Grand Estates Auction

3 Big Mistakes To Avoid When Selling Your Luxury Home

2012-04-27T22:04:54Z

Selling a luxury home can be a very different process than selling an ordinary property. Luxury estates tend to stay on the market for a long time because their owners sometimes find themselves making one of the top three mistakes that luxury real estate owners make when trying to sell their property. We’ve gathered a list for you so that you can see if you fall into this category!

Market your house to “everyone.”
The best luxury home marketing plans use a variety of different strategies to reach only qualified buyers without paying for wasteful marketing to reach everyone. Although lots of people might be curious about your home, it makes sense to focus your limited marketing dollars on reaching those that can actually afford it.
Leave your house in the same condition it is in now.
When searching for a home, most luxury home buyers want a property that does not need repairs or upgrades. Therefore, it is in your best interest to make essential repairs and upgrades before putting your home on the market. If you don’t, you limit the number of interested buyers, which in turn, usually results in a lower sales price.
The kitchen is an easy place to renovate by adding new appliances or granite surfaces!

Set the wrong asking price.
Some sellers set a price much higher than market value of their luxury home. They mistakenly think this strategy allows them more bargaining room to reduce their price in negotiations while still netting a large payment. At first glance, this may seem logical, but the reality is that setting your price too high will do nothing but drive buyers away. Your carrying costs will continue to mount as your home sits on the market unsold. Setting a more realistic asking price at the start attracts more buyers, and perhaps multiple offers. Even better, an absolute auction creates competition on a specific day among buyers who think they can buy your home at a low price but typically end up bidding market value in the end.

Hopefully knowing what not to do will help you make better choices going forward! If you decide that you need help, though, know that Grand Estates Auction is a phone call away. We have the experience, know-how, and connections to help you ensure that your home sells when you want it to.

Photo Credit: Grand Estates Auction

Home Prices Continue to Drop Around the Country

2012-05-10T11:50:37Z

In February, home prices dropped to the worst level that they have been in a decade. While this was contributed to by the winter season where interest in real estate decreases, a large factor seems to be the depressed housing market. For people trying to put high quality, luxury real estate on the market in these conditions, it can be a nightmare.

Home prices have already dropped by a third since the peak of the bubble and those distressed properties hinder the market. On top of this, we have a high unemployment rate and toughening credit conditions. It can be hard to find the right buyers or to maneuver alone in this current market.

That’s why we urge luxury home owners to consider an auction. A reliable, experienced auction company can help sell your property quickly and at fair market value.

Source & Photo Credit: U.S. home prices fall to nearly decade low

Yankees Captain Looking to Trade His Star NY Condo

2012-05-07T21:13:59Z

Yankees captain and future Baseball Hall of Famer Derek Jeter is preparing his Trump World Tower Penthouse to go on the market. He has resided in the 5,425 square foot space since 2001 when he purchased it for $12.6 million dollars. Browsing through pictures of the residence, it’s clear that every room seems to have at least one large, picturesque window. This is definitely the sort of place you should look into if you want to wake up every morning to postcard worthy views of New York City and the East River.

Jeter is asking for $20 million for his 88^th floor property. With such a great location, amazing views, and four bedrooms with 5.5 baths, it doesn’t seem like too great a price to ask. As we’ve seen with other properties though, selling luxury estates on the traditional market can take years and often end in the seller having to drastically drop their price along the way. If Jeter went through Grand Estates Auction, we could not only set a date of his choosing for the property to sell, but we could also ensure that his property received optimal exposure to interested and capable parties.

What do you think of this New York space? Share your thoughts with us in the comments section below!

Source: Derek Jeter’s Trump World Tower Penthouse Condo Goes on Market for $20 Million
Photo Credit: TrumpWorldTower.com via NESN.com