Why is Your Boston Luxury Home Not Selling?October 11, 2014
The Boston luxury real estate market is hot, and even on fire, at any price point. The minute a property hits the market, it will sell within days and in most cases with multiple offers.
Pricing As an Art Form
With that said, not all Boston luxury homes fall into this category, even in this active market. Once a property does not sell in the first month, Boston luxury homes sellers need to re-examine the situation and gauge the barometer to see why they have not been getting any traction.
The most important and highest on the list is the PRICE. When pricing a Boston luxury real estate property it's imperative to price the home by looking at comparable sales in the area, and consider:
LOCATION: Properties located in different areas have different cache and different values.
LAYOUT, VIEWS, LOCATION IN BUILDING: There are conventional and classic layouts that appeal to some, but in some cases, the layouts are different, on multiple levels. For example, garden level apartments are priced lower, or upper floors without an elevator , views, would affect the price.
EXTENT AND YEAR OF RENOVATION: when the property was renovated or if it's been renovated at all, how much work needed.
AMENITIES: outdoor space, parking (garage or outdoor and how many spaces), elevator, views, garden, deck, terrace. In the case of service buildings, amenities like fitness center, pool, room and food service, hotel services, valet parking . The list goes on.
COMPARABLE SALES: be mindful of what is sold in the neighborhood. It begins and ends with this crucial factor.
Sellers thinking the Boston luxury real estate market is booming and ignore all these variables, will price their property high and sit with an unsalable property for a long time. Boston buyers, for the most part, are fairly well educated and look at all these factors before making a decision. They will not overpay for real estate in the current market.