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    Date Published: 2014-06-23

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Questions related to Luxury Real Estate

TIPS FOR LUXURY REAL ESTATE SHOPPING

  • November 28, 2016

    “Due diligence” is the thorough investigation of a property’s physical condition, history, and legal status, is important in all real estate transactions, but especially in high-priced luxury luxury real estate transactions.

    Here are some elements of due diligence that should be accomplished before signing for a luxury real estate purchase:

    • A meticulous, multifaceted building inspection: With luxury homes and commercial properties, one inspection is simply not sufficient. It is best to hire a team of “niche area” inspectors to ensure there are no “surprises” after the sale has already closed.
    • A professionally done title search: The legal right of the seller to sell the home must be firmly established before you opt to buy. If others lay claim to the property, if a bank has a lien on it, or if there is an unresolved boundary dispute, you need to know about it.
    • A review of condominium rules: Before purchasing a luxury condo unit, it is crucial to diligently review all covenants, conditions, and restrictions. Condo rules can be stringent, and fines for violations can be heavy.
  • November 11, 2016

    When shopping for luxury real estate, you will quickly learn there are special considerations to take into account compared to the lower-tier market. Only by learning these factors and adjusting to them can you make your luxury property search as successful as possible.

    Here are 3 top tips to keep in mind as you go through the process of finding and buying your ideal luxury property:

    1. Rely on connections. Many luxury properties are not even listed, and relatively few are searchable online. This necessitates you lean on the “inside information” of local realtors to identify your options. You may also need a go-between to schedule property viewings.
    2. Hire the experts. Beside an experienced local realtor, you should consider hiring a CPA and a realty lawyer to ensure you are always on solid legal and financial ground.
    3. Insist on “due diligence.” With luxury properties, you should use multiple property inspectors, and you should always invest in title insurance for added protection.
  • October 11, 2016

    When looking for luxury real estate on the market, it is helpful to be aware of these differing approaches to the idea of “luxury.”

    Here are three of the most common ways in which luxury real estate is typically defined:

    • Price range: The most common definition is based on price range, but this is not as simple as it sounds. Usually, luxury begins somewhere between $500,000 and $1,000,000 resale value, but the standards vary by locality.
    • Location: Properties located in exclusive neighborhoods, in high-rise apartment buildings, on sprawling, isolated country lots with panoramic views, or along private/public beach strips in warmer climates are typically viewed as luxury locations.
    • Amenities: Lifestyle-oriented amenities like private spas, indoor pools, “live-in” closets, chef-grade kitchens, wine rooms/cellars, apartment-like master suites, and fully-equipped entertainment rooms also help define luxury.
  • August 26, 2016

    Luxury Real Estate Marketing Ideas:

    Marketing luxury real estate is challenging for a variety of reasons, including a smaller but more widely spread group of qualified buyers, matching the uniqueness of many luxury homes to the right customer, and the fact that your customers tend to be rather “business savvy” and unrestricted in their options.

    For this reason, it is especially important to rely on a broker who is familiar with the luxury end of the local real estate market and who utilizes the full spectrum of proven marketing techniques to sell your luxury home, including these three:

    1. Both online and traditional advertising: Online luxury property search engines, popular luxury living magazines, and direct-mail (or hand-out) brochures can all find a place in a well-rounded marketing strategy. Brokers-only open houses and listings at the local, national, and international levels can maximize exposure.
    2. Exclusive “showcasing” parties: Many luxury brokers have had success by creating a select guest list by partnering with luxury auto dealers, yacht/country clubs, high-end jewelers, or other companies with a high-net-worth client base. They then throw a party where the company and the homeowner show off what they have for sale.
    3. Brokers-only open houses: It is almost never wise to hold a “ordinary” open house with luxury homes since too many unqualified buyers show up. Instead, brokers-only open houses should be used to gain prospects, who are then given private viewings.
  • April 24, 2016

    Luxury real estate differs from “ordinary” real estate enough that there are distinct shopping tips that apply to it alone. The reasons for this are many, including a buyer base that is more limited in number but more widespread geographically, sellers who guard their privacy rather than advertise at every opportunity, and the sheer high cost of the properties themselves.

    Below, we look briefly at 3 tips to keep in mind when shopping for luxury-level real estate:

    1. Use a local real estate agent to expand your search ability. Many high-end homes are not even listed, but an agent will often have inside information about them before they hit the market (if they ever do). Begin by searching online and in magazines where luxury real estate is featured, but don’t stop there. “Connections” are often the way luxury properties are discovered, and local agents live and thrive on such connections.
    1. Get your financing prepared before stepping foot in for-sale luxury home. Due to the high price tags involved, banks may take 45 to 60 days to process a luxury property mortgage, and you want to be ready to make an offer when you find the property you are searching for. Furthermore, sellers will want to see proof of your financial qualifications before letting you tour their home.
    1. Never buy without doing due diligence. This is true of any property purchase but eminently true of luxury properties. You will be dealing with larger, more complex buildings and sprawling lots. You may need specialty inspectors to investigate pools, spa-style bathrooms, heated floors, irrigation systems, and high-tech security systems.
  • February 26, 2016

    Published by Carnan Properties

    When shopping for luxury real estate, you should not expect every aspect of the process to be equivalent to general market real estate shopping. The greater exclusivity, higher price range, and special rules that sometimes apply in affluent neighborhoods make searching for, finding, assessing, and purchasing luxury properties especially challenging, but also highly satisfying and rewarding.

    Utilizing a local real estate agent who has worked your area of interest for at least a year or two and learning some basic luxury real estate “shopping tips” will greatly ease the buying process:

    1. Use an agent to find properties: Less-luxurious properties will almost always be listed publicly and online, but that is not always luxury real estate. Many high-end sellers do not advertise or even list their properties but rely instead on realty agencies to relay their for-sale status to prospective buyers.
    2. Expect greater financial scrutiny: It is best to hire an accountant before even beginning to search for luxury-level properties. The reason is that you will be required to document and prove your income/assets to buy, and in some cases even to view, luxury real estate.
    3. Don’t easily settle for less: In today’s luxury housing market, you can usually find everything you are looking for it you look long enough and hard enough. Whether the feature be an unobstructed, panoramic view, a spa-style bathroom, an indoor gym, or his-and-hers walk-in closets, it is out there somewhere.
    4. Be patient during negotiations: The hard-line, take-it-or-leave-it negotiating style often backfires in luxury markets. It is better to make offers but never demands and to take the time to piece together a deal that both buyer and seller will be happy with.

     

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