Lavish. Affluent. Exclusive. All are words used to describe the luxury real estate market. No matter how you describe it, the luxury market has been and always will be an integral part of the Gulf Coast real estate industry. From beachfront vacation condos to bay front estates, the Pensacola, Pensacola Beach and Perdido Key areas are home to a variety of “premier” property types. The question though, is what defines these properties as luxurious?
According Inman.com, the leading online source for real estate news, the $2 million to $5 million mark is the most popular price point for luxury properties on a national level, comprising 29% of the total respondents surveyed. With this as the criteria, only 1.2% of properties currently active in the greater Pensacola Beach and Perdido Key areas can be classified as “luxury.” However, Inman.com’s second defining range of $1 million to $2 million comprises 26% of the respondents on a national level and 8.5% of properties in the Pensacola MLS (multiple listing service).
With less than 10% of properties in the area being classified as “luxury,” it can be difficult to find the right buyer for luxury real estate in Pensacola Beach. More often than not, these buyers are few and far between, and in most cases, conservative with their spending and cautious with their risk-taking. Because they know what they want, it becomes increasingly important for sellers to highlight their property’s value in terms of what motivates this group. On the Gulf Coast, proximity to water is key, in addition to neighborhood/complex amenities, privacy and comfort.
In short, high net-worth clients have high expectations. As any great luxury real estate broker in Pensacola Beach will tell you, the agent you choose and the strategy they employ is a key component of success to buying and selling high-end properties on the Gulf Coast.
