When millions of dollars are on the line, mistakes are simply unacceptable. While today’s high-end real estate market is not only recovering but thriving, there are still crucial steps that need to be taken to ensure a successful luxury home sale. To avoid the most common missteps, here are the top 5 mistakes that luxury home sellers make.
- Overpricing: One of the easiest mistakes to make is setting a listing price that is too high; be sure you and your listing agent do the research to ensure the right price.
- Disregarding Inspection: Don’t assume that a professional inspection is unnecessary. It’s better to find minor repairs now than during a showing when it can forfeit integrity.
- Weak Marketing: It is crucial to market your home to all potential buyers worldwide, and this requires building an extensive marketing strategy that includes social media and holding an open house event (if not multiple).
- Thoughtless Staging: Luxury homes should be presented in the best possible light possible, even if this requires full redecorating as it could make or break a potential buyer’s impression.
- Assuming Qualification: Do not take a buyer seriously until they have showed you documents that prove buying power or mortgage qualification.
Sellers looking for a real estate company that specializes in global, multi-million dollar home sales can contact Hurwitz James Company in Beverley Hills at 888-681-5902.
The Castello Della Costa d’Oro currently listed at $58 million with Hurwitz James Company
Freddie Mac’s Primary Market Mortgage Survey for the week of July 12, 2012 revealed that average fixed-rate mortgages hit record-lows once again.
The average 30-year fixed-rate mortgage was recorded at 3.56 percent, which was the 16th week in a row that it has been below 4.00 percent. The average 15-year fixed-rate mortgage was reported at 2.86 percent, which was the 7th week in a row that it has stayed below 3.00 percent.
According to the LA Times news report, borrowers can lock in rates that are even lower by shopping around and paying upfront discount points.
So what does this mean for luxury real estate? This means luxury homes for less! As we noted in a recent post on Top Tips for Buying Mega-Mansions, it’s more economical to purchase a multi-million dollar home with a mortgage, even if you have the cash up front.
Hurwitz James Company specializes in buying and selling multi-million dollar estates and trophy properties all across the globe; below are some of our current listings. Investors and homebuyers interested in purchasing luxury real estate can contact Hurwitz James Company at 888-681-5902.
Luxury Oceanfront Condo listed at $1,795,000
Malibu French Country Estate listed at $14,500,000
The Castello Della Costa d’Oro listed at $58,000,000
Believe it or not, we have officially returned to a time where tens of millions of dollars are once again being thrown into bidding wars for trophy properties in the most sought-after localities of the nation. U.S. News solicited the experts to reveal the driving factors behind the surge of top dollar sales and the now sizzling mega-million housing market.
1. A Safe Haven: In the eyes of affluent foreign buyers, the U.S. luxury housing market is a relatively safe depository for investments compared to Europe’s tumultuous markets.
“Even with the negative outlook . . . investors continued to flood into U.S. treasuries, driving rates of return lower.”
2. Cash Flow to Seal the Deal: High-end homebuyers are not constrained by the tight credit and mortgage issues that the majority of today’s homebuyers are facing; rather, these big-time buyers have the freedom to purchase or at least offer a significant down payment up front.
“There’s a sentiment . . . That’s moving some [would-be buyers] from the sidelines and getting them into the game.”
3. Pouncing “Low” Prices: Every buyer knows low prices won’t last for long; and when it comes to mega-mansions, buying could mean saving millions.
“Even if you’re in [the luxury market segment], prices are lower than they were three, four, five years ago.”
With incredible experience in the global luxury real estate markets and high-end auctions, the experts at Hurwitz James Company can help you find the mansion of your dreams at a surreal price; contact Hurwitz James Company in Beverley Hills at 888-681-5902.
The Shelter Island Estate in Montana was recently listed for $78,000,000; contact Hurwitz James Company for more details.
Source: U.S. News
Investors and high-end homebuyers can rely on Unique Homes and Hurwitz James Company as go-to resources for information on luxury real estate listings worldwide.
Reaching over 80 countries, the Unique Homes print and digital magazine has become an authoritative source for informative luxury real estate articles and stunning photography of the world’s most impressive properties. The Unique Homes site, which allows you to easily search listings, is also one of the most-visited luxury home websites in the industry.
Since starting in 1987, the Hurwitz James Company name has become associated with some of the world’s most prestigious neighborhoods and properties. Founder and president of Hurwitz James Company, Bob Hurwitz specializes in multimillion dollar estates and luxury residential developments and is the sole Realtor for the marketing and sales of the exclusive residential island known as the Ocean Reef Islands development.
By following Hurwitz James Company you can not only see our latest listings, but you can also stay in the know with current activity and trends in the global luxury real estate market. Here at Hurwitz James, we pride ourselves on providing a rich mix of lifestyle, listing and market information through all three of our social media platforms. But we want to hear from you, too! Join the luxury real estate discussion by following and commenting on the Hurwitz James Company blog, Facebook and Twitter.
For those investors looking to take advantage of low mortgage rates, resale value becomes an important consideration. An estate in a luxury community is more likely to retain value than an estate surrounded by less expensive homes. As it was chronicled in a recent luxury real estate trend report, here are the most luxurious communities according to the U.S. Census Bureau.
- Beverly Hills
- Pacific Palisades
- Rolling Hills Estates
- Santa Monica
- Rolling Hills Estates
Hurwitz James Company knows that luxury homebuyers want more than resale value, however. They want to find that special something about a luxury community that makes it stand out from the rest – be it stunning modern architecture, vintage charm, a pristine natural landscape or an equestrian’s dream.
Specializing in multimillion-dollar estates and luxury residential developments worldwide, Hurwitz James Company can assist you in finding the luxury home that has the amenities and conveniences to perfectly suit your personality and lifestyle. Contact Hurwtiz James Company at 888-681-5902 to begin searching for your dream luxury estate today.
View from the The Bradbury Estate located in one of the most expensive ZIP codes in America by Forbes. The estate is currently listed at $78.8 million with Hurwitz James Company.
There’s one word that has been on investors’ minds in the past year, and that is “vacation!” According to a recent report released by the National Association of Realtors, sales vacation home sales have spiked in the past year. The luxury real estate market is swiftly rebounding as more investors and higher-income households are taking advantage of low prices and snapping up upscale vacation homes.
The National Association of Realtors found that there were 1.2 million homes purchased by investors in 2011, a 65% increase in only one year’s time. The number of investment home sales accounted for 27% of all home sales in 2011, which is up from 17% in 2010. The number of second home or vacation home purchases also rose 7% in the past year to 502,000, which accounted for 11% of all real estate transactions.
As the report states, “Lifestyle factors have consistently been the primary motivation for vacation-home buyers . . . Eighty-two percent of vacation-home buyers said the primary reason for buying was to use the property themselves for vacations, or as a family retreat.”
There’s no better time to buy that second home than now. Hurwitz James Company in Beverly Hills, California currently has listings for luxury properties in the most desirable zip codes in America as well as the most desirable cities all over the world. Take a look at these two current listings, which would make perfect vacation homes.
Cabana Verde in San Isidro del General, Costa Rica available for $1,500,000
Villa La Mulata in Sosua, Dominican Republic available for $670,000
Unique Homes magazine recently sat down with Bob Hurwitz, president of Hurwitz James Company, for a fascinating discussion about the recent trend of foreign investing in the luxury real estate market.
While there are no specific statistics, it’s very clear that the BRIC countries – Brazil, Russia, India and China – are leading the way in multi-million dollar, foreign real estate investments. And Bob Hurwitz has seen this first-hand, as Hurwitz James Company has received an influx of inquiries on California listings specifically from potential Russian buyers.
Russian investors have held a prominent role in the upper-end segment of London real estate, but London is now becoming a second choice next U.S. hubs like New York. In fact, there is currently a disproportionate number of Russian buyers in the Manhattan $20 million-plus market. As Founder and CEO of Chase International, Shari Chase, told Unique Homes, “Even though they are strong negotiators, their spending habits are often more spontaneous.”
There are several factors that could be contributing to the recent increased interest in foreign real estate – especially in Europe and the U.S. – among Russian investors. First of all, getting a visa in the U.S. is fairly easy. Second of all, the political climate in Russia has made safe haven cities particularly appealing. Weather is also a factor that is making these U.S. and European cities looks quite glamorous compared to St. Petersburg or Moscow.
Pending contracts and new construction are suggesting that this trend is far from slowing down and will most likely be breaking into the $50 million price point. To read more of the Unique Homes article on foreign investing featuring interviews with Bob Hurwitz and other real estate authorities, visit the article online at content.uniquehomes.com.
Photo via Unique Homes
As it was featured in a recent Forbes article, the definitive travel publishing empire Fodor’s Modern Guides has released its “Best of Europe 2012.” With 18 categories that include family vacations, outdoor activities and picturesque charm, the “Best of Europe 2012″ name the top European getaways as ranked by Fodors.com visitors. To no surprise, France led the way with the most category wins.
- Fodorite Favorite: Paris
- Food & Wine: Burgundy
- Romance: Champagne
- Winter Trips: France
- Spring Trips: France
- One-Week Trips: Paris
With food, wine, romance, stunning landscapes and year-round enjoyment, France is certainly a wonderful place to relocate or to own a second home. Here are the two properties that Hurwitz James Company is currently listing in France.
The Chateau de Paradis has been a historical monument since 1947. This grand castle rests on 37 breathtaking acres that boast horse pastures, fruit trees and ancient forests. Available for €3,500,000.
The Avenue du President Kennedy, is a 2-story luxurious penthouse in the heart of Paris with awe-inspiring views of the Seine and Eiffel tower. Available for €45,000,000.
For additional information on either of these properties please call Hurwitz James Company based in Beverly Hills, California at 888-681-5902.