Every person has a different definition of luxury. While stainless steel appliances, European faucets and stone countertops are common high-end features, what is “luxury” in Omaha may be very different than what is designed, priced and sold as luxury in Manhattan.
And luxury isn’t just the design, fixtures and finishes of the home itself; luxury is the lifestyle that goes along with it. In addition to the high-end materials, luxury developments compete by including lifestyle amenities such as on-site yoga studios, a personal concierge, social spaces, organized gatherings, pet centers, room service and more.
For your audience, the problem isn’t defining luxury. The problem is too much of a good thing. Not too long ago,
it was easy to be the only high-end building in the neighborhood, putting your development in rarified air. But if you’re the third luxury building on the same block with two more developments coming online in the next quarter, it can be difficult to stand out.
With multiple options to choose from, “location, location, location,” that sacred mantra, is no longer enough. With every development featuring marble baths, hardwood flooring and a pool table in the common room, consumers have no good reason to make any one choice.
So how are you supposed to compete? Throw more amenities at the wall and see what sticks? Hope there’s more demand than supply? Lower your rates and compete on price?