury homes are designed to offer ultimate comfort, luxury and convenience to the owners with exquisite and expensive amenities.
- Smart home automation: In today’s technology-first world, luxury homes are designed with smart home automation features such as remote control access, motion sensing, smart locks and temperature control. These features are designed to offer maximum convenience and security to the homeowners while ensuring they have complete control over their private enclave.
- Industry leading developers: Luxury homes can also be defined and identified by the people behind the project. Often world-class developers, architects and designers are brought together to build and construct luxury homes for affluent owners. The level of expertise, creative sensibility and sustainability offered by these professionals is what elevates the standard and value of a luxury home manifold.
Market Trends and Dynamics
In order to understand the market of luxury homes in GA, it is necessary to learn about the influencing factors and key trends.
Firstly, there has been a noticeable surge in the demand for luxury homes in Georgia. Post pandemic, the luxury real estate market has bounced back with increased interest from migrants coming from New York, California and Washington.
To describe the current market trends and dynamic in Georgia, here is a quick summary:
- Compared to 2022, there has been around 5% increase in the number of luxury homes sold in Georgia.
- The total number of luxury homes listing has also increased significantly since last year. As of 2023, both single family homes and attached properties have increased.
- The Georgia luxury real estate market is still facing a shortage of inventory and the demand is greater than the available supply.
- The starting price for a luxury home in Georgia has been estimated at $1,375,000 as of 2023. This price can go as high as $15,80,000 based on the location and type of home.
- The most active price range for luxury homes is between $1M to $1.5M (for single family homes) and $500K to $600K (for attached homes),
- The total number of sales for luxury homes more than $1M has nearly tripled from 2.6% to 6.9% since the last five years. However, the demand for luxury real estate has soared the most in the last two years.
Overall, the general trends of Georgia’s luxury real estate market are pointing towards an increasing demand from homebuyers and investors.
Yes, luxury homes might not be selling at the same velocity as the pre-pandemic level, but if you look at the market trends historically, the demand is steadily improving.
The willingness to pay a premium for luxury properties is clearly evident - and this is a good sign for real estate agents, brokers and realtors.
Defining Luxury Real Estate
You might have seen numerous advertisements online, in-events or even on billboards that go Georgia luxury homes for sale but have you ever paused and thought about what defines a property as luxury?
Let us discuss some key factors which can influence the market and perceived value of a home and give it the luxury tag.
Price Thresholds and Size
When you move into a luxury property, you are not just getting a home, you are purchasing your own sanctuary.
With a hefty price tag comes the luxury of getting your own space and making the most of the large area available for you.
Luxury homes can be at least five to ten times larger in size as compared to traditional housing in Georgia.
Take for example the price of a $2.5M luxury home in Georgia - it can give you 2000 square feet of living space in addition to at least three bedrooms.
If you were to buy a luxury property worth $5M in Georgia, it would fetch you 5000 square feet of personal space which you can make your own.
Unique Features and Architectural Designs
Luxury homes are known for their unique, convenient and plush features and amenities.
When you buy a luxury property, you are also paying a premium for the pre-installed set of features to make your life more comfortable and secure.
Private pools, tennis courts, sprawling lawns are some of the most common sights in luxury homes in GA.
Another bragging right which comes with buying luxury real estate is the joy of owning a home designed by celebrity architects and master designers.
From beautiful courtyards to delightful interiors, there’s a lot you can gain with their wisdom.
Their names and presence is seen in around 45% of the total luxury home listings in Georgia.