By Luxury Expert Vicki Klunk

I have seen exceptional homes with strong architecture, desirable locations, and impressive amenities remain on the market far longer than a seller expected.

That does not always mean there is no demand. More often, it means today’s luxury buyer is being highly selective.

Affluent buyers typically have the ability to wait. They can compare multiple properties, consider different communities, and in many cases evaluate homes across several markets. If a property does not clearly justify its price and position, they are comfortable moving on.

When I look at a luxury home that is taking longer to sell, these are three of the first areas I evaluate.

High-end buyers are sophisticated, patient, and usually very well informed. They are often reviewing comparable sales, recent listings, new construction, and competing properties before they ever schedule a showing.

If the asking price does not align with current market conditions, buyers notice.

One of the challenges in luxury real estate is that every property is different. A spectacular view, exceptional privacy, significant acreage, architectural pedigree, or a rare location can absolutely justify a premium. But even unique homes are still being measured against alternatives.

In my experience, buyers are willing to pay more when they can clearly understand why a property deserves more. The difficulty begins when the price premium is greater than the perceived difference in value.

The first weeks on the market are especially important because that is often when a new listing receives its strongest attention.

If a property enters the market significantly above where buyers perceive its value, that initial exposure can be lost. Over time, repeated price adjustments may create unnecessary questions about the home and weaken a seller’s negotiating position.

I do not believe the objective should simply be to select the highest possible asking price. The objective is to position the home where its location, condition, scarcity, and lifestyle offering feel compelling compared with everything else the buyer could choose.

One point I often discuss with sellers is that a luxury property is not necessarily competing only with the house next door.

A buyer considering one residence may also be looking at a newly built home, a private villa, a condo with extensive services, or even a property in another destination.

For international buyers, that competitive set can be especially broad.

In a lifestyle market such as Costa Rica, for example, a buyer may compare properties based on much more than bedrooms, bathrooms, and square footage. Privacy, views, beach access, security, proximity to airports, property management, restaurants, wellness amenities, marina access, and ease of ownership can all influence the decision.

If several properties appear to offer a similar experience, the home without a clearly defined advantage may sit longer.

When I bring a property to market, I want a buyer to understand very quickly what makes that home difficult to replace.

That distinction may be an irreplaceable location, exceptional architecture, superior privacy, extensive land, direct beach access, an extraordinary view corridor, or a level of service that is difficult to find elsewhere.

Marketing also plays an important role. Strong photography, considered staging, accurate property information, video, floor plans, editorial-quality copy, and targeted exposure all help a buyer understand the property before they ever arrive for a private showing.

At this level, marketing should not simply document the residence. It should communicate why owning it is different.

Today’s luxury buyer is rarely purchasing square footage alone. They are evaluating the complete ownership experience.

One of the strongest preferences I see is for homes that feel complete and ready to enjoy.

A buyer may certainly have the financial ability to renovate, but that does not mean they want to spend the next year coordinating architects, contractors, permits, furnishings, landscaping, and design decisions.

Condition therefore matters. So do thoughtful design, privacy, security, technology, outdoor living, high-quality kitchens and bathrooms, wellness spaces, storage, service areas, and a natural connection between indoor and outdoor spaces.

A property can be fairly priced on paper and still struggle if buyers immediately begin calculating the time, effort, and additional investment required after closing.

I often remind sellers that an expensive property and a desirable property are not automatically the same thing.

At the upper end of the market, buyers are looking closely at how a home will fit into their lives.

This may include airport access, nearby restaurants and services, road conditions, security, beach or marina proximity, property management, and how easily the residence can be maintained while the owner is abroad.

Those practical details can influence the buying decision just as much as another bedroom or additional square footage.

If a luxury home is not selling, I would not automatically assume that the first solution is a price reduction.

The more useful question is: Why are qualified buyers choosing something else?

I would look carefully look at the property’s condition, direct competition, presentation during showings, feedback from previous visitors, pricing and, most importantly, the lifestyle story being communicated to the market.