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
Luxury real estate is winning the race to recovery. Real estate expert Robert Frank from CNBC recently reported that the real estate market seems to have split in two. As wealthy investors and homebuyers are driving up prices and stability in the high-end market, the rest of the housing market is struggling at a slower speed.
According to Altos Research, Prices are up 10 percent and inventory is down 10 percent in markets where the median home price starts at $1 million. In the ultra high-end market where the median price is $10 million or more, prices are up 13 percent and inventory is down 11 percent.
As CEO of Altos Michael Simonsen told CNBC, ”It’s become a tale of two markets. At the high end, well-financed people have taken advantage of cheap money. And demand is up, inventory is down and prices are responding.”
There are many factors stimulating the growth of the top sector of the real estate market. First of all, the wealthy are opting to invest in fewer stocks due to the volatility of the European markets. Instead, they are taking advantage of historically low mortgage rates and investing in real estate assets. Foreign buyers from Asia, Russia and Latin America are also contributing to the decreased inventory of real estate in the most sought after U.S. neighborhoods.
To read more about this “tale of two markets,” visit Frank’s article from CNBC.com.
The Bradbury Estate listed at $78,800,000 with Hurwitz James Company.
Call 888-681-5902 for more information.
The second week of May marked the second straight week that mortgage rates have reached new record lows, according to a recent LA Times new report.
Freddie Mac told the LA Times that the average for a 30-year, fixed loan fell to 3.84 percent and the 15-year, fixed rate loan dropped to 3.05 percent. Adjustable loans with an initial five-year fixed rate also dipped down to 2.81 percent.
And according to a Boston Business Journal report which can be viewed on Yahoo! News, this may be one of the contributing factors to the latest evidence that is pointing towards an increase in high-end home sales in certain regions of the country. Lisa Van Der Pool reported in the news segment that that so far this year, luxury home sales are up about 27 percent while single family home sales are only up by about 19 percent.
Whether you are looking to lock in record-low interest rates with the purchase of a high-end home or you are looking to sell your own luxury estate, Hurwitz James Company has luxury listings worldwide as well as the luxury housing market expertise to meet your real estate needs. Contact Hurwitz James Company in Beverley Hills by calling 888-681-5902.
The Bradbury Estate in San Gabriel Valley listed at $78.8 million; contact Hurwitz James Company for more information.
We’ve been hearing it and now there is proof. The March 2012 report released by the National Association of Realtors (NAR) showed a 12.8 percent increase in pending home sales from a year ago. This positive report serves as solid evidence of a recovering housing market. The Pending Homes Sales Index for March was 101.4, which is a 4.1 percent increase from the index in February.
“An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales; it coincides with a level that is historically healthy.”
NAR chief economist Lawrence Yun concluded that these reports are an indicator that 2012 will a year of healthy healing, sustaining and growth for the housing market.
Investors and homebuyers looking to explore their luxury real estate options while interest rates and home prices are still at record lows can contact Hurwitz James Company in Beverley Hills at 888-681-5901.
Vacation home sales are on the rise as investors realize that the incredibly buyer-friendly market conditions won’t last forever. Here is what Wall Street Journal writer Joe Light reported in a recent article.
“If you’re thinking of buying a second home in the next five years, this might be your best opportunity . . . Near-record-low mortgage rates, bargain prices and dwindling home inventories are bringing some once-untouchable markets within reach for the first time in a decade, say housing-market experts.”
As the article confirms, there is a sense of urgency to take advantage of current rates and prices that is spreading among luxury real estate buyers. While conditions are still not what they were before the housing bust, they are not getting worse, as evident by an increases sales and the return of bidding wars.
The most recent National Association of Realtors survey showed a 7% increase in vacation home sales in 2011 with California locales Napa and Santa Barbara named two of the top vacation home markets.
But as the Wall Street Journal article suggests, some real estate authorities believe that signs are beginning to appear of a bottom-price for vacation homes.
Explore the vacation home possibilities that may not be available for much longer by contacting Hurwitz James Company in Beverley Hills at 888.681.5902.
The view from the hot tub at the Cabana Verde property in Costa Rica, listed at $1.5M.
Please contact Hurwitz James Company for more information.
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.
It’s that time of year when it’s easy to drift into daydreams of sandy beaches and ocean breezes. It’s also the perfect time of year to buy a home, particularly a vacation home. We currently have a listing for a beautiful home in Sosua, a hot tourist destination in the Dominican Republic available for only $670,000!
The Villa La Mulata is a two-story ocean view home and hidden sanctuary situated on the hilltops of Sosua. The Villa includes three large bedrooms, an impressive master suite and enormous master bathroom, granite countertops, large gas stovetop and a spacious living room.
Owners will be able to live in private luxury with the gated entry, stunning garden, sparkling swimming pool, whirlpool and outdoor leisure areas to enjoy the endless views and gorgeous sunsets. Only minutes away from the popular snorkeling beach and the town’s shops & boutiques, restaurants and nightlight, the Villa’s location also makes for a prime vacation destination.
Interested buyers should act fast before this gem is snatched up. Schedule a showing by contacting Hurwitz James Company in Beverley Hills at 888-681-5902.
Just imagine having your very own private tropical paradise where you can escape to at any time while still feeling right at home. If a permanent vacation spot in Costa Rica sounds like something you could get used to, Hurwitz James Company might have the perfect vacation home for you.
The Cabana Verde home in San Isidro del General in the Southern Pacific Region of Costa Rica is nestled on a private, 5-acre estate amidst tropical gardens, waterfalls, mountains and a winding river. The estate includes a 6,000 square-foot Mediterranean style villa, an unattached guesthouse, a custom massage room, an oversized spa and a sparkling swimming pool.
A tropical vacation home wouldn’t be complete without exciting outdoor opportunities. The Cabana Verde‘s prime location allows vacation homeowners to enjoy world-renowned beaches, biking, hiking, horseback riding, deep sea fishing, natural hot springs, snorkeling, diving, sailing, white water rafting, zip lining, mountain climbing and much more.
The Cabana Verde can become your very own vacation home for $1,500,000. Interested buyers can contact Hurwtiz James Company at 888-681-5902.
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